Timberwolves and Lynx Ownership Being Sold to Businessman Marc Stad
The $4.5 billion deal keeps current team leadership in place while Lore retains a minority stake and Alex Rodriguez raises his ownership share.
- On Friday, American businessman Marc Stad completed a deal to become controlling owner of the Minnesota Timberwolves and Minnesota Lynx by purchasing the majority stake from Marc Lore at a $4.5 billion valuation.
- Marc Lore decided to step back from his co-chairman role to focus on the IPO push for his food-tech company, the Wonder Group, over the next calendar year.
- Stad founded the Dragoneer Investment Group in 2012, which now manages over $35 billion in capital. The $4.5 billion purchase price is three times what Lore paid Glen Taylor in 2021.
- Alex Rodriguez retains his equity and role as alternate governor, while Stad's wife, Elisa Stad, will serve as Timberwolves governor. The ownership group will continue working with team leaders including Tim Connelly and Chris Finch.
- The agreement awaits approval from the NBA Board of Governors, which has its next meeting on Sept. 15-16. The $4.5 billion sale ranks as the fourth-largest franchise transaction in NBA history.
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Alex Rodriguez's new role revealed after stunning Timberwolves sale
Feb 2, 2020; Miami Gardens, Florida, USA; Alex Rodriguez on the sidelines before Super Bowl LIV between the Kansas City Chiefs and San Francisco 49ers at Hard Rock Stadium. Mandatory Credit: Mark J. Rebilas-USA TODAY Sports Alex Rodriguez has a new role after the Minnesota Timberwolves were sold for the second time in the span of 14 months. Marc Lore, Rodriguez’s ownership partner, is selling his share of the Timberwolves to businessman Marc Sta…
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Marc Lore agrees to sell majority stake of Timberwolves, Lynx to Marc Stad
Alex Rodriguez is retaining his stake in the organization, as well as his roles as governor of the Lynx and co-governor of the Wolves
Timberwolves Announce Unexpected $4.5 Billion Move
Just a year after the Minnesota Timberwolves changed owners, another massive deal has been agreed upon at the top level of the organization. The post Timberwolves Announce Unexpected $4.5 Billion Move appeared first on HEAVY.
Timberwolves and Lynx ownership being sold to businessman Marc Stad
Just one year after Marc Lore and Alex Rodriguez officially took control of the Minnesota Timberwolves and Minnesota Lynx from longtime owner Glen Taylor, they're selling their majority stake in the franchises.
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