Minnesota Timberwolves co-owner Marc Lore has agreed to sell his controlling stake in the NBA franchise and its WNBA sister team, the Minnesota Lynx, to limited partner Marc Stad in a deal valuing the clubs at $4.5 billion.
The transaction comes barely a year after Lore finalized his initial purchase of the franchises. A person with knowledge of the agreement disclosed the details to The Associated Press on condition of anonymity because the deal has not been publicly announced.
The sale is the second major ownership turnover in the National Basketball Association inside a month. Last week, Mark Walter sold the Los Angeles Lakers to Bob Iger and Josh Kushner at a record $12.5 billion valuation.
Under the new ownership agreement, Lore will retain a minority share in the teams and swap roles with Stad. Stad is the founder of Dragoneer Investment Group, a technology-focused investment firm based in California.
Former Major League Baseball star Alex Rodriguez will remain a co-owner and will continue serving as the primary public face of both franchises.
Lore refocuses on food startup
Lore, a New York e-commerce entrepreneur, originally joined forces with Rodriguez to buy the clubs from Minnesota businessman Glen Taylor. That contentious purchase took more than four years to complete before securing league approval in June 2025 at a $1.5 billion valuation.
A second person with knowledge of the situation told the AP anonymously that Lore decided to sell his controlling interest to focus on his food delivery startup, Wonder. Lore has already begun the process of taking Wonder public on the stock market.
Lore, Rodriguez and Stad released a joint statement on Friday confirming their ongoing commitment to the current executive leadership of the organization. The group backed chief executive officer Matt Caldwell, Timberwolves president of basketball operations Tim Connelly, Timberwolves head coach Chris Finch, and Lynx president of basketball operations and head coach Cheryl Reeve.
"We have been working together for years with a shared goal of building the Timberwolves and Lynx into the best organization in basketball on and off the floor. Our priority is and always will be championships," the owners said.
"Our new agreement, pending league approval, is an evolution of the partnership we have built together and strengthening of our commitment to our team and our culture," the statement added.
Arena future and team history
Both teams currently play at Target Center in downtown Minneapolis. The venue originally opened in 1990 for the Timberwolves' second NBA season after the team joined the league as an expansion franchise. Lore and Rodriguez have previously pledged to keep both clubs in downtown Minneapolis in a new arena.
The Lynx joined the WNBA as an expansion franchise in 1999 and have established a dominant record with four league titles. Minnesota currently holds a commanding lead over the rest of the WNBA this season, led by star forward Napheesa Collier and rookie guard Olivia Miles.
The Timberwolves have never won an NBA championship or reached the NBA Finals. Before their current competitive rise, the franchise enjoyed only one sustained period of winning, making an eight-year run of playoff appearances centered around Hall of Fame forward Kevin Garnett.
The franchise has emerged as one of the league's top teams since drafting guard Anthony Edwards first overall in 2020, hiring Finch as head coach in 2021, and appointing Connelly to run basketball operations in 2022.
Minnesota reached the Western Conference Finals in both 2024 and 2025 before being eliminated in the second round by the San Antonio Spurs last season. The Timberwolves further strengthened their roster this offseason by acquiring point guard LaMelo Ball in one of the NBA's largest summer trades.
