Marc Stad to Become Controlling Owner of Timberwolves, Lynx in $4.5-Billion Deal

Venture capitalist Marc Stad is set to become the controlling owner of the Minnesota Timberwolves and Minnesota Lynx in a transaction that values the two professional basketball franchises at a combined $4.5 billion.

Marc Stad is set to become the controlling owner of the Minnesota Timberwolves and Minnesota Lynx in a $4.5-billion transaction. [Photo: Minnesota Timberwolves X]

Stad, founder of Dragoneer Investment Group, is estimated by Forbes to be worth more than $5 billion, with much of his wealth tied to his ownership of Dragoneer.

The transaction would make the Timberwolves sale one of the largest deals in NBA history and follows the record-setting $12.5-billion sale of a controlling stake in the Los Angeles Lakers.

The Timberwolves transaction remains subject to approval by the NBA Board of Governors.

Alex Rodriguez, who is part of the existing ownership group, is increasing his investment and will assume greater leadership responsibilities.