Marc Stad has reached agreement to become the controlling owner and largest shareholder of the Minnesota Timberwolves at a $4.5 billion valuation. Stad will purchase the majority of Marc Lore's stake in the franchises.

Stad's wife, Elisa Stad, will serve as governor of the Wolves. Stad is the founder and managing partner of San Francisco-based Dragoneer Investment Group. Stad attended Harvard for undergrad and received an MBA from Stanford Graduate School of Business.

Stad had been a significant minority investor as part of the group led by Lore and Alex Rodriguez that purchased the teams from Glen Taylor. Rodriguez will continue to serve as a co-owner of both the Wolves and Lynx and will be the more public-facing member of the ownership group.

Lore and Rodriguez agreed to purchase the Wolves from Taylor in 2021 at a $1.5 billion valuation with the team purchased over three separate tranches.

Lore will retain a minority stake in the franchises, but decided to reduce his role as co-owner and co-chairman in order to focus on the IPO push for the Wonder Group over the next year. Lore received offers that would have been above the $4.5 billion valuation, but chose the continuity of selling to Stad.

The Wolves will continue with their attempts to build a new arena in the Twin Cities.