By Eurohoops team / info@eurohoops.net
American businessman Marc Stad has agreed to become the controlling owner of the Minnesota Timberwolves and Minnesota Lynx after purchasing the majority of Marc Lore’s stake at a $4.5 billion valuation, according to ESPN.
Lore will remain a minority investor, while Alex Rodriguez is set to increase his ownership share. The existing leadership structure, including Timberwolves president Tim Connelly and coach Chris Finch, is expected to remain in place.
Stad’s wife, Elisa, will serve as the Timberwolves’ governor, with Rodriguez continuing as alternate governor and governor of the Lynx.
The transaction, which would rank as the fourth-largest franchise sale in NBA history, still requires approval from the league’s Board of Governors.
Read the full article here
