Marc and Elisa Stad are seeking control of the Minnesota Timberwolves and Lynx in a transaction that values the franchises at $4.5 billion. The agreement remains subject to approval by the NBA Board of Governors at its September 15-16 meeting, according to Yahoo Sports.
How ownership would change
Marc Stad would acquire most of Marc Lore’s stake. Lore is stepping back from his co-owner and co-chairman responsibilities to focus on Wonder, his food-technology company, but would retain a minority interest. Alex Rodriguez plans to increase his investment and remain co-chairman; the ownership percentages for Lore and Rodriguez have not been disclosed, according to Fox Business.
The teams’ basketball leadership is expected to remain in place during the transition. The supplied reports identify Timberwolves president Tim Connelly, general manager Matt Lloyd and coach Chris Finch, along with Lynx coach and basketball operations president Cheryl Reeve, as continuing with the organization. Yahoo Sports reports that Elisa Stad would become the Timberwolves’ governor, while Fox Business identifies Rodriguez as the Lynx’s governor and the Timberwolves’ alternate governor, pending league approval.
What is publicly known about the Stads
Marc Stad worked at McKinsey & Co., Parthenon Capital, TPG and Investment Group of Santa Barbara before founding San Francisco-based Dragoneer Investment Group in 2012, according to the Minnesota Star Tribune’s profile: Minnesota Star Tribune. The firm now manages about $37 billion in assets. Public reporting also identifies Stad as an early investor in companies including Uber, Airbnb and DoorDash.
Marc and Elisa Stad were already minority investors in the teams before the proposed transfer. Marc Stad also became an original minority investor in the NHL’s Seattle Kraken in 2018, according to Pacific North Hockey.
The couple’s public charitable work includes a $3 million donation to UCSF Benioff Children’s Hospitals in 2022. The gift helped establish the Stad Center for Pediatric Pain, Palliative and Integrative Medicine, according to UCSF Benioff Children’s Hospitals.
Why the valuation matters in Minnesota
The proposed valuation is three times the $1.5 billion figure attached to Lore and Rodriguez’s 2021 agreement to buy the teams from Glen Taylor. Their purchase was completed in June 2025 after a legal dispute with Taylor, according to the supplied Yahoo Sports and Fox Business reports. Fox Business places the $4.5 billion transaction fourth among NBA franchise sales, behind the 2025 Boston Celtics sale and two Los Angeles Lakers transactions.
The ownership change also leaves unresolved questions about the teams’ long-term arena plans. The Timberwolves and Lynx play at Target Center, whose lease runs through June 2035. Ending it early would involve a reported $50 million penalty, while $53.5 million in city debt service remains, according to Hoodline.
Public obligations around Target Center
The City of Minneapolis’ 2019 adopted budget said debt payments related to the Target Center renovation were scheduled through 2035, according to the city’s adopted budget. That debt schedule is separate from the reported lease and early-exit penalty, leaving the financial consequences of any move before 2035 dependent on the applicable agreements and obligations. The arena question also has a broader downtown dimension. According to the city’s Downtown Reimagined initiative, downtown is “the economic engine and hub of activity for the surrounding region,” framing Target Center as part of a larger civic and economic district rather than solely a team facility.
Until the league vote, the transaction is not final. If approved, it would shift controlling financial authority from Lore to Stad while leaving Rodriguez involved and preserving the current basketball operations structure described in the published reports.
