A minority owner in the Minnesota Timberwolves has increased his stake by acquiring a majority share in a deal which has increased the team’s valuation by $3bn.
The NBA’s Minnesota Timberwolves has a new majority owner after Marc Stad increased his ownership stake in the team by acquiring co-owner Marc Lore’s share.
Formerly a minority shareholder, Stad will become the new controlling owner of both the Timberwolves and the WNBA’s Minnesota Lynx. Lore retains minority ownership, while MLB legend and Timberwolves minority owner Alex Rodriguez has confirmed he will increase his share in the NBA team.
Stad’s agreed buyout for Lore’s shares means the deal has increased the Timberwolves’ valuation to $4.5bn.
Rodriguez confirmed the changing of ownership via a statement made on his X account, while also announcing his plans to increase his own stake and Lore’s continued involvement as a minority owner.
“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,” said Rodriguez.
“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.”
The NBA Board of Governors are expected to vote on the changing Timberwolves ownership during a meeting between 15-16 September, 2026.
The Timberwolves’ complicated ownership (recent) history
Stad’s first investment in the Timberwolves came in 2021, when he joined as a limited partner part of a consortium led by Lore and Rodriguez to acquire the team for $1.5bn.
The group acquired the team from long-term owner Glen Taylor, but the transition was anything but straightforward.
Under the terms of the agreement signed in May 2021, Lore and Rodriguez’s consortium agreed to buy the Timberwolves under two initial equity tranches, meaning the $1.5bn figure was not paid upfront.
The first tranche saw $300m paid by the consortium to Taylor with a 20% equity stake. Tranche two saw Lore and Rodriguez exercise an option to increase their stake by an additional 16% by investing $250m in March 2023. Taylor still remained the controlling owner with a 60% stake.
The third tranche payment deadline of $600m was set for 28 March 2024, but the consortium was unable to pay it after private equity firm Carlyle Group pulled its investment.
Taylor then called for the entire deal to be called off due to the missed payment breaking the terms of agreement. Lore and Rodriguez argued the deal had the right to exercise a 90-day window extension from the third tranche deadline.
In February 2025, NBA arbitrators ultimately ruled in favour of Lore and Rodriguez.
The acquisition of the Timberwolves was confirmed and completed in April 2025 after approval from the NBA Board of Governors.
The NBA team sale market continues
The Timberwolves change in ownership adds to a flurry of ownership activity in the NBA across recent years.
The most recent, and most high-profile, team sale was the $12.5bn sale of the Los Angeles Lakers to Joshua Kushner and Bob Iger. The record sale could also increase if the rest of the Buss Family opt to sell their Lakers shares.
The Lakers’ owner in transition, Mark Walter, previously held the record for an NBA team sale when he bought the Lakers for $10bn in June 2025.
In late 2025, the Portland Trail Blazers sold for $4.25bn, and the Boston Celtics were acquired for a then-record $6.1bn in the same year.
2023 saw four NBA teams switch ownerships; the Phoenix Suns ($4bn), the Milwaukee Bucks ($3.5bn), the Charlotte Hornets ($3bn) and the Dallas Mavericks ($3.5bn).
Why NBA team valuations are surging
NBA team valuations are soaring for a plethora of reasons. The signing of an 11-year media rights deal in 2024 worth up to $76bn has significantly increased team media revenues, as well as new commercial opportunities with sponsors and partners.
The league also changed ownership rules to allow more investment from external investors, such as private equity firms and sovereign wealth funds, to drive valuations up. Rulings were changed again in December 2025 to extend the amount of passive, minority owners per NBA team from five to eight.
The league’s collective bargaining agreement (CBA) signed in 2023 also introduced new salary cap and finance rules.
The new ‘second apron’ imposes harsher tax penalties for teams exceeding the $17.5m luxury tax limit for player salaries. This acts as a hard cap and has since seen teams navigate the free agency market with more caution on how much they are offering to players.
