Los Angeles (United States) (AFP) – Retired baseball star Alex Rodriguez said on Friday he is upping his investment in Minnesota’s Timberwolves and Lynx basketball teams as part of an ownership change reportedly valuing the franchises at $4.5 billion. The reshuffle at the NBA and WNBA teams also sees tech investor Marc Stad go from minority investor to controlling owner, replacing co-chairman Marc Lore, who will remain in a more limited role. The $4.5 billion valuation puts the Timberwolves fourth on the list of largest franchise sales in NBA history, according to ESPN, which broke the news.
“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,” Rodriguez posted on social media. “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.”
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“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.” Lore, a businessman, and Rodriguez, a 14-time MLB All-Star who won a World Series in 2009 with the New York Yankees, finally took over the teams following league approval last summer. That had ended a years-long process after previous owner Glen Taylor agreed to a reported $1.5 billion deal in 2021, but subsequently tried to stop the sale.
The T-Wolves went 49–33 for a second straight year last season. In the playoffs, they eliminated the Denver Nuggets, before falling to the San Antonio Spurs in the Western Conference semi-finals. “I could not be more energized about this evolution and what we’re all going to do together for the Twin Cities,” said Rodriguez.
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