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Minnesota Timberwolves and Lynx owner Marc Lore sold his controlling share to Marc Stad for $4.5 billion, according to reports from The Athletic. Stad will join Alex Rodriguez as a majority owner. The team has yet to release an official statement.
Lore and Rodriguez took over as majority owners of the Timberwolves in February 2025 after a year-long arbitration. The duo originally put in a bid to purchase the Timberwolves in 2021. Lore will remain as a limited partner in the ownership group.
In a shared statement, Stad, Lore, and Rodriguez say, “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.”
Stad, founder of San Francisco based financial group Dragoneer Investment Group, was himself a limited partner before the sale. According to The Athletic, Stad’s wife, Elisa, will take over as the Timberwolves’ governor. According to her LinkedIn, Elisa is an investor, business development consultant, and children’s author. Her book, “Mama’s Love Language,” is about finding belonging in culturally diverse families, according to her website.
Minneapolis Mayor Jacob Frey is keen on keeping the Timberwolves in Minneapolis, pushing the City Center complex as a potential new site for the team to play, according to an April report from Axios. With the Marc-for-Marc swap shaking up ownership, reports indicate that Stad is in favor of keeping the Timberwolves and Lynx in Minneapolis and building a new arena for the teams, according to The Athletic’s Jon Krawczynski.
