Investor Marc Stad has completed an agreement to take controlling ownership of the Minnesota Timberwolves NBA franchise and the WNBA's Minnesota Lynx after purchasing the majority of Marc Lore's ownership stake.
The transaction values the sports group controlling both Minneapolis-based basketball franchises at $4.5 billion, equivalent to roughly 23.13 billion Brazilian reais.
Stad, who is the founder and managing partner of Dragoneer Investment Group, was already a minority investor in both franchises prior to the agreement. Under the new arrangement, he will become the controlling owner of the teams, while Alex Rodriguez will remain as a co-owner.
The ownership change remains subject to formal approval by the NBA Board of Governors. The governing body, which oversees major league transactions and franchise ownership changes, is scheduled to consider the deal at its next meeting on September 15 and 16.
According to reports on the transition, Elisa Stad, the wife of Marc Stad, will take over as the representative for the Timberwolves on the NBA Board of Governors. Rodriguez will continue his role as co-owner across both teams.
Shared focus on championship success
In a joint statement, Stad, Rodriguez, and Lore said they had worked together for years with the common goal of transforming the Timberwolves and the Lynx into the premier organization in basketball, both on and off the court.
They emphasized that winning titles remains the top priority for the ownership group. The three business partners described the new agreement as a natural evolution of the partnership they have built together over recent years.
Marc Lore steps back for company listing
Following the control shift, Lore will maintain a smaller, more reduced role within the team's ownership group.
Lore will step down as the franchise representative on the NBA Board of Governors to focus his efforts on an initial public offering for Wonder Group, a food delivery and pickup enterprise, according to reporting by sports news outlet The Athletic.
The deal comes approximately 14 months after Lore and Rodriguez assumed full control of both basketball teams from former long-time owner Glen Taylor.
Lore and Rodriguez first joined the ownership group in 2021 when the organization was valued at $1.5 billion, entering into a staged purchase agreement to buy out Taylor's stake over time.
The latest valuation represents a dramatic increase over Taylor's original purchase of the franchise in 1994, when the Minnesota businessman acquired the Timberwolves for $88 million.
