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.
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