Minnesota Timberwolves and Lynx majority owner Marc Lore has agreed to sell his controlling stake in the franchises just over a year after he purchased them, multiple media outlets reported on Friday.

The shocking news of the Timberwolves’ sale broke just a week after the Los Angeles Lakers were surprisingly sold by Mark Walter to Bob Iger and Josh Kushner at a $12.5billion valuation.

Lore and former MLB star Alex Rodriguez became controlling owners of the Timberwolves in June 2025 after a four-year contentious period of negotiations and court battles with Glen Taylor. The final sale price was $1.5billion.

Marc Stad, who previously held a minority stake in the franchise, will become the Timberwolves’ controlling owner after purchasing on a $4.5billion valuation.

Lore will reportedly retain a minority stake, essentially swapping roles with Stad.

Lore and Stad issued a joint statement on Friday, promising continuity and giving a vote of confidence to the current leadership of the Timberwolves and Lynx.

“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. Our priority is and always will be championships,” the owners said.

“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.”