American entrepreneur Marc Stad has finalized a deal to become the controlling owner and largest shareholder of the NBA’s Minnesota Timberwolves and the WNBA’s Minnesota Lynx by acquiring the majority stake from co-owner Marc Lore, valuing the teams at $4.5 billion, according to sources reported by ESPN.
While Lore will maintain a minority stake, co-owner Alex Rodriguez has opted to increase his ownership percentage, though it’s unclear how much of each team they will own once the transaction is complete. Lore is stepping back from his role as co-owner and co-chairman to focus on the IPO ambitions of his food-tech company, Wonder Group. He believes that transitioning ownership to Stad presents the best chance for the Timberwolves to thrive moving forward.
Stad, who is the founder and managing partner of Dragoneer Investment Group, was already a significant minority stakeholder in the Timberwolves and Lynx under the previous ownership group led by Lore and Rodriguez. The ownership transition resulted from months of discussions, allowing Stad, Rodriguez, and Lore to collaborate while preserving the existing leadership structures of the teams. This includes Wolves president Tim Connelly, general manager Matt Lloyd, head coach Chris Finch, as well as Lynx coach Cheryl Reeve, who also holds the position of president of basketball operations for the Lynx.
The agreement is pending approval from the NBA Board of Governors, which will convene for its next meeting on September 15-16.
The $4.5 billion valuation ranks the Timberwolves as the fourth largest franchise sale in NBA history, trailing only the $6.1 billion sale of the Boston Celtics in 2024 and two recent sales of the Los Angeles Lakers, valued at $12.5 billion and $10 billion, respectively, in the past year.
Elisa Stad, Marc Stad’s wife, will assume the role of Timberwolves governor while Marc Stad continues as managing partner of Dragoneer. Under the new arrangement, Rodriguez will serve as the alternate governor for the Timberwolves and the governor of the Lynx. Elisa Stad co-founded the UCSF Stad Center for Pediatric Pain, Palliative & Integrative Medicine after two decades in global consumer brand development.
Founded in 2012, Dragoneer has grown into one of the largest growth investment firms, managing over $35 billion in assets, as stated by Forbes. Additionally, Stad became a minority shareholder in the NHL’s Seattle Kraken during their initial ownership in 2018, cultivating strong relationships with owner Samantha Holloway and her father, the late David Bonderman.
Lore and Rodriguez acquired stakes in the Timberwolves in 2021 at a valuation of $1.5 billion, with plans to eventually take full ownership from previous owner Glen Taylor, who attempted to block the transfer. The duo officially gained complete control in June 2025, reaffirming their commitment to keeping the franchise in Minnesota. However, the Target Center, the second-oldest arena in the NBA after Madison Square Garden, has ownership collaborating with the city of Minneapolis on proposals for a new venue.
Since Lore and Rodriguez took over, the Timberwolves have made playoff appearances in each of the five seasons and advanced beyond the first round in the last three. They entered the luxury tax in both the 2024-25 and 2025-26 seasons as they emerged as contenders in the Western Conference. Prior to the Lore/Rodriguez era, the Timberwolves had only won two playoff series in their history, both in 2004, but have since achieved five playoff series victories this decade, reaching the conference finals in 2024 and 2025.
This offseason, after a setback elimination in the conference semifinals, ownership empowered Connelly to pursue a significant trade for Charlotte Hornets star LaMelo Ball, forming an All-Star backcourt with Ball and Anthony Edwards. Minnesota also made a bid to sign all-time leading scorer LeBron James, who ultimately chose the Philadelphia 76ers for the same minimum contract the Timberwolves could have offered. The Timberwolves are expected to again be a taxpaying team this season for the third consecutive year.