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.
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.
