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Marc Lore to sell Timberwolves and Lynx controlling stake to Marc Stad
Marc Lore is selling his controlling interest in the Minnesota Timberwolves and Minnesota Lynx to Marc Stad at a $4.5 billion valuation. Stad, the founder of Dragoneer Investment Group, has previously served as a limited partner within the current ownership group.
Under the new arrangement, Elisa Stad will serve as the governor for the Timberwolves. Alex Rodriguez will remain a co-owner and is expected to act as the primary public-facing representative for the franchises. Lore will step down from his role as governor but will maintain a limited stake in the teams.
Sources indicate Lore’s decision to reduce his involvement is driven by his focus on taking his food delivery and takeout business, Wonder, public in the coming year.
Entities
Alex Rodriguez · Marc Lore · Marc Stad · Minnesota Lynx · Minnesota Timberwolves
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] Alex Rodriguez will remain a co-owner and serve as a public-facing representative. clutchpoints.com · www.hoopsrumors.com · www.nytimes.com
- [● 3 SOURCES] Elisa Stad will serve as the Timberwolves governor. clutchpoints.com · www.hoopsrumors.com · www.nytimes.com
- [● 3 SOURCES] The sale is based on a $4.5 billion valuation. clutchpoints.com · www.hoopsrumors.com · www.nytimes.com
- [● 3 SOURCES] Marc Lore is stepping back to focus on taking his food delivery business, Wonder, public. clutchpoints.com · www.hoopsrumors.com · www.nytimes.com
- [● 2 SOURCES] Marc Stad is the founder of Dragoneer Investment Group, which manages over $35 billion in assets. www.hoopsrumors.com · www.nytimes.com
- [● 3 SOURCES] Marc Lore is selling his controlling interest in the Minnesota Timberwolves and Lynx to Marc Stad. clutchpoints.com · www.hoopsrumors.com · www.nytimes.com