Minnesota Timberwolves being sold for $4.5 billion
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Marc Lore has agreed to sell his control stake in the NBA's Minnesota Timberwolves and the WNBA's Minnesota Lynx to billionaire investor Marc Stad at a $4.5 billion enterprise value, Axios has confirmed.
Why it matters: The NBA's ownership merry-go-round is spinning furiously, as this comes just a week after Mark Walter agreed to sell the Los Angeles Lakers to Joshua Kushner and Bob Iger for $12.5 billion.
Zoom in: Lore, a serial entrepreneur (Diapers.com, Wonder) and former Walmart exec, gained control of the T-Wolves just last summer, after a protracted legal process.
- Lore's partner on the deal, ex-MLB player Alex Rodriguez, will remain as part of club ownership.
- Stad was a limited partner in that group, but now takes a more prominent role. Lore is likely to retain a small position.
Behind the scenes: This deal has been in process for several months, per a source familiar, which means it wasn't a reaction to the Lakers sale.
- It also won't involve private equity money, even though Stad runs a large VC and PE firm called Dragoneer. Instead, it's being done via his family office.
- The Athletic reports that Stad's wife Elisa will serve as team governor.
What they're saying: Stad, Rodriguez, Marc Lore on Friday said the following:
"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 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 want to thank the fans and 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."
