Alex Rodriguez will expand his involvement with the Minnesota Timberwolves and Lynx after co-owner Marc Lore sold shares of the basketball franchises. Marc and Elisa Stad will become controlling owners of the Timberwolves and Lynx after completing a $4.5 billion agreement with Lore. Lore will remain a minority investor in both Minnesota teams.
Rodriguez responded to the news by revealing on social media that he's increasing his equity in the Wolves and Lynx. "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 wrote. "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. 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." The former MLB superstar added that Lore "remains an investor and a key part of our partnership." "I could not be more energized about this evolution and what we're all going to do together for the Twin Cities," Rodriguez added. Rodriguez and Lore took full control of the Timberwolves and Lynx last year, completing a $1.5 billion purchase despite resistance from owner Glen Taylor.
Stad, who founded Dragoneer Investment Group, was a minority investor under the new regime. Stad, Rodriguez, and Lore released a joint statement following the unexpected sale, via Ben Horney of Front Office Sports. "We have been working together for years with a shared goal of building the Timberwolves and Lynx into the best organization in basketball on and off the floor," the statement read.
"Our priority is and always will be championships. Our new agreement, pending league approval, is an evolution of the partnership we have built together and strengthening of our commitment to our team and our culture. "We will continue to work closely with Matt Caldwell, Tim Connelly, Chris Finch and Cheryl Reeve and want to thank the fans and entire Minnesota community for your continued support.
While we're proud of the great work we've done, there's so much more to do and we're just getting started."
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