Marc Stad has completed a deal to become the controlling owner of the NBA’s Minnesota Timberwolves and WNBA’s Minnesota Lynx by purchasing the majority of co-owner Marc Lore’s stake at a $4.5 billion valuation, multiple media outlets reported on Friday.
Stad, the founder and managing partner of Dragoneer Investment Group, has been a minority investor in both basketball teams under the ownership group of Lore and Alex Rodriguez.
“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 their joint statement, per Front Office Sports.
“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. We will continue to work closely with (Timberwolves, Lynx CEO) Matt Caldwell, (Timberwolves president) Tim Connelly, (Wolves head coach) Chris Finch and (Lynx president and head coach) Cheryl Reeve and want to thank the fans and entire Minnesota community for your continued support. While we’re proud of the great work we’ve done, there’s so much more to do and we’re just getting started.”
The reported deal will need approval from the NBA Board of Governors, which has its next meeting on Sept. 15-16.
Per reports, Stad’s wife, Elisa, will serve as the Timberwolves’ governor and Rodriguez will remain a co-owner of both teams.
Lore, in turn, will move into a limited role in the ownership group. Per The Athletic, he is stepping away from his role as governor to focus on taking his food delivery and takeout business, the Wonder Group, public.
The reported transaction comes approximately 14 months after Lore and Rodriguez assumed full control of the Timberwolves and Lynx from previous owner Glen Taylor.
Lore and Rodriguez bought into the Wolves in 2021 at a $1.5 billion valuation, with an agreement to purchase the team in full from Taylor. Taylor bought the club in 1994 for $88 million.
–Field Level Media
