Tech Investor Buys Timberwolves, Lynx for $4.5 Billion
Tech Investor Buys Timberwolves, Lynx for $4.5 Billion
The News
Tech investor Marc Stad has completed a deal to become controlling owner and largest shareholder of the NBA's Minnesota Timberwolves and the WNBA's Minnesota Lynx at a $4.5 billion valuation, sources told ESPN and CNN on Friday.
Stad is buying the majority of co-owner Marc Lore's controlling stake barely a year after Lore's own purchase of the franchises was finalized, a person with knowledge of the deal told The Associated Press.
Lore will keep a minority position. Co-owner Alex Rodriguez will increase his equity and remain alternate governor.
Timeline
Lore and Rodriguez bought into the Minnesota franchises at a $1.5 billion valuation, according to ESPN.
Lore and Rodriguez's purchase of the teams was finalized, per the AP account.
Reuters and Heavy report Stad has purchased the lead stake in the Wolves and Lynx.
ESPN and CNN report the deal is complete at a $4.5 billion value — the fourth-largest franchise sale in NBA history, per ESPN.
Reactions
The parties have spoken through sources rather than on the record, and the reporting on both sides describes an amicable handoff: Lore is stepping back to focus on an IPO push for his food-tech company, Wonder Group, sources said.
The New York Post framed the price as a reality check, noting the Minnesota sale lands on the heels of the far larger Lakers deal and that the two franchises are worth vastly different sums.
Stad founded Dragoneer Investment Group, which manages more than $35 billion in capital. Elisa Stad is set to serve as Timberwolves governor.
What's Next
The NBA board of governors is scheduled to vote on the deal at meetings Sept. 15-16. The board is also set to vote on the $12.5 billion sale of the Los Angeles Lakers to Bob Iger and Josh Kushner.
What percentage of the two franchises Lore and Rodriguez will each hold once the deal closes has not been disclosed.
More
The sale comes at an awkward moment for the buildings as well as the balance sheet. Target Center is the second-oldest arena in the NBA, and ownership has been in talks with Minneapolis about a new facility — talks whose fate under Stad is unclear.
On the floor, the Timberwolves have reached the playoffs five straight seasons and acquired LaMelo Ball this offseason.
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