Marc Stad Agrees Deal for Controlling Stake in Timberwolves and Lynx

Tech investor Marc Stad has agreed to acquire a controlling interest in the NBA's Minnesota Timberwolves and the WNBA's Minnesota Lynx through a deal valuing the two franchises at $4.5 billion. BBC Sport reported the ownership change on Friday, while Axios and CNN separately confirmed the agreement through sources familiar with the transaction.

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The deal involves Stad buying the majority of current controlling owner Marc Lore's stake. It does not mean every interest in the teams is changing hands. Former Major League Baseball player Alex Rodriguez is expected to remain part of the ownership group, and Axios reported that Lore is likely to retain a smaller position after the transaction is completed.

Stad is not a newcomer to the Minnesota ownership group. He was already a limited partner in the consortium led by Lore and Rodriguez that acquired the Timberwolves and Lynx from longtime owner Glen Taylor. That earlier purchase, valued at $1.5 billion, received unanimous approval from the NBA Board of Governors in June 2025 after a lengthy and disputed transfer process.

The new arrangement is not yet final. In a joint statement reported by Axios and CNN, Stad, Rodriguez and Lore described it as a new agreement that is pending league approval. CNN reported that the NBA Board of Governors must approve the ownership change before Stad can formally take control.

Under the planned structure, Stad's wife, Elisa, is expected to serve as the Timberwolves' governor, according to CNN. Rodriguez is expected to continue as governor of the Lynx. The joint statement said the group would keep working with chief executive Matt Caldwell, basketball operations president Tim Connelly, Timberwolves coach Chris Finch and Lynx coach Cheryl Reeve.

Axios reported that the transaction had been in development for several months. The outlet also said the purchase would be made through Stad's family office rather than with private-equity money from Dragoneer, the investment firm he runs. Until the NBA completes its review, the reported $4.5 billion figure remains the valuation attached to an agreed but unapproved transfer of control, rather than a fully closed sale.