American businessman Marc Stad has completed a deal to become the controlling owner and largest shareholder of the NBA's Minnesota Timberwolves and the WNBA's Minnesota Lynx by buying the majority of co-owner Marc Lore's stake in the two franchises.
The deal is valued at $4.5 billion, sources told ESPN.
Lore will retain a minority investment in the teams, while co-owner Alex Rodriguez has decided to increase his equity percentages, sources said. It's not yet known how much of both teams Lore and Rodriguez would own after the deal is approved.
Lore decided to take a step back from his co-owner and co-chairman role in order to focus on the IPO push for his food tech company, the Wonder Group, over the next calendar year, believing changing ownership seats with Stad gave the Timberwolves the best opportunity for continued success.