Alex Rodriguez has a new role after the Minnesota Timberwolves were sold for the second time in the span of 14 months.
Marc Lore, Rodriguez’s ownership partner, is selling his share of the Timberwolves to businessman Marc Stad for $4.5 billion. Lore will retain a minority share of the team, but is effectively stepping back from ownership.
Rodriguez will retain his stake in ownership. According to Jon Krawczynski of The Athletic, Rodriguez plans to remain the more front-facing member of the ownership group while Stad remains behind the scenes. Stad, who already owned a share of the team, is essentially swapping spots with Lore, while Rodriguez remains the No. 2 partner.
Rodriguez will not reportedly be gaining any power in the deal. Stad’s wife Elisa is set to be named governor of the team and represent it at ownership functions.
Lore and Rodriguez had purchased the Timberwolves last June from Glen Taylor after a protracted sale process that saw the deal on the verge of collapse more than once. There had been no indication that Lore was looking to sell his stake, at least publicly.
Incredibly, the Timberwolves are the second NBA team this month to be sold twice in the span of a little over a year. Unlike the Los Angeles Lakers, however, this sale appears to be amicable and handled smoothly.
