The previous minority owner, Marc Stad, has agreed to purchase the required shares in the Minnesota-based basketball teams, the Timberwolves and the Lynx, at a $4.5 billion team valuation, becoming the new majority owner instead of Marc Lore.
Following the sale, Alex Rodriguez, the Timberwolves part-owner who has a net worth of $550 million, issued a statement confirming that he has increased his investment in the team and will remain co-chairman.
“One of the great joys I’ve had in my career is spending the last few years helping build the Timberwolves and Lynx with my friend and partner Marc Lore. I’m very excited to announce that this incredible journey reaches a new level today,” Rodriguez wrote on X.
“Marc and Elisa Stad, who have been our partners and friends since we bought the teams, will be increasing their investment and joining me as Co-Chairman. I will also be increasing my investment and spending even more time with the teams as Co-Chairman, Governor of the Lynx, and alternate governor of the Timberwolves, pending league approval.”
“While Marc Lore will be reducing his role and ownership to focus on his business, he remains an investor and a key part of our partnership. I could not be more energized about this evolution and what we’re all going to do together for the Twin Cities.”
Rodriguez explained that the reason behind this transaction was to allow Lore to step away from the responsibilities of a co-chairman and focus on his personal business. At the same time, he remains a minority owner of the franchise.
There was speculation about Rodriguez’s involvement with the team, as Elisa Stad, Marc Stad’s wife, is expected to take over as the Timberwolves’ governor. But this statement clarified that Alex Rodriguez will not only stay with the team but also increase his investment in the franchise.
The owners also released a joint statement clarifying that there will be no major changes to the front office or coaching staff, as they aim to keep things moving as smoothly as they did before this transaction.
“We have been working together for years with a shared goal of building the Timberwolves and Lynx into the best organization in basketball on and off the floor. Our priority is and always will be championships.”
“Our new agreement, pending league approval, is an evolution of the partnership we have built together and a strengthening of our commitment to our team and our culture.”
“We will continue to work closely with Matt Caldwell, Tim Connelly, Chris Finch, and Cheryl Reeve, and we want to thank the fans and the entire Minnesota community for your continued support. While we’re proud of the great work we’ve done, there’s so much more to do, and we’re just getting started,” said the owners in their joint statement.
According to The Athletic, Rodriguez is anticipated to become the ownership group’s more visible member and spend the most time in Minnesota, where he owns a house. They also reported that Rodriguez will remain the second-largest shareholder in the ownership group after Stad.
In 2021, Lore and Rodriguez first decided to buy the Wolves and Lynx from Glen Taylor for $1.5 billion. They eventually got NBA approval to take over in 2025 following a heated ownership dispute with Taylor. Lore is giving up the lead chair barely a year later.
As per The Athletic, Lore had the option to sell his majority stake for more than $4.5 billion, but he chose Stad because he didn’t want to disrupt the organization’s internal flow and preferred continuity under the same ownership.
