Sources: Stad completes deal for lead stake in Timberwolves, Lynx

Key Points:

• American businessman Marc Stad has agreed to become the controlling owner and largest shareholder of the NBA's Minnesota Timberwolves and WNBA's Minnesota Lynx by purchasing the majority of co-owner Marc Lore's stake, valuing the teams at $4.5 billion.
• Marc Lore will retain a minority stake but step back to focus on his food tech company, the Wonder Group, while co-owner Alex Rodriguez plans to increase his equity share; the exact ownership percentages post-sale remain undisclosed.
• The current leadership teams, including Timberwolves president Tim Connelly and coaches Chris Finch and Cheryl Reeve, will remain in place, with Elisa Stad appointed as the Timberwolves governor and Rodriguez continuing as alternate governor.
• The deal, pending approval by the NBA board of governors in mid-September, marks the Timberwolves as the fourth most valuable NBA franchise sale to date, behind the Boston Celtics and Los Angeles Lakers sales.
• Since Lore and Rodriguez's initial investment in 2021, the Timberwolves have consistently made the playoffs, advancing beyond the first round in the past three seasons and reaching the conference finals twice, signaling strong team performance under their ownership.