What happened: Stad bought the majority of Marc Lore's stake and became the largest shareholder, according to ESPN. The Dragoneer founder had already been a significant minority investor in the ownership group.
Why it matters: The ownership shift changes final authority roughly 14 months after Lore and Rodriguez gained control. It resets leadership before the Timberwolves' 2026-27 season while the Lynx remain in WNBA competition.
By the numbers: The $4.5 billion valuation is three times the $1.5 billion price attached to the 2025 control sale, a $3 billion difference.
What to watch: Governance assignments and Stad's operating priorities will define the next phase.