Businessman Marc Stad completed a deal to become the controlling owner and largest shareholder of the Timberwolves and the Lynx, ESPN’s Shams Charania reported Friday.Stad bought the majority of co-owner Marc Lore’s stake at a $4.5 billion valuation, per Charania. The stunning news marks the latest franchise to undergo a seismic ownership change in the NBA, taking place just a little over a week after Bob Iger and Joshua Kushner reportedly bought the Lakers for $12.5 billion from Mark Walter.Stad is the founder and managing partner of Dragoneer Investment Group, a San Francisco-based, “growth-oriented investment firm” that currently manages over $35 billion in assets and specializes in tech investments including Open AI, Anthropic and Waymo, according to the firm’s LinkedIn page. Dragoneer was involved in two of the most important tech IPOs of 2020, investing in DoorDash’s Series F funding round in ’19 and Airbnb’s Series D funding round in ‘14, per Forbes. Stad, a Harvard graduate, started his career in the public service sector overseeing financial assistance to the city of San Francisco. He and his wife, Elisa, share three children. The couple helped found the Stad Center for Pediatric Pain at UCSF hospitals in San Francisco and Oakland, which treats children with acute and chronic pain.As far as Stad’s other sports business ventures, he additionally joined the original ownership group in the NHL's Seattle Kraken as a minority shareholder in 2018.The 47-year-old tech investor was a significant minority investor in the Timberwolves and Lynx under the ownership group of Lore and Alex Rodriguez, though he floated under the radar over the years. Why is Marc Lore selling his majority share of the Timberwolves, Lynx to Marc Stad?Lore, who will still retain a minority investment, decided to take a step back from his role to focus on his food-tech company, the Wonder Group, over the next calendar year, per Charania. The billionaire also reportedly believed that changing ownership seats with Stad gave the Timberwolves and Lynx “the best opportunity for continued success.”The sale of the Minnesota franchises is a surprising one, given how passionately both Lore has spoken about both teams in the past. “We are honored to lead the Timberwolves and Lynx into a bold and exciting new era,” said Lore in a 2025 press release after his and Rodriguez’s $1.5 billion acquisition was approved. “Today marks a momentous milestone for us, and we fully recognize the great responsibility that comes with serving as stewards of these exceptional franchises. We are committed to building an organization that sets the standard for excellence, is universally admired, and rooted in pride that spans generations.”“We are not moving the team, ever,” Lore added in a video message to Timberwolves fans that year.The Lore-Stad change of hands was reportedly in the works for months, with Rodriguez remaining a co-owner of both Minnesota teams. Stad’s wife, Elisa, will serve as the Timberwolves’ new governor.Here’s a joint statement from Stad, Lore and Rodriguez in the wake of the big move:“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.”Joint Statement from Marc Stad, Alex Rodriguez, and Marc Lore:“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… https://t.co/GJhxBBci2T— John Ourand (@Ourand_Puck) August 21, 2026Add us as a preferred source on GoogleFollow