Minnesota Timberwolves minority owners Marc Lore and Alex Rodriguez celebrate the team's win over the Phoenix Suns at Target Center.
Bruce Kluckhohn-USA TODAY Sports
With the Minnesota Timberwolves looking to win an NBA title this upcoming season, there will be a change in the ownership landscape for the team. As Timberwolves co-owner Marc Lore has sold his stake in the team for $4.5 billion, it was bought by Marc Stad, as Alex Rodriguez released a statement on the change of hands.
While Rodriguez is one of the owners of the Minnesota basketball team, he took to social media to write that “one of the great joys” of being the owner of the Timberwolves and the Minnesota Lynx was being alongside Lore. Along with Elisa Stad, Marc and her will be joining Rodriguez as co-chairman, as he said in the statement.
“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. I’m very excited to announce that this incredible journey reaches a new level today. Marc and Elisa Stad, who have been our partners and friends since we bought the teams, will be increasing their investment and joining me as Co-Chairman,” Rodriguez wrote on X, formerly Twitter.
Alex Rodriguez reveals his role with the Timberwolves after recent news
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The deal makes Stad the “controlling owner and the largest shareholder” of the Timberwolves and the Lynx, as reported by Shams Charania of ESPN. In Rodriguez's statement, he said that he is “increasing” his investment and “spending more time with the teams.”
“I will also be increasing my investment and spending even more time with the teams as Co-Chairman, Governor of the Lynx, and alternate Governor of the Timberwolves, pending league approval. While Marc Lore will be reducing his role and ownership to focus on his business, he remains an investor and a key part of our partnership. I could not be more energized about this evolution and what we’re all going to do together for the Twin Cities,” Rodriguez wrote.
At any rate, Minnesota will continue to prepare for the start of the upcoming regular season, which starts on Oct. 21 against the Miami Heat.