Marc Stad is set to become the controlling owner and largest shareholder of the Minnesota Timberwolves and Minnesota Lynx after agreeing to acquire the majority of Marc Lore’s stake in a transaction valuing the franchises at $4.5 billion.
The deal marks another major ownership change for Minnesota just over a year after Lore and Alex Rodriguez completed their takeover from longtime owner Glen Taylor. Lore will remain a minority investor, while Rodriguez is increasing his equity position. The signed transaction still requires approval from the NBA Board of Governors.
What the $4.5 billion deal means
The $4.5 billion figure is the valuation attached to the transaction, not a disclosed amount Stad is personally paying Lore. The purchase price and final ownership percentages for Stad, Rodriguez and Lore have not been publicly revealed.
Stad was already a significant minority investor in the Timberwolves and Lynx, making this an expansion of his existing involvement rather than the arrival of an entirely new ownership group.
Under the planned structure, Stad will become the controlling shareholder. His wife, Elisa Stad, will serve as Timberwolves governor, while Rodriguez will remain alternate governor of the Timberwolves and governor of the Lynx.
Why Marc Lore is stepping back
Lore is reducing his day-to-day ownership role as he focuses on the IPO push for his food-tech company, Wonder Group, over the coming year. He is not leaving the franchises completely and will retain a minority investment.
The ownership discussions developed over several months and were structured to allow Stad, Lore and Rodriguez to continue working together while preserving the teams’ existing leadership.
Who is Marc Stad?
Stad founded Dragoneer Investment Group in 2012 and serves as its managing partner. The investment firm manages more than $35 billion in capital, according to Forbes, and has backed prominent technology and consumer businesses.
Stad also has previous professional sports ownership experience. He joined the original ownership group of the NHL’s Seattle Kraken in 2018 as a minority shareholder.
Elisa Stad previously spent about two decades building global consumer brands and later co-founded UCSF’s Stad Center for Pediatric Pain, Palliative & Integrative Medicine.
Timberwolves valuation has tripled since 2021
Lore and Rodriguez agreed in 2021 to acquire the Timberwolves and Lynx from Taylor through a staged transaction based on a roughly $1.5 billion valuation. The new $4.5 billion valuation is three times that figure.
That does not mean the owners simply earned a $3 billion profit because the transactions involve different ownership percentages and financial structures. It does, however, illustrate the rapid rise in NBA franchise values. The trend was highlighted again by the Los Angeles Lakers’ $12.5 billion ownership deal.
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What happens to the Timberwolves and Lynx?
Major basketball-management changes are not currently expected. Timberwolves president Tim Connelly, general manager Matt Lloyd and head coach Chris Finch are expected to remain in place. Lynx coach Cheryl Reeve, who also serves as president of basketball operations, is also expected to continue in her roles.
That continuity matters after a period of sustained success. Minnesota reached the Western Conference finals in both 2024 and 2025 and has spent into the luxury tax while trying to compete for a championship.
The franchise has continued to pursue high-profile talent around Anthony Edwards, including its offseason move for LaMelo Ball. Fans following the wider league landscape have also seen significant changes around its biggest stars and teams, including during the 2026 NBA All-Star Game and USA vs. World format.
Target Center is another issue facing new ownership
One of Stad’s biggest long-term challenges could be the future home of the teams. Target Center is the NBA’s second-oldest current arena behind Madison Square Garden, and ownership has been working with Minneapolis officials on plans surrounding a possible new venue.
Lore and Rodriguez previously committed to keeping the franchises in Minnesota, and nothing announced with the Stad transaction indicates a change in that position.
When could Marc Stad officially take control?
The transaction cannot formally transfer control until it receives league approval. The NBA Board of Governors is scheduled to meet on September 15-16, making that the next important date to watch.
The league followed the same approval process when Lore and Rodriguez gained control in 2025. The NBA officially announced that previous ownership approval after the Board of Governors voted on the transaction.
Several details remain undisclosed, including Stad’s purchase price, his final ownership percentage, how much Rodriguez is increasing his stake and the percentage Lore will retain. Those figures, along with the arena plans and future luxury-tax spending, will help determine what Stad’s move into control ultimately means for Timberwolves and Lynx fans.
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