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Jon Krawczynski: 'Alex Rodriguez is going to be even more I think of the public front man because of Marc Stad's preference to stay behind the scenes. But Stad and A-Rod are working hand-in-hand and you will see Alex Rodriguez a ton, I think, next season. You will see Marc Stad some, but this really does just work out very smoothly, I think, as far as a change of ownership goes. Marc Lore has to devote all of his time, all of his financial resources to the company Wonder that he's trying to take public, I think as soon as early next year, and he cashes out at an incredible investment level going from 1.5 billion to 4.5 billion valuation is is unbelievable. He is still going to be involved though, he is a still a limited partner with this group, he's not leaving entirely, he's just taking a step back.'
Jim Souhan: "So is Marc Lore still involved?" Jon Krawczynski: "He is still involved though, he is still a limited partner with this group he's not leaving entirely, he's just taking a step back and so we'll see sort of like how much more comes to light on who he and Alisa are and and and how they move and how they operate. But, you know, Marc Stad was the number three investor with Marc Lore and Alex Rodriguez in this ownership group. He's been very quiet and under the radar for his tenure with the Wolves and really for the way that he conducts business in general. If you look online and try to find any really public information about Marc Stad, there's not a ton of it out there and that's all by design. He's a very private person, he wants to stay behind the scenes, but talking to people with the Timberwolves over the last couple of years, Marc Stad has been involved in what has been going on in decisions that are made and kind of meeting and talking with Tim Connelly, discussing with Alex Rodriguez and Mark Lore the kind of the visions for arena, for the business side of the operation, for the basketball side of the operation."
Jon Krawczynski: They had to get into a bidding war, a recruiting battle with the Los Angeles Lakers for Jonathan Kuminga's services. The Lakers were offering a possible starting spot, the Wolves were offering a possible starting spot, the Lakers were offering more than $12 million per season, the Wolves could only get to six, and yet with a huge recruiting push from Marc Stad, Marc Lore, and Alex Rodriguez, and Tim Connelly, and Anthony Edwards, and a bunch of Timberwolves teammates, they were the ones that outmaneuvered the Lakers in free agency for a player both teams coveted.
"Marc Stad and his wife Elise are now the controlling owners of the Timberwolves. The Stad family was invested as minority owners the last two-plus years along with Marc Lore and Alex Rodriguez. As far as it's been told to me, Marc and Alex have really grown to love the minority partnership with Marc Stad."
Those sources believe, at some point, Stad expressed interest in increasing his stake, even before Lore began contemplating a sale. Eventually, Lore became less immersed in the T-Wolves, needing to be more hands-on with the day-to-day of his Wonder business. Observers in Minnesota noticed he wasn’t as visible around the team as Rodriguez, and it’s believed Stad increased his role in the organization at that time, as well. So the sale was organically timed for Lore, something brewing for months and not a rash bail-out.
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Alex Rodriguez: One of the great joys I’ve had in my career is spending the last few years helping build the Timberwolves and Lynx with my friend and partner Marc Lore. I’m very excited to announce that this incredible journey reaches a new level today. Marc and Elisa Stad, who have been our partners and friends since we bought the teams, will be increasing their investment and joining me as Co-Chairman. I will also be increasing my investment and spending even more time with the teams as Co-Chairman, Governor of the Lynx, and alternate Governor of the Timberwolves, pending league approval. While Marc Lore will be reducing his role and ownership to focus on his business, he remains an investor and a key part of our partnership. I could not be more energized about this evolution and what we’re all going to do together for the Twin Cities.
Jon Krawczynski: What I’m told on what is always the biggest question in a change of ownership power: Stad is fully on board with Lore and Rodriguez’s position that they will not move the Wolves and Lynx and is all in on building a new arena in Minnesota.
American businessman Marc Stad has completed a deal to become the controlling owner and largest shareholder of the NBA's Minnesota Timberwolves and the WNBA's Minnesota Lynx by buying the majority of co-owner Marc Lore's stake at a $4.5 billion valuation, sources told ESPN. Lore will retain a minority investment in the teams, while co-owner Alex Rodriguez has decided to increase his equity percentages, sources said. It's not yet known how much of both teams each would own after the sale is completed. Lore decided to take a step back from his co-owner and co-chairman role in order to focus on the IPO push for his food tech company, the Wonder Group, over the next calendar year, believing changing ownership seats with Stad gave the Timberwolves the best opportunity for continued success.
Stad, the founder and managing partner of Dragoneer Investment Group, had been a significant minority investor in the Timberwolves and Lynx under the ownership group of Lore and Alex Rodriguez. Sources said the transfer of ownership between the Stad family and Lore developed after months of conversations and allowed Stad, Rodriguez and Lore to continue working together and maintain the current leadership structures of the Timberwolves and the Lynx. That includes Timberwolves president Tim Connelly, general manager Matt Lloyd and coach Chris Finch and Lynx coach Cheryl Reeve, who also serves as the Lynx's president of basketball operations.
Stad's wife, Elisa Stad, will serve as the Timberwolves governor as Marc Stad continues as managing partner for Dragoneer. Rodriguez will continue to serve as alternate governor for the Timberwolves and governor of the Lynx under the new arrangement. Elisa Stad co-founded University of California, San Francisco's Stad Center for Pediatric Pain, Palliative & Integrative Medicine after a two-decade career building global consumer brands.
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Marc Stad founded Dragoneer in 2012 and built the firm into one of the largest growth investment companies, which now manages over $35 billion in capital, according to Forbes. He also joined the original ownership group in the NHL's Seattle Kraken in 2018 as a minority shareholder, holding close relationships with owner Samantha Holloway and her father, the late David Bonderman. Lore and Rodriguez bought into the Timberwolves in 2021 at a $1.5 billion valuation, with an agreement to eventually purchase the team in full from previous owner Glen Taylor, who later tried to stop the transfer of the team. Lore and Rodriguez officially took full control in June 2025, and re-upped their commitment to keeping the franchise in Minnesota. However, the Target Center is the second-oldest building in the NBA (behind only Madison Square Garden), and ownership has been working with the city of Minneapolis on plans for a new arena.
The Timberwolves have reached the playoffs in each of the five seasons since Lore and Rodriguez bought into the team, advancing beyond the first round in each of the past three seasons. Lore and Rodriguez went into the luxury tax in both 2024-25 and 2025-26 as the Wolves proved to be a contender in the Western Conference. Prior to the Lore-Rodriguez era, the Timberwolves had only won two playoff series in franchise history, both in 2004. They've won five playoff series this decade, advancing to the conference finals in both 2024 and 2025.
Ben Horney: This is confirmed by A-Rod, Lore, & Stad (who was already an LP). In a joint statement, they say, in part: "Our new agreement, pending league approval, is an evolution of the partnership we have built together and strengthening of our commitment to our team and our culture."
Jon Krawczynski: Marc Lore is selling controlling interest in the Timberwolves and Lynx to Marc Stad, who has been a limited partner in the ownership group, sources tell @TheAthletic . Lore will remain as a limited partner. Stad and Alex Rodriguez are the new tandem leading the way in Minnesota.