Minnesota Timberwolves Change Hands in $4.5bn Valuation Deal
The Minnesota Timberwolves and WNBA side Minnesota Lynx have undergone an ownership change in a deal that reportedly values the two franchises at a combined $4.5bn (£3.3bn).
American businessman Marc Stad has moved from being a minority investor to becoming the controlling owner after purchasing the majority stake previously held by co-chairman Marc Lore.
Stad will now serve as co-chairman alongside Alex Rodriguez, the former Major League Baseball star and Lore’s business partner. Rodriguez has also confirmed that he will increase his financial investment in the teams.
The deal, first reported by ESPN and later confirmed by Rodriguez, is reportedly worth $4.5bn, making it the fourth-largest franchise sale in NBA history.
Rodriguez welcomed the latest development on social media, reflecting on the work he and Lore have done since becoming involved with the Timberwolves and Lynx.
He also confirmed that Marc and Elisa Stad will increase their investment and take on larger roles within the organisation.
Rodriguez said he would likewise be increasing his investment while spending more time with both teams. He is expected to continue as co-chairman and governor of the Lynx, while remaining an alternate governor of the Timberwolves, subject to league approval.
From $1.5bn to $4.5bn
Lore and Rodriguez originally became involved with the Minnesota franchises in 2021, when the teams were valued at around $1.5bn (£1.1bn).
The pair had an agreement to eventually take full ownership and completed the process to gain control of the basketball teams last year.
The latest transaction represents a significant increase in the reported value of the franchises compared with their valuation when Lore and Rodriguez first invested.
The ownership change comes during a busy period for NBA franchise sales. The Los Angeles Lakers were also sold this month in a record-breaking deal, making the Timberwolves transaction the second major ownership change in the league during August.
On the court, Minnesota are coming off a strong season in which the Timberwolves reached the Western Conference, only to be eliminated by the San Antonio Spurs.
The franchise now enters a new era under Stad’s control, with Rodriguez continuing as a key figure in the organisation.
