Marc Stad has completed a deal to become the controlling owner and largest shareholder of the Minnesota Timberwolves and Minnesota Lynx in a transaction valued at $4.5 billion, sources told ESPN, marking the fourth-largest franchise sale in NBA history.
Stad, the founder and managing partner of Dragoneer Investment Group, had been a significant minority investor in both franchises under the ownership group of Marc Lore and Alex Rodriguez. He will now take the controlling stake after buying the majority of Lore’s share. Lore will retain a minority investment and Rodriguez will increase his equity stake, though the exact sizes of their holdings were not disclosed.
The deal is pending NBA board of governors approval at a scheduled meeting Sept. 15-16. A joint statement from all three ownership partners described the change as an evolution of the partnership and reaffirmed their priority as championships.
Why the change happened
Lore chose to step back from his co-owner and co-chairman role to focus on the IPO process for his food tech company, Wonder Group, over the next calendar year. He concluded that shifting the controlling seat to Stad gave the Timberwolves the best chance for continued competitive success while allowing him to prioritize his business obligations.
The arrangement preserves the current organizational structure of both franchises, including Timberwolves president Tim Connelly, general manager Matt Lloyd, head coach Chris Finch and Lynx coach and president of basketball operations Cheryl Reeve.
Rodriguez, the former MLB star, posted on social media saying that being part of the ownership group has been one of the great joys of his professional life and that he feels energized by the new arrangement. He will continue as alternate governor of the Timberwolves and governor of the Lynx.
The governance structure
Elisa Stad, Marc Stad’s wife, will serve as Timberwolves governor while Marc continues as managing partner of Dragoneer. Elisa Stad co-founded the UCSF Stad Center for Pediatric Pain, Palliative and Integrative Medicine after a two-decade career in global consumer brand building.
Marc Stad founded Dragoneer in 2012. The firm now manages over $35 billion in capital. He joined the Seattle Kraken’s original NHL ownership group in 2018 as a minority shareholder.
Where this ranks in NBA history
The $4.5 billion valuation places the Timberwolves fourth on the all-time list of NBA franchise sale values, behind the $6.1 billion sale of the Boston Celtics in 2025 and the two recent Los Angeles Lakers transactions, which valued the team at $10 billion and then $12.5 billion.
Lore and Rodriguez originally bought into the Timberwolves in 2021 at a $1.5 billion valuation, eventually taking full control in June 2025. The $4.5 billion current valuation represents a tripling of the team’s value in five years.
The state of both franchises
The Timberwolves have reached the playoffs in each of the five seasons since Lore and Rodriguez bought into the team, advancing beyond the first round in each of the past three. They reached the Western Conference finals in both 2024 and 2025, with five first-round series wins this decade compared to two in franchise history before.
This offseason, after being eliminated in the conference semifinals, ownership empowered Connelly to trade for Charlotte Hornets star LaMelo Ball, creating an All-Star backcourt with Ball and Anthony Edwards. Minnesota was also among the finalists for LeBron James before he signed with Philadelphia.
The Lynx have been among the WNBA’s most consistent contenders under Reeve, winning four league titles. This season, with Napheesa Collier, Kayla McBride and rookie Olivia Miles leading the team, the Lynx hold the best record in the WNBA at 31-7. Minnesota is the first team in WNBA history to reach 30 wins in three consecutive seasons.
