Timberwolves and Lynx will have new majority owner after Marc Lore sells most of stake, ESPN says

Marc Lore is selling the majority of his stake in the Minnesota Timberwolves and Lynx, ESPN reports, giving the franchises a new controlling owner.

NBA insider Shams Charania said Lore is orchestrating a $4.5 billion sale of his controlling interest to Marc Stad. 

In a joint statement, Lore, Stad and Alex Rodriguez said the new agreement 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," the trio said. "While we're proud of the great work we've done, there's so much more to do and we're just getting started."

Stad is the founder of the Dragoneer Investment Group. The Athletic's Jon Krawczynski reports he has been a "quietly influential figure in the Wolves ownership group ever since Lore and Rodriguez took over" and will form a "new tandem" with Rodriguez.

Lore and Rodriguez completed their purchase of Minnesota's pro basketball teams last year after a yearslong back-and-forth with previous owner Glen Taylor. That sale helped the Wolves mend their relationship with Kevin Garnett, the franchise's best player. After a spat with Taylor kept him away from the team for years, Garnett has returned to the franchise as an ambassador and will have his jersey retired during the upcoming season.

Stad takes over two teams at or near the top of their respective leagues. While the Lynx have yet to return to the dynastic heights they reached in the 2010s, they boast the league's best coach and two of its best players in Napheesa Collier and rookie Olivia Miles. They've surpassed 30 wins for three straight years and have topped the league standings for most of the season.

The Wolves, meanwhile, spent this offseason retooling amidst the most successful stretch in franchise history. The new core of Anthony Edwards, Jaden McDaniels and trade acquisition LaMelo Ball will look to extend the team's recent playoff success.