Lore selling majority ownership of Timberwolves, Lynx
Just one year after Marc Lore and Alex Rodriguez officially took control of the Minnesota Timberwolves and Minnesota Lynx from longtime owner Glen Taylor, a new person is buying the majority stake in the franchises.
KSTP Sports has confirmed businessman Marc Stad is becoming the controlling owner and largest shareholder in the teams. Stad was already one of the primary investors in the ownership group under Lore.
ESPN reports Stad is buying his majority share of the team at a $4.5 billion valuation — three times what Lore and A-Rod paid Taylor.
Forbes lists Stad as the founder and managing partner of Dragoneer Investment Group, one of the largest growth investment firms in the country, managing over $35 billion.
The deal requires formal approval from the NBA Board of Governors at a later date, but Stad’s wife, Elisa, is expected to serve as the governor — the primary owner and formal leader — of the Wolves with Rodriguez staying governor of the Lynx.
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Lore and Rodriguez will remain limited partners — Rodriguez’s stake is actually increasing slightly, KSTP Sports confirmed — and continue to work with the current leadership structures. Lore is reducing his share to focus on the initial public offering process for his Wonder Group company.
Stad, Lore and Rodriguez released the following joint statement:
“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. 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. We will continue to work closely with Matt Caldwell, Tim Connelly, Chris Finch and Cheryl Reeve and want to thank the fans and entire Minnesota community for your continued support. While we’re proud of the great work we’ve done, there’s so much more to do and we’re just getting started.”
A-Rod also posted a message on social media, saying:
“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 partners and friends since we bought the teams, will be increasing their investment and joining me as Co-Chairman. I will also be increasing my investment and spending even more time with the teams as Co-Chairman, Governor of the Lynx, and alternate Governor of the Timberwolves, pending league approval. While Marc Lore will be reducing his role and ownership to focus on his business, he remains an investor and a key part of our partnership. I could not be more energized about this evolution and what we’re all going to do together for the Twin Cities.”
The Memphis Grizzlies play the Minnesota Timberwolves at an empty Target Center arena for a preseason NBA basketball game Monday, Dec. 14, 2020, in Minneapolis. (AP Photo/Bruce Kluckhohn)
The shocking move comes after Lore’s and A-Rod’s yearslong process to buy the Wolves and Lynx ended up in court over a dispute with Taylor. The court eventually ruled that Lore and Rodriguez were able to take over the team last February, ushering a new era for the franchises, in which Wolves icon Kevin Garnett was welcomed back and the NBA side rebranded over the offseason.
Lore and Rodriguez have also played major roles in bringing Tim Connelly, the Timberwolves president of basketball operations, to the franchise, and helping provide the resources to invest in the roster and Target Center as both teams have pushed deep into the postseason in recent years.
However, the organization’s lease with Target Center runs only through 2035, and the owners have been transparent about wanting to build a new arena, which will be costly and could face several hurdles in Minneapolis.
Forbes lists Stad’s net worth as between $500 million and $1.5 billion, ranking his No. 42 on its 2026 Midas List of top tech and venture capital investors.
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