(KDLM) – The Minnesota Timberwolves and Minnesota Lynx are getting a new controlling owner just over a year after their last ownership change.
American businessman Marc Stad has completed a deal to become the controlling owner and largest shareholder of both franchises, buying the majority of co-owner Marc Lore’s stake at a $4.5 billion valuation, according to ESPN’s Shams Charania. That figure is roughly three times what Lore and co-owner Alex Rodriguez paid longtime owner Glen Taylor. Lore will keep a minority investment in the teams. ESPN reports Rodriguez has decided to increase his equity percentage, though the exact ownership breakdown is not yet known.
The deal still needs formal approval from the NBA Board of Governors. Lore is stepping back from his co-owner and co-chairman role to focus on an IPO push for his food-tech company, the Wonder Group, over the next year. He reportedly believes handing the controlling seat to Stad gives the Timberwolves the best chance at continued success.
Stad is not a newcomer to the organization. He had already been a significant minority investor in the Timberwolves and Lynx under Lore and Rodriguez. The Athletic’s Jon Krawczynski describes him as a quietly influential figure in the ownership group since the two took over.Stad founded San Francisco-based Dragoneer Investment Group in 2012 and built it into one of the largest growth investment firms in the country, managing more than $35 billion in capital, according to Forbes.
The firm has backed technology companies including Uber, Airbnb, and DoorDash. Stad, a Harvard graduate with an MBA from Stanford, previously worked at McKinsey & Company and TPG Capital. He also joined the original ownership group of the NHL’s Seattle Kraken in 2018 as a minority shareholder.Stad’s wife, Elisa, is expected to take over as team governor. She has a corporate executive background focused on consumer branding. Rodriguez will remain the public face of the ownership group and stay heavily involved with both teams.Little is expected to change day to day. There are no planned shakeups on the basketball operations side, and plans to find a site and build a new arena in the Twin Cities are expected to move forward.
Target Center is the second-oldest arena in the NBA behind only Madison Square Garden. Lore and Rodriguez first bought into the teams in 2021 at a $1.5 billion valuation and officially took full control in June 2025 following a lengthy legal fight with Taylor.
During their tenure, they hired president of basketball operations Tim Connelly away from Denver, mended the franchise’s relationship with Kevin Garnett, whose No. 21 will be retired this season, and built a roster that reached two straight Western Conference Finals. Stad takes over two teams near the top of their leagues. The Wolves retooled this offseason around Anthony Edwards, Jaden McDaniels, and trade acquisition LaMelo Ball. The Lynx have topped 30 wins three years running behind Napheesa Collier and rookie Olivia Miles.
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