The Minnesota Timberwolves and Lynx have a new majority owner after founder and partner of the Dragoneer Investment group, Marc Stad, bought majority shares from Marc Lore to become the controlling owner.
In a sale that seemingly came out of nowhere in the eyes of the general public, ESPN‘s Shams Charania reported that Marc Stad bought Marc Lore’s shares to become the majority owner of both Minnesota pro basketball franchices. Lore and Alex Rodriguez started their multiple-year purchase of these teams in 2021 in a unique process from long-time owner Glen Taylor in sections. After the drama that ensued with this agreement between the two groups, culminating in full control of the team just over a year ago, Minnesota will undergo another ownership change.
Marc Stad was a part of the initial group as a minority investor with Marc Lore and Alex Rodriguez to purchase the team and has been working for the last few months to become the majority owner per Sharania.
According to The Athletic‘s Jon Krawczynski, Alex Rodriguez is staying on in his same role with the teams and will work in tandem with Marc Stad in a similar capacity to the Lore-Rodriguez pairing. He will remain the “front-facing” member of the ownership group. Another wrinkle, as Krawczynki reported, is that Stad’s wife, Elisa, would be the “designated governor” for the Timberwolves, while Rodriguez remains in that same role with the Lynx.
Marc Lore is expected to stay on as a minority owner.
The franchise valuation was at $4.5 billion dollars which was three times the amount that Marc Lore and Alex Rodriguez bought the team for in 2021.
While it is always a bit scary when new owners take over, especially with the recent drama coming from other organizations such as the Portland Trail Blazers and their new owner, or the Los Angeles Lakers Buss Family saga.
Minnesota fans should be encouraged with the continuity of Rodriguez staying on in the same capacity, and the fact that Stad was already a minority owner in the organization. Keeping some semblance of the leadership structure that has been guiding the Timberwolves massive offseason and the Lynx dominant season could be key.
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