The Minnesota Timberwolves are being sold again only 14 months after Marc Lore and Alex Rodriguez secured the franchise after a protracted sales process that lasted four years. Marc Stad, a limited partner in the club, is buying Lore’s control stake at a $4.5 billion enterprise value, per ESPN.
Lore will remain a limited partner but is stepping back to focus on his delivery and takeout business Wonder. Rodriguez will remain governor of the WNBA’s Minnesota Lynx, while Stad’s wife, Elisa, will be governor of the NBA team.
The deal still requires league approval.
“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,” Lore, Rodriguez and Stad said in a statement. “While we’re proud of the great work we’ve done, there’s so much more to do and we’re just getting started.”
Stad is the founder of Dragoneer Investment Group, which last year raised $4.3 billion for its seventh venture capital fund.
