Marc Stad Takes Control of Timberwolves and Lynx in $4.5bn Deal

The Minnesota Timberwolves and Minnesota Lynx have changed ownership in a transaction that reportedly values the NBA and WNBA franchises at a combined $4.5 billion. BBC Sport reported that American businessman Marc Stad has moved from minority investor to controlling owner, acquiring most of the stake held by co-chairman Marc Lore.

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Stad will serve as co-chairman alongside former Major League Baseball star Alex Rodriguez, who was Lore's business partner in the ownership group. Rodriguez confirmed the change on Friday through a social-media statement, saying that Stad and his wife, Elisa, were increasing their investment after having been partners in the teams since the earlier purchase.

Rodriguez also said he would increase his own investment and devote more time to the franchises. According to his announcement, he expects to continue as co-chairman while serving as governor of the Lynx and alternate governor of the Timberwolves. He noted that those arrangements remain subject to league approval.

Lore and Rodriguez first invested in the Minnesota teams in 2021 under an agreement that valued them at $1.5 billion and was designed to lead to a full purchase. BBC Sport said the pair assumed complete control of the basketball franchises last year. The new transaction shifts control to Stad while keeping Rodriguez in a senior ownership and governance position.

ESPN first reported the latest deal before Rodriguez issued his statement, according to BBC Sport. ESPN's reported $4.5 billion valuation would make it the fourth-largest franchise sale in NBA history. The ownership change is also the second major NBA transaction this month, following the sale of the Los Angeles Lakers in a record deal last week.

The deal covers both of Minnesota's leading professional basketball teams. The Timberwolves, whose roster includes four-time NBA All-Star Anthony Edwards, reached the Western Conference finals last season before losing to the San Antonio Spurs. The ownership announcement did not set out changes to basketball operations, and the league-approval process cited by Rodriguez has not yet been completed.