Marc Stad Takes Controlling Stake in NBA Timberwolves and WNBA Lynx

Tech investor Marc Stad acquired controlling interest in the Minnesota Timberwolves and WNBA's Minnesota Lynx on Friday, purchasing the majority of co-owner Marc Lore's stake in a deal that values the franchises at $4.5 billion, according to ESPN.

Lore will retain a minority investment in both franchises, while former Major League Baseball star Alex Rodriguez agreed to expand his equity stake. The valuation places the sale fourth on the list of largest franchise transactions in NBA history.

Stad, the 47-year-old founder and managing partner of San Francisco-based Dragoneer Investment Group, previously served as a silent minority investor. His wife, Elisa Stad, will take over as the primary governor for the Timberwolves to allow him to continue running Dragoneer, which manages over $35 billion in assets.

Rodriguez will continue serving as governor of the Lynx and alternate governor for the Timberwolves. Lore stepped back from his leadership role to prepare his food tech enterprise, Wonder Group, for an initial public offering over the coming year.

The ownership group issued a joint statement emphasizing continuity across both basketball operations teams.

"We have been working together for years with a shared goal of building the Timberwolves and Lynx into the best organization in basketball on and off the floor," read a joint statement from Stad, Rodriguez and Lore issued Friday.

The partners added that the organizational objective remains focused on long-term competitive excellence.

"Our priority is and always will be championships. Our new agreement, pending league approval, is an evolution of the partnership we have built together and strengthening of our commitment to our team and our culture," the ownership statement continued.

The joint statement concluded by addressing the future trajectory of both teams under the revised equity structure.

"While we're proud of the great work we'done, there's so much more to do and we're just getting started," the group stated.

In a social media post, Rodriguez expressed optimism regarding the management transition and his ongoing role with the organization.

"One of the great joys I've had in my career is spending the last few years helping build the Timberwolves and Lynx with my friend and partner Marc Lore. I'm very excited to announce that this incredible journey reaches a new level today. Marc and Elisa Stad, who have been our..." written by Alex Rodriguez on X.

The change in controlling ownership retains existing executive management, including Timberwolves president of basketball operations Tim Connelly, general manager Matt Lloyd, head coach Chris Finch, and Lynx head coach and president of basketball operations Cheryl Reeve.

Connelly enters the final season of his contract with Minnesota, while Finch has two years remaining on his deal, as reported by The Stein Line. The NBA Board of Governors is expected to consider formal approval of the ownership transfer at its September meeting, though approval could extend into January.