Timberwolves sold for $4.5 billion on heels of Lakers’ blockbuster — and it affects A-Rod
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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.
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.
“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.
“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.
“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 will also be increasing my investment and spending even more time with the teams as Co-Chairman, Governor of the Lynx, and alternate Governor of the Timberwolves, pending league approval. While Marc Lore will be reducing his role and ownership to focus on his business, he remains an investor and a key part of our partnership. I could not be more energized about this evolution and what we’re all going to do together for the Twin Cities.”
The Timberwolves have changed hands twice in short succession.
Rodriguez and Lore previously agreed to purchase the team for a $1.5 billion valuation in 2021 before they officially assumed ownership last year.
Stad, 47, is the founder of Dragoneer Investment Group, which Forbes lists as one of the “largest growth investment firms,” and previously served as a minority investor for the two Minnesota franchises and joined the ownership group of the Kraken of the NHL, according to ESPN.
His wife, Elisa, reportedly will serve as the team’s governor once the transaction is finalized, with Rodriguez acting as the alternate governor.
Stad inherits a Timberwolves team featuring one of the sport’s best players in Anthony Edwards, but Minnesota has yet to make the NBA Finals.
Last year’s team went 49-33 and finished sixth in the Western Conference before bowing out against the second-seeded Spurs in the conference semifinals.