Home / Sports / Tech Investor Stad Buys Timberwolves
Tech Investor Stad Buys Timberwolves
21 Aug
Summary
- Marc Lore sold majority interest to Marc Stad.
- Stad is founder of Dragoneer Investment Group.
- Alex Rodriguez remains as co-owner and face.
Marc Lore has officially sold his majority ownership stake in the Minnesota Timberwolves and Lynx to Marc Stad, a notable figure in the tech investment world. Stad, the founder of San Francisco-based Dragoneer Investment Group, was previously an undisclosed limited partner in the franchises.
Alex Rodriguez will continue his prominent role, co-owning the teams alongside Stad and serving as the public face of the franchises. Rodriguez will also continue as governor of the Lynx, while Stad's wife, Elisa, will serve as governor of the Timberwolves, allowing Stad to focus on his investment firm. Lore is returning to a limited partner position to concentrate on his food delivery business, Wonder.
This transaction marks the fourth lead governor change for the Timberwolves since their 1989 inception. Stad, a Harvard graduate, built Dragoneer Investment Group into a major firm known for its significant technology investments. The couple has also made substantial philanthropic contributions, including a $3 million donation to UCSF Benioff Children's Hospitals.
