The Minnesota Timberwolves are changing hands again — just 14 months after Marc Lore and Alex Rodriguez finally completed their own four-year saga to buy the team — with venture capital investor Marc Stad agreeing to take a controlling stake in the Wolves and the WNBA's Lynx at a $4.5 billion enterprise value.

Stad, founder of Dragoneer Investment Group, is purchasing Lore's controlling interest in both franchises, according to Sportico, which first reported the deal. The sale still requires approval from the NBA and WNBA's respective boards of governors before it can close.

Lore steps back, A-Rod stays

Lore will remain a limited partner in the franchises but is stepping back from day-to-day control to focus on Wonder, the food-delivery and takeout company he founded, according to The Washington Post. Rodriguez will continue on as governor of the Lynx, while Stad's wife, Elisa, is set to become the Timberwolves' new NBA governor.

THE FRANCHISE'S SECOND OWNERSHIP CHANGE IN JUST OVER A YEAR.

Stad was already a limited partner in the franchise before agreeing to take over as the controlling owner, according to ESPN. He founded Dragoneer in 2012 and has built it into a growth-investment firm now managing more than $35 billion in capital, including a seventh fund that raised $4.3 billion last year. Reports on the deal describe Stad as committed to keeping both franchises in Minnesota and continuing the push for a new arena to replace the aging Target Center, a project Lore had also championed during his ownership tenure.

At $4.5 billion, the sale ranks as the fourth-largest franchise valuation in NBA history, trailing only the Boston Celtics' $6.1 billion sale in 2025 and two separate valuations placed on the Los Angeles Lakers over the past year — first at $10 billion, then $12.5 billion, according to CBS Sports. The figure underscores how dramatically NBA franchise values have climbed even for a small-market team like Minnesota.

The turnover comes after one of the most drawn-out ownership transitions in recent NBA history. Lore and Rodriguez spent roughly four years navigating a legal fight with the team's previous ownership group before finally completing their purchase, a saga that played out largely in public. That the franchise is already changing hands again so soon after that fight concluded makes this the Wolves' second ownership shift in just over a year, even as the incoming group pledges continuity on the arena and roster fronts.

For now, the on-court product is unaffected — the front office and coaching staff remain in place, and the sale is being structured as a change in ownership rather than a broader organizational shake-up. League approval is expected to be the next major checkpoint, with a formal vote from NBA and WNBA governors required before Stad's group can officially take over.