Stad to lead Minnesota Timberwolves and Lynx in $4.5 billion ownership shift

American businessman Marc Stad has finalised a deal to become the controlling owner and largest shareholder of the NBA’s Minnesota Timberwolves and the WNBA’s Minnesota Lynx. According to sources cited by ESPN, Stad purchased the majority of co-owner Marc Lore’s stake in the franchises at a valuation of $4.5 billion. The transaction marks a significant shift in governance for the Minnesota-based teams, which have been under the joint ownership of Lore and Alex Rodriguez since 2021.

Lore is stepping back from his roles as co-owner and co-chairman to focus on the initial public offering of his food technology company, the Wonder Group. Despite reducing his share, Lore will retain a minority investment in the teams. Meanwhile, co-owner Alex Rodriguez has decided to increase his equity percentage. The precise ownership split among Stad, Lore, and Rodriguez has not yet been disclosed, but the arrangement allows the three parties to continue working together.

The $4.5 billion valuation places the Timberwolves as the fourth most expensive franchise sale in NBA history. It trails only the $6.1 billion sale of the Boston Celtics in 2025 and two recent transactions involving the Los Angeles Lakers, which were valued at $12.5 billion and $10 billion respectively. The deal is currently pending final approval from the NBA board of governors, which is scheduled to hold its next meetings on 15 and 16 September.

Stad, the founder and managing partner of Dragoneer Investment Group, had previously served as a significant minority investor in the teams. Under the new structure, his wife, Elisa Stad, will serve as the Timberwolves governor, while Stad continues to manage the investment firm, which oversees more than $35 billion in capital. Rodriguez will remain the alternate governor for the Timberwolves and the governor of the Lynx. The change in ownership is expected to maintain the current leadership structures, keeping Timberwolves president Tim Connelly, general manager Matt Lloyd, coach Chris Finch, and Lynx coach Cheryl Reeve in their respective positions.

The ownership group has overseen a period of sustained on-court success for the Timberwolves, who have reached the playoffs in each of the five seasons since Lore and Rodriguez bought into the team. The franchise has advanced beyond the first round in each of the past three seasons, including runs to the conference finals in 2024 and 2025. This season, the team is projected to pay the luxury tax for the third consecutive year as it continues to build a competitive roster in the Western Conference.

Beyond player personnel, the ownership group has been working with the city of Minneapolis on plans for a new arena. The current venue, Target Center, is the second-oldest building in the NBA, behind only Madison Square Garden. The new ownership arrangement aims to provide the stability required to pursue these infrastructure goals while maintaining the franchise’s competitive trajectory.