American businessman Marc Stad has completed a deal to become the controlling owner and largest shareholder of the NBA’s Minnesota Timberwolves and WNBA’s Minnesota Lynx by buying the majority of co-owner Marc Lore’s stake at a $4.5 billion valuation, sources tell ESPN.
Lore will retain a minority investment in the teams, while co-owner Alex Rodriguez has decided to increase his equity percentages, sources said. It’s not yet known how much of both teams each would own after the sale is completed. Lore decided to take a step back from his co-owner and co-chairman role in order to focus on the IPO push for his food-tech company, the Wonder Group, over the next calendar year, believing changing ownership seats with Stad gave the Timberwolves the best opportunity for continued success.
Stad, the founder and managing partner of Dragoneer Investment Group, had been a significant minority investor in the Timberwolves and Lynx under the ownership group of Lore and Alex Rodriguez. Sources said the transfer of ownership between the Stad family and Lore developed after months of conversations and allowed Stad, Rodriguez and Lore to continue working together and maintain the Timberwolves and Lynx current leadership structures. That includes Wolves president Tim Connelly, general manager Matt Lloyd and coach Chris Finch and Lynx coach Cheryl Reeve, who also serves as the Lynx’s president of basketball operations.
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The signed deal awaits approval from the NBA Board of Governors, which has its next meeting on Sept. 15-16.
The $4.5 billion valuation puts the Timberwolves fourth on the list of largest franchise sales in NBA history, behind only the $6.1 billion sale of the Boston Celtics in 2024 and the two sales of the Los Angeles Lakers in the past year, which valued the team at $12.5 billion and $10 billion, respectively.
Stad’s wife, Elisa Stad, will serve as the Timberwolves governor as Marc Stad continues as managing partner for Dragoneer. Rodriguez will continue to serve as alternate governor for the Timberwolves and governor of the Lynx under the new arrangement. Elisa Stad co-founded UCSF’s Stad Center for Pediatric Pain, Palliative & Integrative Medicine after a two-decade career building global consumer brands.
Marc Stad founded Dragoneer in 2012 and built the firm into one of the largest growth investment companies, which now manages over $35 billion in capital, according to Forbes. He also joined the original ownership group in the NHL’s Seattle Kraken in 2018 as a minority shareholder, sharing close relationships with owner Samantha Holloway and her father, the late David Bonderman.
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Lore and Rodriguez bought into the Wolves in 2021 at a $1.5 billion valuation, with an agreement to eventually purchase the team in full from previous owner Glen Taylor, who later tried to stop the transfer of the team. Lore and Rodriguez officially took full control in June 2025, and re-upped their commitment to keeping the franchise in Minnesota. However, the Target Center is the second-oldest building in the NBA (behind only Madison Square Garden), and ownership has been working with the city of Minneapolis on plans for a new arena.
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 seasons. Lore and Rodriguez went into the luxury tax in both 2024-25 and 2025-26 as the Wolves proved to be a contender in the Western Conference. Prior to the Lore/Rodriguez era, the Timberwolves had only won two playoff series in franchise history, both in 2004. They’ve won five playoff series this decade, advancing to the conference finals in both 2024 and 2025.
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This offseason, after Minnesota took a step back and was eliminated in the conference semifinals, ownership empowered Connelly to make a big swing trade for Charlotte Hornets star LaMelo Ball, creating an All-Star backcourt with Ball and Anthony Edwards. Minnesota was also one of four finalists for all-time leading scorer LeBron James, who chose to sign with the Philadelphia 76ers for the same minimum salary Minnesota could have offered. The Timberwolves are projected to be a taxpaying team again this season for the third straight year.
