Marc Lore Sells Controlling Interest in Timberwolves, Lynx Amidst Financial Needs

Marc Lore has relinquished controlling interest in the Minnesota Timberwolves and Minnesota Lynx, a move reportedly driven by his need for cash. The transaction sees Marc Stad, a 47-year-old Harvard graduate and head of a San Francisco-based equity firm, emerge as the new controlling owner.

Stad was previously a limited partner in the Timberwolves and Lynx organizations. While the exact valuation of the deal has not been fully disclosed, it is understood that Stad's investment effectively provides Lore with the liquidity he required. This development marks a significant shift in the ownership structure of both NBA and WNBA franchises.