Businessman Marc Stad is set to become the controlling owner and largest shareholder of the NBA's Minnesota Timberwolves and the WNBA's Minnesota Lynx in a deal valued at $4.5 billion.
Stad is reportedly purchasing the majority of co-owner Marc Lore's stake. Lore will remain a minority investor, as will fellow co-owner Alex Rodriguez, who is increasing his equity percentage. The transaction is pending approval from the NBA's Board of Governors, with their next meetings scheduled for September 15-16.
"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," Stad, Rodriguez, and Lore said in a joint statement. "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. While we’re proud of the great work we’ve done, there’s so much more to do and we’re just getting started."
Lore had opted to sell his stake to focus on his Wonder Group company and establish a long-term vision for the franchises. Stad, 47, is the founder of Dragoneer Investment Group, described by Forbes as one of the "largest growth investment firms." He previously served as a minority investor for the Timberwolves and Lynx and is part of the ownership group for the NHL's Seattle Kraken.
Stad's wife, Elisa, is expected to serve as the team's Governor once the deal is finalized, with Rodriguez as the alternate governor.
This marks the second ownership change for the Timberwolves in a short period. Rodriguez and Lore initially agreed to purchase the team for $1.5 billion in 2021, officially assuming ownership last year.
The $4.5 billion valuation ranks fourth in NBA history for ownership pacts. This deal follows the recent sale of the Los Angeles Lakers, which was reportedly acquired by Josh Kushner and Bob Iger for $12.5 billion, an American sports record.
Stad takes over a Timberwolves team that features star player Anthony Edwards but has not yet reached the NBA Finals in its franchise history. The team finished last season with a 49-33 record, securing the sixth seed in the Western Conference before being eliminated in the conference semifinals.