Who bought the Timberwolves? Meet American businessman Marc Stad, new owner of both Minnesota basketball franchises originally appeared on The Sporting News. Add The Sporting News as a Preferred Source by clicking here.
The Timberwolves announced that they reshuffled their ownership group on Friday. Their latest changes see a largely new partner rise from the shadows to serve as the ownership group's public face alongside former baseball star Alex Rodriguez.
ESPN's Shams Charania reported that tech investor Marc Stad completed a deal to securing majority stake in the Timberwolves and Lynx. The 47-year-old reportedly shelled out $4.5 billion to meet co-owner Marc Lore's valuation.
Stad has history within Minnesota's boardroom, previously serving as a minority investor in the franchise. He'll move to the top of the Timberwolves' totem pole alongside Rodriguez and look to help steer the franchise towards its first NBA title.
With that, here's what you need to know about Minnesota's new majority owner.
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Who is buying the Timberwolves?Charania reported that tech billionaire Marc Stad will become their controlling owners after the 47-year old purchased majority stake in the franchise from Marc Lore. The 47-year-old had previously served as a limited partner within Minnesota's ownership group. The Athletic reported that Stad's purchase is something of a surprise; the Timberwolves never publicly mentioned as a member of the Timberwolves star-laden limited partner list that included former Google CEO Eric Schmidt and former New York City mayor Michael Bloomberg.
With the transaction, Stad will serve as the public-facing leader of the ownership group alongside Rodriguez, who is slated to increase his equity percentages in the franchises, per Charania. Lore retains minority stake in the organizations, transitioning to a behind-the-scenes role behind Stad and Rodriguez.
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Who is Marc Stad?Stad is a 47-year-old tech investor with billions tied up into a host of tech firms. A Los Angeles native and Harvard graduate, Stad founded San Francisco-based Dragoneer Investment Group. The firm boasts more than $35 billion in assets under its management, according to its LinkedIn page.
Dragoneer Investment Group primarily focuses on tech investments, holding stakes in OpenAI, Anthropic, DoorDash, Spotify and Airbnb, among other firms.
An acolyte of late TPG Inc. founder David Bonderman, Stad founded Dragoneer in 2012. The company developed a reputation for bankrolling major brands, including Uber, Strava, Waymo and Instacart.
He serves as a board member at Stanford's Graduate School of Business, the second of his alma maters.
The Athletic reported that Stad's wife, Elisa, will serve as Minnesota's governor as Stad focuses on Dragoneer. Stad is still expected to play a leading role in all decisions related to the Timberwolves.
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How did Marc Stad make his money?Stad made his bones as the founder of Dragoneer. He moved to Hong Kong in 2010 on Bonderman's advice and eventually landed an investment with Alibaba, owned by Nets owner Joe Tsai. Stad used the seed money to create Dragoneer.
Described as a "growth-oriented investment firm", per Bloomberg, Dragoneer has secured billions in long-duration capital from a variety of sources, including sovereign wealth funds and financial endowments. The company has holdings in public and private markets alike, employing different strategies to increase its profits.
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Marc Stad net worthStad is valued at upwards of $300 million, according to a recent GuruFocus report. He previously served as president and commissioner of the City and County of San Francisco's Finance Corporation before moving into finance, according to Forbes.
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