In a major ownership reorganization, American businessman Marc Stad has agreed to a deal (pending NBA Board of Governors approval) to become the controlling owner and largest shareholder of the NBA’s Minnesota Timberwolves and the WNBA’s Minnesota Lynx. Buying the majority of Marc Lore’s stake in a deal valuing the franchises at $4.5 billion, the Dragoneer Investment Group founder assumes top leadership alongside existing co-owner Alex Rodriguez.
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The Lakers’ situation right now, the 2025 sale of the Boston Celtics, and the Trail Blazers’ friction with Portland over the arena might worry fans about ownership changes. But top Timberwolves insider Dane Moore reassures fans that the transition will not derail ongoing plans regarding Anthony Edwards & Co., including the pursuit of a new arena to replace Target Center.
“I don’t think this change in ownership will have an impact on the Wolves/Lynx building a new stadium,” Moore noted on social media following the announcement. “As I understand it, that process is already underway. New controlling owner, Marc Stad, was already a minority owner of the Marc Lore-led Wolves/Lynx. I don’t read this as a new owner who will want to come in and make changes to significant projects that are already underway.”
Elaborating further on the timeline, Moore emphasized that negotiations with local leadership have been quietly advancing.
“What I heard… the arena piece, [revenue] split, all that, that’s all to be determined, but I think though those wheels have been turning for a while,” Moore shared. “You talk about needing to work with the city, that’s been underway. I wouldn’t be shocked if by the end of 2026 we hear something like… not breaking ground, but like ‘okay, there’s been an agreement that’s come to’ between the organization and the city. I don’t think this precludes an arena; they view an arena as a moneymaker for them.”
Shams Charania reported that Marc Lore is stepping back from his co-chairman role to focus on taking his food-delivery and takeout business, Wonder, public. However, he remains a minority investor.
Meanwhile, MLB legend Alex Rodriguez has increased his equity stake and will serve as co-chairman and governor of the Lynx, while Stad’s wife, Elisa Stad, will serve as governor for the Timberwolves.
The $4.5 billion transaction represents the fourth-largest franchise sale valuation in NBA history, behind only the Boston Celtics ($6.1 billion) and recent Los Angeles Lakers sales ($10 billion and $12.5 billion). Yet despite the staggering numbers, the transition prioritizes total continuity across both front offices.
According to reports from Charania, the leadership structures across both franchises will remain untouched. Timberwolves President of Basketball Operations Tim Connelly, head coach Chris Finch, and general manager Matt Lloyd remain firmly at the helm for a retooled team around Anthony Edwards.
On the WNBA side, Cheryl Reeve continues her dominant tenure as head coach and President of Basketball Operations for a Lynx team sitting at an elite 30-7 mark.
The front office’s financial commitment to winning remains as steadfast as ever. Ownership has willingly operated in luxury tax territory to maximize its championship window around Ant, even pulling off a shocker trade for LaMelo Ball to form one of the league’s premier backcourts.
With Stad, Rodriguez, and Lore emphasizing a shared vision in a joint statement, Minnesota fans can expect the franchise to press forward aggressively, both on the court and in securing a state-of-the-art venue to replace the aging Target Center.