Another takeover? Let’s set aside the Los Angeles Lakers for now. Even for Minnesota’s major basketball franchises, this is the second time we’ve seen movement in its ownership structure since 2025. The NBA Board of Governors only unanimously approved Alex Rodriguez and Marc Lore’s takeover from Glenn Taylor last summer. So, what’s changed? And why?

Dragoneer Investment Group founder and managing partner Marc Stad is taking control of the Timberwolves and Lynx in a deal valued at $4.5 billion. The price tag isn’t the most interesting part. Lore, who previously had a controlling stake, reportedly had opportunities to sell it for more than that amount but turned them down. Instead, he has chosen to reduce his ownership, remain involved as a minority investor, and hand control to Stad and Rodriguez.

The reason why Lore is stepping away is pretty straightforward. He is shifting his focus to the planned IPO of his food tech company, Wonder Group. Rodriguez, meanwhile, is moving in the opposite direction, as he explained in his personal statement to the fanbase.

“One of the great joys I’ve had in my career is spending the last few years helping build the Timberwolves and Lynx with my friend and partner Marc Lore.” Rodriguez wrote on X. “I’m very excited to announce that this incredible journey reaches a new level today. Marc and Elisa Stad, who have been our partners and friends since we bought the teams, will be increasing their investment and joining me as Co-Chairman. I will also be increasing my investment and spending even more time with the teams as Co-Chairman, Governor of the Lynx, and alternate Governor of the Timberwolves, pending league approval.

“While Marc Lore will be reducing his role and ownership to focus on his business, he remains an investor and a key part of our partnership. I could not be more energized about this evolution and what we’re all going to do together for the Twin Cities.”

Lore’s tenure wasn’t without its highlights, though. He played a key role in luring Tim Connelly away from Denver and helped mend the long-strained relationship between the organization and franchise legend Kevin Garnett. That reconciliation cleared the path for Garnett’s No. 21 jersey to be retired next season.

Garnett becomes only the second Timberwolves player to have his jersey hit the rafters at Target Center. He joins former teammate Malik Sealy, whose No. 2 was retired following his tragic death in 2000. In a statement, Garnett expressed gratitude, especially thanking Lore and Rodriguez for their “energy, vision, and respect.”

Although Lore will keep his courtside seats next to Rodriguez, the latter will take on the franchise’s public-facing duties, partly due to his experience in the spotlight as a star baseball athlete and television analyst.

Meanwhile, Stad and his wife Elisa will handle the ownership strategy behind the scenes. Elisa will serve as the Timberwolves Governor after a professional career in consumer branding. The couple also co-founded the University of California-San Francisco’s Stad Center for Pediatric Pain, Palliative & Integrative Medicine.

Interestingly, Stad had “consulted” with team personnel about recruiting LeBron James this summer, an unnamed source told The Athletic. Stad otherwise kept an “under-the-radar” profile but was still valued as an important boardroom presence. He will soon take on another important franchise matter.

Despite the ownership changes, the group plans to keep the Timberwolves in Minnesota itself. Target Center remains one of the NBA’s oldest venues. There have been discussions with the city of Minneapolis about a potential new arena. Lore had already made it clear last year that “we are not moving the team, ever.”

Top Timberwolves insider Dane Moore also reassured the fanbase that Stad isn’t “a new owner who will want to come in and make changes to significant projects that are already underway.” The Timberwolves will likely remain in the same city.

Meanwhile, the NBA’s board of governors is expected to review the ownership transaction at its Sept. 15-16 meeting, with league approval still required before the deal becomes official. This $4.5 billion valuation puts the Timberwolves as the fourth-largest NBA franchise sale in league history.

Lore and Rodriguez first bought into the Timberwolves in 2021 at a $1.5 billion valuation, with the long-term goal of taking full ownership from Glen Taylor. That transition wasn’t without friction. Taylor later challenged the transfer and tried to back out of the three-step agreement in 2024, accusing the duo of not meeting the parameters of the deal. But Lore straight-up denied those claims.

“I’ve got hundreds of millions of dollars of liquid capital sitting in the bank ready to invest should it be necessary,” Lore said in 2024.

Lore and Rodriguez got their way and eventually secured full control of the franchise in June 2025. They preached a new ‘VCP’ mantra, which stands for ‘vision, capital, and people.’ That is also a major reason why they wanted to welcome a household name in Garnett back to the franchise.

But now the ownership picture is shifting again. Stad is stepping into the largest role while Lore moves to a smaller one, and Rodriguez is doubling down on his commitment, planning to spend more time with the franchise heading into its next chapter.

How different is this Timberwolves deal to the Lakers one?

The Lakers ownership change from Mark Walter to Joshua Kushner and Bob Iger is an outright takeover worth $12.5 billion. The former owner, who is at the center of a federal investigation, won’t be involved with the Purple and Gold team soon after the NBA Board of Governors comes through with its approval.

Yes, the widely reported disagreement between Jeanie Buss and her siblings has caused confusion over whether the Governor and core front office layer will also see an overhaul, but the Minnesota franchise’s setup appears quite different. That’s because no one new is entering the discussion.

Marc Stad was already a minority partner and is simply replacing Marc Lore’s spot. Importantly, in a joint statement, Alex Rodriguez, Lore, and Stad clearly mentioned they will “continue to work closely with Matt Caldwell, Tim Connelly, Chris Finch and Cheryl Reeve.”

So, because the Minnesota ownership trio is maintaining continuity, also expect no change in the on-court plans after the Timberwolves acquired All-Star point guard LaMelo Ball this offseason.

Meanwhile, the same cannot be said for the Lakers after Iger himself admitted that sports ownership was a new domain for him.