American entrepreneur
Lore's decision to step back from his role as co-owner and co-chairman is driven by his focus on the upcoming IPO for his food-tech venture, the Wonder Group. He believes that the transition in ownership to Stad will provide the Timberwolves with the best chance for ongoing success. Stad, who is the founder and managing partner of Dragoneer Investment Group, has been a notable minority investor in both teams under the previous ownership structure that included Lore and Rodriguez.
Ownership Transition and Future Plans
The ownership transfer was the result of extensive discussions over several months, allowing Stad, Rodriguez, and Lore to collaborate while preserving the existing leadership of the Timberwolves and Lynx. This includes Timberwolves president Tim Connelly, general manager Matt Lloyd, and head coach Chris Finch, as well as Lynx coach Cheryl Reeve, who also holds the title of president of basketball operations for the Lynx.
The agreement is pending approval from the NBA Board of Governors, which is set to convene for its next meetings on September 15-16. The $4.5 billion valuation places the Timberwolves among the top four largest franchise sales in NBA history, following the Boston Celtics' $6.1 billion sale in 2024 and two recent sales of the Los Angeles Lakers valued at $12.5 billion and $10 billion, respectively.
Recent Performance and Future Prospects
Elisa Stad, Marc's wife, will take on the role of Timberwolves governor, while Marc Stad continues as managing partner of Dragoneer. Rodriguez will remain as the alternate governor for the Timberwolves and governor of the Lynx under the new ownership structure. Elisa Stad has a notable background, having co-founded UCSF's Stad Center for Pediatric Pain, Palliative & Integrative Medicine after a successful career in global consumer branding.
Marc Stad established Dragoneer in 2012, transforming it into one of the largest growth investment firms, managing over $35 billion in assets. He also became a minority shareholder in the NHL's Seattle Kraken in 2018, fostering strong relationships within the sports community. Lore and Rodriguez initially acquired their stakes in the Timberwolves in 2021 for $1.5 billion, with a commitment to keep the franchise in Minnesota. Since their investment, the Timberwolves have made significant playoff advancements, a stark contrast to their historical performance prior to their ownership.
As the Timberwolves prepare for the upcoming season, they are projected to be a taxpaying team for the third consecutive year, following a season where they made a notable trade for Charlotte Hornets star LaMelo Ball, aiming to strengthen their roster alongside All-Star Anthony Edwards.
