Ownership Transition Announced for Timberwolves and Lynx
Marc Lore has agreed to sell his controlling stake in the Minnesota Timberwolves and Lynx to businessman and limited partner Marc Stad, a transaction that values the NBA and WNBA franchises at $4.5 billion. The announcement, made five years after Lore and Alex Rodriguez first arrived in Minnesota, marks a significant shift in the ownership structure of the two teams.
Alex Rodriguez, a 14-time MLB All-Star, said Friday he plans to increase his equity stake in both franchises. Lore will retain a minority stake in the teams, though the exact size of each owner's share was not immediately disclosed.
Lore addressed the ownership change in an Instagram post featuring photos of himself and Rodriguez at Timberwolves games, writing, "Yesterday, I sold my controlling interest in the Minnesota Timberwolves and Lynx to my partner and friend, Marc Stad." He explained that Stad's takeover would preserve the continuity of the ownership group he and Rodriguez had built over the past five years.
In his message, Lore called Stad "an important part of our ownership group" and expressed "tremendous confidence" in him as the new co-chairman alongside Rodriguez. He acknowledged that walking away from the controlling position wasn't easy, saying he had fallen in love with the Timberwolves, the fans, the players, the staff, and the community. He also thanked Rodriguez for everything they had accomplished together and wrote, "Our shared goal has not changed: to win championships and make Minnesota proud." He concluded, "This is not a goodbye."
Leadership Structure Preserved
Stad, the founder and managing partner of Dragoneer Investment Group, was already a major minority investor in the Timberwolves and Lynx under Lore and Rodriguez. The ownership transition will preserve the teams' current leadership structure, including Timberwolves President Tim Connelly, general manager Matt Lloyd, and coach Chris Finch, as well as Lynx coach and president of basketball operations Cheryl Reeve.
The deal is expected to be considered by the NBA Board of Governors at its Sept. 15-16 meeting. The $4.5 billion valuation ranks as the fourth-largest franchise sale in NBA history, trailing the Boston Celtics' $6.1 billion sale in 2025 and two Los Angeles Lakers transactions that valued the team at $10 billion and $12.5 billion.
Lore's Focus Shifts to Wonder IPO
Lore, a billionaire entrepreneur, stepped away from his roles as co-owner and co-chairman to focus on a planned IPO for his food technology company, Wonder Group, over the next year. He described the startup as reaching a pivotal moment, with an IPO on the horizon for next year, requiring his focused attention.
Since Lore and Rodriguez bought into the franchise, the Timberwolves have reached the playoffs five consecutive seasons and have advanced beyond the opening round in each of their past three trips. The team has grown into a Western Conference threat, powered by the rise of Anthony Edwards into one of the game's brightest stars. Recent roster moves include the departures of Karl-Anthony Towns, Julius Randle, and Naz Reid over the past three seasons, and the team is now pairing Edwards with LaMelo Ball.