‘Massive Ownership Shakeup’ – NBA World Reacts As Marc Stad Buys New Stake Worth $4.5 Billion
Ownership of the Minnesota Timberwolves is changing hands after Marc Stad completed a deal to become the franchise’s controlling owner. According to ESPN’s Shams Charania, Stad bought Marc Lore’s controlling stake at a $4.
Ownership of the Minnesota Timberwolves is undergoing a significant change as Marc Stad completes the purchase of a controlling stake, valued at $4.5 billion. According to ESPN's Shams Charania, Stad acquired Marc Lore's controlling stake, leading to Lore stepping back from his co-owner and co-chairman positions. Alex Rodriguez, currently serving as co-chairman, will retain his role with both the Timberwolves and the Minnesota Lynx.
The sudden ownership shift has sparked various reactions from the NBA world, with many referring to it as a "massive ownership shakeup." Some are excited about the new era for the Timberwolves, while others question whether this signifies a shift towards more investment in top talent like Anthony Edwards. The drastic increase in NBA franchise valuations is also drawing attention, with some analysts highlighting the $4.5 billion valuation as proof of the league's growing financial worth.
Written by urgent.news from Yahoo Sports's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
