The Minnesota Timberwolves and Minnesota Lynx have new ownership once again.
Marc Stad has completed a deal to become the controlling owner and largest shareholder of both franchises after buying the majority of co-owner Marc Lore’s stake at a $4.5 billion valuation, ESPN's Shams Charania reported on Friday.
This deal comes just one year after Lore and Alex Rodriguez finalized their purchase of the two teams from Glen Taylor for $1.5 billion.
Stad, the founder and managing partner of Dragoneer Investment Group, had been an investor in the NBA's Timberwolves and WNBA's Lynx since Lore and Rodriguez took over. The transfer of ownership from Lore to Stad came to be over months of conversation, Charania added.
The trio now plans to continue to work together, and Rodriguez will remain a co-owner alongside Stad, per Charania. Stad's wife, Elisa, will assume the position of Timberwolves governor.
