Marc Stad Set to Seize Controlling Ownership of Timberwolves and Lynx
TL;DR Summary
Marc Stad is set to become the controlling owner and largest shareholder of the Minnesota Timberwolves and Lynx, purchasing the stakes from Marc Lore and Alex Rodriguez in a deal valued at about $4.5 billion and awaiting NBA Board approval. Lore and Rodriguez will stay as limited partners, with Stad’s wife Elisa expected to serve as the Wolves’ governor and Rodriguez remaining the Lynx’s governor. Lore is reducing his stake to pursue the Wonder Group IPO, and the teams’ lease at Target Center runs through 2035 as plans for a new arena continue to be discussed.
- Timberwolves and Lynx ownership being sold to businessman Marc Stad 5 EYEWITNESS NEWS
- Stad takes controlling stake in NBA's Timberwolves, WNBA's Lynx ESPN
- T-wolves, Lynx co-owner Lore agrees to sell his controlling stake at a $4.5B value, AP source says WTOP
- Another NBA ownership shakeup: Marc Stad purchases majority stake in Timberwolves, Lynx for $4.5 billion CBS Sports
- Marc Lore selling controlling stake of Timberwolves, Lynx to Marc Stad at $4.5B valuation The New York Times
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