MINNEAPOLIS (AP) — Minnesota Timberwolves and Lynx co-owner Marc Lore has agreed to sell his controlling stake in the franchises to limited partner Marc Shad at a $4.5 billion value barely a year after his purchase was finalized, according to a person with knowledge of the deal.
The person spoke Friday to The Associated Press on condition of anonymity because details of the agreement were not being publicized.
Lore, a New York e-commerce entrepreneur,
and partner Alex Rodriguez, the former Major League Baseball star, bought the NBA and WNBA clubs from Minnesota businessman Glen Taylor. That complicated and contentious process lasted more than four years until the $1.5 billion sale got league approval in June 2025.
Lore and Shad are essentially swapping roles, the person said. Rodriguez will remain as a co-owner.
Lore, Rodriguez and Shad issued a joint statement Friday expressing their commitment to the current leadership in the organization including 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.
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AP Basketball Writer Tim Reynolds contributed.
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