In the latest shock quick-fire basketball team sale, US businessman Marc Stad has acquired a controlling interest in the Minnesota Timberwolves NBA franchise and the associated Minnesota Lynx WNBA side, valuing the pair at a combined $4.5 billion.
Stad, the founder of venture capital firm Dragoneer Investment, has acquired the majority of the stake held by incumbent Marc Lore, who had only taken control of the franchise in mid-2025.
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Lore bought the Timberwolves franchise alongside co-investor Alex Rodriguez, the baseball icon, in stages, starting in 2021, but the protracted process only closed in 2025 with the pair finally taking control of the team, which at the beginning of proceedings in 2021 was valued at $1.5 billion.
Now, Stad has taken control of the franchise for a fee that triples that valuation, reflecting the major growth in US sports franchise values over the past few years.
In October 2025, Forbes valued the Timberwolves at $3.6 billion, but the team’s surging popularity and strong postseason performance in the 2026 NBA playoffs have helped Lore achieve a premium price on his stake sale.
Stad will take control of the team upon the approval of the sale by the NBA’s board of governors, which will likely occur at its next meeting on September 15 to 16, and this is not likely to cause an issue.
His wife, Elisa Stad, who boasts a long career in consumer brand management, will become the governor of the Timberwolves.
Lore will maintain a minority stake in the Timberwolves, while Rodriguez, who has committed to increasing his investment in the team, will continue as an active partner, serving as the co-chair of the organization, the governor of the Lynx, and the alternate governor of the Timberwolves.
In a statement posted on X, Rodriguez revealed that Lore is stepping back from his ownership role in order to focus on his business interests elsewhere, namely the prospective 2028 IPO of his food technology startup Wonder.
Rodriguez said: “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.”
Dragoneer Investment has $37 billion in assets under management, and in the past has invested in highly successful tech startups such as Uber and OpenAI.
The quick-fire change comes only a week after the iconic Los Angeles Lakers franchise was sold by Mark Walter, only around a year after he had bought it, to the pair of Joshua Kushner and Bob Iger.
Both franchise sales were likely motivated by the personal business interests of those involved; Walter's relates to the ongoing federal investigation into possible tax fraud regarding his insurance businesses, and for Lore, the growth of his food tech company.
While these are not ostensibly linked, what remains is the conditions in the NBA, which have allowed for massive franchise value growth in a short space of time, and the subsequent clamour from new investors not to miss the boat on buying in as values freeze out even some lesser billionaires, which means that owners are finding it easier to sell at an amenable value than ever before.
