Tech investor Marc Stad has agreed to acquire a controlling stake in the NBA’s Minnesota Timberwolves and the WNBA’s Minnesota Lynx in a transaction valued at $4.5 billion, according to sources close to the agreement.
Stad, a co-owner of the franchises, previously held a minority stake in the ownership group led by e-commerce entrepreneur Marc Lore and former baseball player Alex Rodriguez, according to reports from The Associated Press and CNN. That group purchased the teams from longtime owner Glen Taylor for $1.5 billion following a prolonged process that was finalized in June 2025.
Under the terms of the new agreement, Stad and Lore are essentially swapping roles, with Stad acquiring the majority of Lore’s stake. Alex Rodriguez is expected to maintain his role in the ownership team and continue serving as governor of the Lynx. Stad will be joined at the ownership table by his wife, Elisa Stad, who will serve as the Timberwolves’ governor, according to sources cited by CNN.
Transaction Valuation and Market Context
The transaction comes on the heels of another major basketball sale this month, which saw the Los Angeles Lakers sell for a record-breaking $12.5 billion to a group including former Disney CEO Bob Iger and venture capitalist Josh Kushner, according to CNN reporting.
The Timberwolves and Lynx transaction requires formal approval from the NBA Board of Governors before it can be finalized. The sale represents a rapid evolution for the ownership structure in Minneapolis, arriving barely a year after the Lore-Rodriguez group completed their acquisition from Glen Taylor, a process noted by NBC New York as having lasted more than four years.
Leadership Continuity and Franchise Ambitions
In a joint statement provided to CNN and reported by outlets including NBC New York, Stad, Rodriguez, and Lore emphasized that current team leadership will remain in place. The ownership group expressed a shared commitment to chief executive officer Matt Caldwell, Timberwolves president of basketball operations Tim Connelly, Timberwolves head coach Chris Finch, and Lynx president of basketball operations and head coach Cheryl Reeve.
“Our new agreement, pending league approval, is an evolution of the partnership we have built together and a strengthening of our commitment to our team and our culture,” the owners wrote in the joint statement. They added that they intend to continue working closely with executives and coaches to build the franchises into the best organizations “in basketball on and off the floor.”
The ownership change arrives during a competitive window for both Minnesota teams. The Timberwolves bolstered their roster by acquiring LaMelo Ball in a blockbuster four-team trade, following three consecutive deep runs in the playoffs. Meanwhile, the Lynx hold a firm position at the top of the WNBA standings, pursuing a fifth championship behind players such as rookie Olivia Miles, Napheesa Collier, and Kayla McBride.
The ownership group has previously invested in arena infrastructure, including $1.5 million spent last year on theater-style lighting at the Target Center in downtown Minneapolis, and has publicly expressed interest in developing a new arena for the teams.