Marc Stad, founder and managing partner of San Francisco-based Dragoneer Investment Group, became the controlling owner and largest shareholder of the NBA’s Minnesota Timberwolves and WNBA’s Minnesota Lynx after purchasing Marc Lore’s majority ownership stake at a valuation of $4.5 billion. Stad, Lore, and Alex Rodriguez confirmed the sale in a joint statement:
“We have been working together for years with a shared goal of building the Timberwolves and Lynx into the best organization in basketball on and off the floor. Our priority is and always will be championships. 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. We will continue to work closely with Matt Caldwell, Tim Connelly, Chris Finch, and Cheryl Reeve, and want to thank the fans and entire Minnesota community for your continued support. While we’re proud of the great work we’ve done, there’s so much more to do, and we’re just getting started.”
Elisa Stad, Marc Stad’s wife, reportedly will assume the role of Timberwolves governor. Before completing the deal, Stad was part of the Lore and Rodriguez ownership group as a significant minority investor. Rodriguez will retain his ownership stake and roles as Lynx governor and Timberwolves alternate governor, while Lore will remain on board as a minority investor. The restructured ownership group remains committed to keeping the Timberwolves and Lynx in Minnesota and building a new arena in the state, according to reporting from The Athletic’s Jon Krawczynski.
Minneapolis mayor Jacob Frey is in favor of building a new arena at the site of the City Center complex on Nicollet Mall, according to reporting from Axios in April. The complex is currently mostly vacant after Target Corp. vacated 1 million square feet of office space in the wake of the COVID-19 pandemic, and is available for purchase from its owner, Samsung Group.
Target Center in downtown Minneapolis, the current Timberwolves and Lynx arena, offers private events on its arena floor and in its U.S. Bank Backcourt Club, Lexus Courtisde Club, Atrium, Six One Two Lounge, and Premium Level suites. The Arena Floor has a capacity of 2,000 for a standing reception and 600 seated, and the clubs and lounges offer 24,000 square feet of combined event space. The City Center site, in comparison, has a footprint about 40% larger than Target Center.
