Marc Lore selling controlling stake of Timberwolves, Lynx to Marc Stad at $4.5B valuation
MINNEAPOLIS — Marc Lore is selling his controlling interest in the Minnesota Timberwolves and Minnesota Lynx to limited partner and Dragoneer Investment Group founder and managing partner Marc Stad at a $4.5 billion valuation, team sources told The Athletic, facilitating the NBA’s second abrupt ownership shift in a week. Lore will remain a part of the ownership group in a limited role, but he is…
Minneapolis — Marc Lore is selling his controlling stake in the Minnesota Timberwolves and Minnesota Lynx to Marc Stad, founder and managing partner of Dragoneer Investment Group, at a $4.5 billion valuation, according to team sources. Lore will retain a limited role, but is stepping away from his position as the team's governor to focus on taking his food delivery and takeout business, Wonder, public.
Alex Rodriguez, co-chairman with Lore, will continue his role with the Timberwolves and Lynx as the more public-facing member of the ownership group. The plan is for Rodriguez to spend the most time in Minnesota, where he owns a home, while Lore takes a step back. The group's stated plans to build a new arena in the Twin Cities and keep the teams in Minnesota for the long term remain unchanged.
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