Minnesota Timberwolves, Lynx Sold To New Owner

Just a couple of years after being bought by Marc Lore and Alex Rodriguez, Minnesota's Timberwolves and Lynx pro basketball teams now have a new owner.

Jon Krawczynski of The Athletic reported Friday morning that Marc Lore is selling his controlling ownership stake in the two teams to someone else.

Lore is selling his controlling interest in the Wolves and Lynx to Marc Stad at a staggering $4.5 billion valuation, which is a sizable return on the $1.5 billion investment Lore and Alex Rodriguez made in buying the team a few years ago.

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It's totally random and insignificant, but it's interesting to me how one Marc is selling his stake in the teams to another Marc.

NBA insider Shams Charania reports the sale has been in the works for some time, "developing after months of conversations" between Lore, Stad, and Rodriguez

Who is the new Timberwolves and Lynx majority owner?

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Marc Stad is the founder and managing partner of the California-based investment firm Dragoneer Investment Group.

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Forbes explains that Stad founded the company in 2012 after starting his career as the president and commissioner of the City and County of San Francisco Finance Corporation.

What's next for the Timberwolves and Lynx ownership group?

Jon Krawczynski reports Lore will remain a minority owner of the teams, but will have a limited role as he steps away to focus on another one of his business ventures - a food-tech company called Wonder that he wants to take public soon.

Shams Charania reports Alex Rodriguez will be increasing his equity percentages in the teams, and he will remain in his role as co-chairman of the Wolves and Lynx, now working with new majority owner Marc Stad and his wife Elisa.

Speaking of Stad's wife, Elisa will serve as the Timberwolves governor, replacing Marc Lore after the sale. Rodriguez will remain governor of the Lynx.