Marc Stad set to become Timberwolves’ controlling owner in $4.5 billion deal

American businessman Marc Stad is set to become the controlling owner and largest shareholder of the Minnesota Timberwolves and Minnesota Lynx under a deal that values the franchises at $4.5 billion, according to ESPN.

The agreement would see Stad acquire the majority of fellow co-owner Marc Lore’s stake, while Lore remains involved as a minority investor.

Alex Rodriguez, meanwhile, is expected to increase his ownership stake under the new arrangement.


The transaction still requires approval from the NBA Board of Governors, which is scheduled to meet on September 15-16.

Marc Lore steps back as ownership structure changes

The ownership shake-up comes after months of discussions between Lore and the Stad family, ESPN reported.

Lore's decision to reduce his involvement is linked to his plans to focus on the upcoming IPO push for his food technology company, Wonder Group. He will step away from his role as co-owner and co-chairman but retain a minority investment in the Timberwolves and Lynx.

Rodriguez, on the other hand, has chosen to increase his equity stake, although the exact ownership percentages for Stad, Rodriguez and Lore have not yet been disclosed.

The deal is designed to keep the existing leadership group largely intact, according to ESPN.

Timberwolves and Lynx leadership expected to remain unchanged

Despite the ownership transition, the franchises are not expected to undergo major changes in their day-to-day basketball operations.

Timberwolves president Tim Connelly, general manager Matt Lloyd and head coach Chris Finch are expected to remain in their current roles. On the Lynx side, Cheryl Reeve will continue as head coach and president of basketball operations.

Marc Stad was already a significant minority investor in both teams. He founded and serves as managing partner of Dragoneer Investment Group, a major growth investment firm.

Under the proposed ownership structure, Stad's wife, Elisa Stad, would serve as the Timberwolves' governor, while Marc Stad would continue in his role at Dragoneer. Rodriguez is expected to remain the Timberwolves' alternate governor and continue as governor of the Lynx, ESPN reported.

Timberwolves among NBA’s biggest sales

The reported $4.5 billion valuation would rank the Timberwolves deal among the largest franchise transactions in NBA history.

According to ESPN, only the Boston Celtics' $6.1 billion sale and two recent Los Angeles Lakers transactions — valuing the franchise at $12.5 billion and $10 billion — would rank ahead of it.

The proposed deal also highlights how dramatically the value of the Timberwolves has risen in recent years.

Lore and Rodriguez initially entered the ownership group in 2021 at a reported $1.5 billion valuation. Their path to full control later became the subject of a lengthy dispute with former owner Glen Taylor, who attempted to halt the transfer before Lore and Rodriguez officially took control in June 2025.

But the Wolves' big ambitions remain

The Timberwolves' ownership change comes during one of the strongest stretches in franchise history.

Minnesota has reached the playoffs in each of the five seasons since Lore and Rodriguez joined the ownership group. The team has advanced beyond the first round in each of the past three years and reached the Western Conference finals in both 2024 and 2025.

Ownership has also shown a willingness to spend, with the Timberwolves entering the luxury tax in recent seasons as they tried to build a championship contender.

This offseason, the franchise made another major move by acquiring LaMelo Ball to pair him with Anthony Edwards, creating an All-Star backcourt. Minnesota was also among the finalists for LeBron James before he ultimately chose the Philadelphia 76ers, ESPN reported.

The Timberwolves are projected to be a luxury-tax team again, signalling that the new ownership structure is unlikely to mean a retreat from the franchise's aggressive approach.

What happens next?

The deal will now go before the NBA Board of Governors for approval, with its next meetings scheduled for September 15-16.

If approved, Marc Stad will take control of a franchise that has rapidly increased in both value and competitiveness — while Lore, Rodriguez and Stad remain connected to the ownership group.

The transition also comes as Minnesota continues discussions around its long-term arena future, with the Target Center among the oldest venues in the NBA.

For the Timberwolves and Lynx, the ownership names may be changing, but ESPN's reporting suggests the immediate focus remains the same: maintaining continuity while continuing to invest in two franchises with increasingly ambitious goals.