New owner deal values Timberwolves and Lynx at $4.5bn

The Minnesota Timberwolves and their WNBA counterpart, the Minnesota Lynx, have been valued at a combined total of $4.5 billion (£3.3 billion) in a new ownership deal. American businessman Marc Stad, who was previously a minority investor, has now taken control of the NBA franchise and is buying out the majority of the stake held by co-chairman Marc Lore. Stad will join Lore's business partner and former Major League Baseball star Alex Rodriguez as co-chairman.

Rodriguez expressed his excitement about the new ownership arrangement, stating that it is the culmination of years of work building the Timberwolves and Lynx alongside his friend and business partner Marc Lore. He confirmed that he plans to increase his investment and spend more time with the teams as co-chairman. Lore and Rodriguez had initially purchased the teams in 2021 at a valuation of $1.5 billion with plans to eventually acquire the team fully.

The Timberwolves and Lynx reached the Western Conference play-offs last season but were defeated by the San Antonio Spurs. This transaction marks the second significant ownership change in the NBA in the same month, following the record-breaking sale of the LA Lakers.