Timberwolves

MINNEAPOLIS — Minnesota Timberwolves and Lynx co-owner Marc Lore has agreed to sell his controlling stake in the franchises to limited partner Marc Stad at a $4.5 billion value barely a year after his purchase was finalized, according to a person with knowledge of the deal.

The person spoke Friday to the Associated Press on condition of anonymity because details of the agreement — the second sale in the NBA this month — were not being publicized.

The Lakers were flipped by Mark Walter to Bob Iger and Josh Kushner at a $12.5 billion valuation in a deal struck last week.

Lore, a New York e-commerce entrepreneur, and partner Alex Rodriguez, the former Major League Baseball star, bought the NBA and WNBA clubs from Minnesota businessman Glen Taylor. That complicated and contentious process lasted more than four years until the $1.5 billion sale got league approval in June 2025.

Lore will retain a limited share and essentially swap roles with Stad, who is the founder of Dragoneer Investment group, a California-based firm focused on technology companies. Rodriguez will remain as a co-owner and continue as the most publicly visible owner of the pro basketball franchises.

Lore’s decision to sell his majority stake stems from his focus on his food delivery startup Wonder, according to a second person with knowledge of the situation, speaking on condition of anonymity to the AP because those details were not being made public. Lore has started the process of taking Wonder public.

Lore, Rodriguez and Stad issued a joint statement Friday expressing their commitment to the current leadership in the organization including chief executive officer Matt Caldwell, Timberwolves president of basketball operations Tim Connelly, Timberwolves head coach Chris Finch, and Lynx president of basketball operations and head coach Cheryl Reeve.

“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.”

The two teams currently play at Target Center, which opened in 1990 for the second season of the Timberwolves after they were granted an expansion franchise. Lore and Rodriguez have previously pledged a desire to keeping the teams in downtown Minneapolis, eventually in a new arena.

The Lynx were added to the WNBA as an expansion club in 1999 and have won four championships, with a healthy lead on the rest of the league this season behind star Napheesa Collier and rookie Olivia Miles.

The Timberwolves have never won a title or reached the NBA Finals, with an eight-year run of making the playoffs behind star forward Kevin Garnett their only period of sustained success until recently.

Since drafting Anthony Edwards with the first overall pick in the 2020 draft, hiring Finch in 2021 and Connelly in 2022, the Timberwolves have grown into one of the league’s best teams. They reached the Western Conference finals in 2024 and 2025 and were ousted in the second round by the San Antonio Spurs last season. They acquired point guard LaMelo Ball in one of the NBA’s biggest summer trades.

Campbell writes for the Associated Press.

Julius Randle is headed back to New York, although he will be playing in a different borough this time around.

The Brooklyn Nets acquired the 12-year veteran after he spent the past two seasons with the Minnesota Timberwolves, multiple media outlets reported Monday night.

As part of the three-team deal, Minnesota will send Randle and the 28th pick in Tuesday’s draft to Brooklyn in exchange for the Nets’ No. 33 overall pick. In addition, Brooklyn will send veteran center Nic Claxton to the Chicago Bulls. The Timberwolves will receive Mo Gueye from Chicago but are expected to waive the third-year forward.

For Minnesota, the trade creates a $33 million trade exception as well as financial flexibility to seek free agents to play alongside superstar Anthony Edwards. Later on Monday, the Timberwolves came to terms with guard Ayo Dosunmu on a five-year, $112 million deal to remain with the team after being acquired from Chicago at the trade deadline.

Randle goes from a team that won 49 games in each of the last two seasons and three playoff series during that stretch to one that won just 20 games last year and a combined 78 over the last three seasons.

The Nets, who haven’t had a representative in the All-Star Game since Kevin Durant in 2022, will continue rebuilding with the No. 6 overall pick in the 2026 draft to go with the first-rounder they received from Minnesota.

The Lakers drafted Randle at No. 7 overall in 2014, with his first two NBA seasons coinciding with the final two of Lakers legend Kobe Bryant. After becoming a free agent in 2018, Randle played one season with the New Orleans Pelicans before becoming a three-time All-Star during five seasons with the New York Knicks.

In October 2024, Randle went to Minnesota as part of the deal that brought Karl-Anthony Towns to New York. Towns was a key member of the Knicks team that defeated the San Antonio Spurs in the NBA Finals and celebrated with a championship parade in Lower Manhattan last week.

During the 2025 postseason, Randle shook his reputation for fading in the playoffs, crediting his perseverance to a mentality instilled in him many years earlier by Bryant.

“I had a great mentor in Kobe that didn’t necessarily let me pout or get down on myself,” Randle said after scoring a career playoff high of 31 points during a conference semifinal game against Golden State. “His thing was always, ‘All right, what’s next? How can you get better? How can you improve?’ So I always just kind of took that mentality with me.”

While Randle hasn’t publicly commented on the trade, his wife Kendra posted a video to her Instagram Story of 9-year-old son Kyden, the oldest of their three children, stating that he’s “so excited” and “so happy” to be returning to New York.

“@brooklynnets fans he really wanted to make this,” Kendra Randle wrote as a caption to the video.

The Associated Press contributed to this report.