MINNEAPOLIS, MN — Marc Stad, founder and managing partner of Dragoneer Investment Group, has completed a deal to become the controlling owner and largest shareholder of the NBA's Minnesota Timberwolves and WNBA's Minnesota Lynx, according to ESPN's Shams Charania.
Stad bought the majority of co-owner Marc Lore's stake in the franchises at a $4.5 billion valuation, sources told ESPN.
Lore will remain a part of Minnesota's ownership group in a "limited role," The Athletic reported.
Stad founded Dragoneer Investment Group in 2012, growing it into one of the largest growth equity firms in the country, with more than $35 billion in assets under management.
The San Francisco based firm has backed major companies including Airbnb, DoorDash, Spotify and Uber. Stad had been a significant minority investor in the Timberwolves and Lynx under the Lore and Alex Rodriguez ownership group.
According to ESPN, the transfer of ownership between the Stad family and Lore developed after months of conversations, and it was structured to allow Stad, Rodriguez and Lore to continue working together while maintaining the franchises' current leadership structures.
Stad's wife, Elisa Stad, will serve as the Timberwolves' governor. Rodriguez will continue as a co-owner of both the Timberwolves and Lynx.
The change comes just over a year after Lore and Rodriguez completed their own contentious, multi-year takeover of the franchises from longtime owner Glen Taylor.
That $1.5 billion sale, first agreed to in 2021, was delayed by a legal dispute and arbitration battle before the NBA Board of Governors approved the transfer in June 2025.
Franchise values around the league have climbed sharply since then, with the Los Angeles Lakers recently selling at a valuation of $12.5 billion.
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