Marc Stad to acquire controlling stakes in Timberwolves and Lynx

Marc Stad, founder of Dragoneer Investment Group, has agreed to acquire controlling stakes in the Minnesota Timberwolves of the NBA and the Minnesota Lynx of the WNBA from Marc Lore. The transaction establishes a valuation of $4.5 billion for the organizations, a significant increase from the $1.5 billion valuation when Lore and Alex Rodriguez began their acquisition process in 2021.

Under the new structure, Stad will become the largest shareholder and controlling owner. Lore will retain a minority stake but will step back from leadership to focus on his business, Wonder. Alex Rodriguez will remain a co-owner, increase his investment, and continue to serve as governor of the Lynx. Elisa Stad is expected to serve as the Timberwolves’ governor.

The deal is subject to approval from the NBA Board of Governors, which may not occur until January. Despite the change in majority ownership, the franchises appear set to maintain their current basketball operations leadership, including Timberwolves president of basketball operations Tim Connelly and head coach Chris Finch.