The Minnesota Timberwolves and Lynx have been sold to new ownership in a deal valued at $4.5bn, making it the fourth-largest franchise sale in NBA history.
The controlling owner of the NBA franchise is now American businessman Marc Stad, who has bought the majority of the stake held by co-chairman Marc Lore. Stad joins Lore's business partner, former Major League Baseball star Alex Rodriguez, as co-chairman.
Rodriguez confirmed the news on Friday, stating that he would be increasing his investment. "One of the great joys I've had in my career is spending the last few years helping build the Timberwolves and Lynx with my friend and partner Marc Lore," Rodriguez posted on social media. "I'm very excited to announce that this incredible journey reaches a new level today."
The deal marks the second major ownership change in the NBA this month, following the sale of the LA Lakers in a record-breaking deal last week. The Timberwolves reached the Western Conference last season but lost to the San Antonio Spurs.
Lore and Rodriguez initially bought into the Minnesota teams in 2021 at a $1.5bn valuation with an agreement to eventually purchase the team in full. They assumed full control of the basketball teams last year.
The sale of the Minnesota teams has sparked interest in the NBA's ownership landscape. As teams continue to change hands, fans and analysts are watching to see how this shift will impact the league.
The Minnesota teams will now be led by Stad, Lore, and Rodriguez, who have expressed their commitment to the teams. The future of the franchise remains to be seen, but one thing is certain – the NBA's ownership landscape has just gotten a whole lot more interesting.
The Timberwolves and Lynx will likely face scrutiny in the coming months as they navigate their new ownership structure. With the team's recent performance and the changes in the league, fans and analysts will be watching closely to see how the team responds.
Source: BBC Sports