NBA News NBA News, Match Reports and Updates 
The Lakers and Timberwolves may share Minnesota roots, but one is a worth a heck of a lot more than the other.
Businessman Marc Stad will become the controlling owner and largest shareholder of the Timberwolves and the WNBA’s Lynx in a deal valued at $4.5 billion, according to ESPN.
Advertisement
The move comes shortly after last week’s bombshell that the Lakers would be sold to businessman Josh Kushner and ex-Disney executive Bob Iger for an American sports record $12.5 billion.
The $4.5 billion figure ranks fourth in NBA history among ownership pacts and is pending approval from the Board of Governors, with its next meetings set for Sept. 15-16, per ESPN.
Marc Stad attends the 2024 Breakthrough Prize Ceremony at the
Academy Museum of Motion Pictures on April 13, 2024. Getty Images
“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 and co-owners Alex Rodriguez and Marc Lore said in a joint statement Friday, per ESPN. “Our priority is and always will be championships.
Advertisement
“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. While we’re proud of the great work we’ve done, there’s so much more to do and we’re just getting started.”
Stad reportedly is buying the majority of Lore’s stake. Lore will remain a minority investor in the franchises.
He opted to sell the team to focus on his Wonder Group company with the hope of establishing the best foot forward for the franchise in the long term, per ESPN.
Rodriguez is increasing his equity percentages, and it’s uncertain what percentage he and Lore will own once the deal is finalized.
Advertisement
“One of the great joys I’ve had in my career is spending the last few years helping build the Timberwolves and Lynx with my friend and partner Marc Lore,” Rodriguez wrote Friday afternoon on X. “Marc and Elisa Stad, who have been our partners and friends since we bought the teams, will be increasing their investment and joining me as Co-Chairman. I…
Source link : https://sports.yahoo.com/articles/timberwolves-sold-4-5-billion-173043264.html
Author :
Publish date : 2026-08-21 17:30:00
Copyright for syndicated content belongs to the linked Source.
