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Marc Stad becomes the controlling owner of the Timberwolves and Lynx in a $4.5 billion deal.
MINNEAPOLIS — It appears the Minnesota Timberwolves and Lynx have a new controlling owner, according to ESPN and The Athletic.
U.S. business leader Marc Stad has completed a deal to become the controlling owner and largest shareholder of the Minnesota Timberwolves and WNBA’s Minnesota Lynx, sources told ESPN and The Athletic.
Under the terms of the agreement, Stad acquired the majority of co-owner Marc Lore’s stake in the franchises at a $4.5 billion valuation.
The transaction establishes Stad as the primary figure in the ownership group governing both Minnesota professional basketball teams. Additional details regarding the structure of the sale or board approval were not immediately disclosed.
