Minnesota Timberwolves Sold to Tech Investor Marc Stad for $4.5 Billion

The Minnesota Timberwolves and Lynx are set to change hands again, with co-owner Marc Lore agreeing to sell his controlling stake to limited partner Marc Stad.

The deal values the NBA and WNBA franchises at $4.5 billion, according to a person with knowledge of the transaction who spoke to The Associated Press on condition of anonymity. This marks the second NBA team sale this month, following the Los Angeles Lakers' recent flip. | "Marc Stad"

Marc Lore, an e-commerce entrepreneur, and his partner Alex Rodriguez, the former Major League Baseball star, had initially purchased the Timberwolves and the WNBA's Lynx from Minnesota businessman Glen Taylor. That sale process was complex and spanned over four years, concluding with league approval in June 2025 at a $1.5 billion valuation. | "Marc Lore"

Under the new agreement, Lore will retain a limited share and shift roles with Stad. Stad, the founder of Dragoneer Investment Group, a firm specializing in technology companies, is now positioned to become the controlling owner. Alex Rodriguez is expected to remain as a co-owner and continue in a prominent public-facing role with the franchises.

Lore's decision to divest his majority stake is reportedly driven by his focus on his food delivery startup, Wonder, which he is in the process of taking public. | "The deal includes both the NBA's Timberwolves and the WNBA's Lynx"

In a joint statement, Lore, Rodriguez, and Stad expressed their commitment to the current leadership team, including CEO Matt Caldwell, President of Basketball Operations Tim Connelly, and head coaches Chris Finch (Timberwolves) and Cheryl Reeve (Lynx). The statement emphasized a shared goal of building the Timberwolves and Lynx into premier organizations and a pursuit of championships.

The Timberwolves, who have never won an NBA title, have seen a resurgence in recent years. Drafting Anthony Edwards in 2020, hiring Chris Finch in 2021, and bringing in Tim Connelly in 2022 have coincided with the team becoming one of the league's top contenders. They reached the Western Conference Finals in 2024 and 2025, and made it to the second round last season. The Lynx, an expansion club since 1999, have achieved significant success with four WNBA championships, and are currently leading the league this season.