American businessman Marc Stad is buying a majority of co-owner Marc Lore's stake at a $4.5 billion valuation to become the controlling owner and largest shareholder of the NBA's Minnesota Timberwolves and WNBA's Minnesota Lynx, sources told ESPN's Shams Charania.
Stad was a significant minority investor in both clubs as part of the ownership group of Lore and ex-MLB slugger Alex Rodriguez.
The transfer of ownership between the Stad family and Lore developed following months of conversations, Charania adds. The deal allows Stad, Rodriguez, and Lore to continue working together and maintain the Timberwolves' and Lynx's current leadership structures.
Stad's wife, Elisa, will reportedly serve as the T-Wolves' governor, while Rodriguez will stay in his role as T-Wolves and Lynx co-owner.
The transaction still needs approval from the NBA's Board of Governors at its next meeting on Sept. 15-16.
"We have been working together for years with a shared goal of building the Timberwolves and Lynx into the best organization in basketball on and off the floor," Stad, Lore, and Rodriguez said in a joint statement obtained by Charania.
"Our priority is and always will be championships. Our new agreement, pending league approval, is an evolution of the partnership we have built together and strengthening of our commitment to our team and our culture.
Lore will remain a minority investor in both franchises, and Rodriguez will increase his equity percentages, sources told Charania.
Lore decided to step away from his current role to focus on the IPO push for his food-tech company, the Wonder Group, over the next calendar year, Charania adds.
He and Rodriguez initially purchased minority stakes in the T-Wolves and Lynx from Glen Taylor in 2021, then assumed majority control of both clubs last year.
