Marc Stad, Founder and Managing Partner of Dragoneer Investment Group, has agreed to acquire controlling stakes in the Minnesota Timberwolves and Minnesota Lynx from Marc Lore at a valuation of $4.5 billion, triggering another major shift in NBA ownership barely a year after Lore and Alex Rodriguez completed their takeover of the franchises.
Stad, who was already a minority investor in the teams, will become the largest shareholder and controlling owner. The transaction remains subject to approval from the NBA Board of Governors, with Stad’s wife, Elisa Stad, set to serve as the Timberwolves’ governor. Rodriguez will remain a co-owner, increase his investment and continue as governor of the Lynx, while Lore will retain a minority stake and step back from the ownership group’s leadership.
The restructuring effectively sees Stad and Lore exchange positions. Lore is reducing his involvement to concentrate on Wonder, his food delivery and takeout business, while Stad takes control of the franchises. Rodriguez said the new structure would see him and the Stads work together as co-chairmen, describing the transaction as an evolution of the existing partnership.
The $4.5 billion valuation represents a dramatic increase from the $1.5 billion valuation attached to Lore and Rodriguez’s original agreement to acquire the teams from Glen Taylor in 2021. That transaction was eventually approved by the NBA in June 2025 following a lengthy dispute over the ownership transfer.
Stad’s move also highlights the growing intersection between technology wealth and professional sports. Dragoneer, the investment firm he founded in 2012, manages more than $35 billion in capital and has backed major technology companies including Uber, Airbnb and OpenAI.
The transaction follows the proposed $12.5 billion sale of the Los Angeles Lakers to Bob Iger and Joshua Kushner, making August a landmark month for NBA franchise transactions.
Despite the ownership change, the franchises are expected to maintain continuity across their basketball operations, with key executives and coaches remaining in place. The deal therefore represents less a sporting reset than a significant reshaping of the capital and ownership structure behind two of Minnesota’s most valuable sports properties.
