🔊 Another NBA Team Gets Flipped 👀

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Marc Stad, Founder of Dragoneer Investment Group, a growth-oriented investment firm with over $35 billion in assets under management, is acquiring a controlling stake in the Minnesota Timberwolves and the Minnesota Lynx from Marc Lore.

Stad will be acquiring Lore's stake at a $4.5 billion valuation, though Lore will remain a limited partner. Lore is stepping back to focus on Wonder, his food-delivery company.

Alex Rodriguez will remain a co-owner of both franchises and the public-facing figure, while Stad's wife, Elisa, will take over as the Timberwolves' governor.

Stad has also been part of the ownership group since Lore and Rodriguez first bought a minority stake in 2021.

The deal is pending league approval.

Why This Matters

The number of sports team transactions across the world’s biggest leagues in the past month has been pretty absurd.

Let’s recap:

And now the Minnesota Timberwolves have been acquired for $4.5 billion by another private equity executive.

At the start of every year, I share my predictions for the sports industry (you can check out my 2026 predictions here).

My top prediction for this year was that we’d see a lot more tech and finance billionaires enter sports ownership.

Why?

Sports are growing as a stable asset class, and with global wealth expanding, it's a great place to park capital, generate predictable income, and reduce tax liability.

But there’s another interesting development unfolding amid all of this as we look at the deals that happened this month.

It’s obvious that institutional money wants access to sports, and as a result, valuations have continued to trend upward.

Though if we look more closely at transactions over the past 15 years, we can see that teams are changing hands at an unprecedented pace, especially in the NBA.

Since 2010, the league has completed 25 majority-ownership transactions.

In the almost 30 years before that, there were only 12.

The Portland Trail Blazers ($4.2B), the Boston Celtics ($6.1B), the Phoenix Suns ($4B), the Milwaukee Bucks ($3.5B), and the Dallas Mavericks ($3.5B) have all been sold within the last three years, and there have been 11 total since 2020.

The Los Angeles Lakers were bought in 2025 by Mark Walter, and now they're pending sale at $12.5 billion.

The Minnesota Timberwolves were officially sold to Marc Lore and Alex Rodriguez in 2025, and now they're being acquired again in 2026 for $4.5 billion.

That's two major ownership changes in 12 months on franchises that went decades without one.

And it's not just the NBA.

The NFL has seen the Seattle Seahawks (pending at $9.61B), the Washington Commanders ($6.05B), the Denver Broncos ($4.65B), and the Carolina Panthers ($2.27B) all change hands since 2018.

MLB has seen the Baltimore Orioles ($1.73B in 2024), the Kansas City Royals ($1B in 2019), and the Miami Marlins ($1.2B in 2018) all transfer ownership in recent years.

The MLB and NFL aren’t trading at the same rate as the NBA, but it’s clear that we are in the middle of a historic reshuffling of who owns professional sports franchises.

The wealthiest in the world want to get their hands on these assets, and it's happening faster than anyone could have predicted.

League limitations are shifting, approvals are happening more quickly, and it seems more and more buyers are coming to the table.

The question is, how does it all end?

When ownership stints are measured in months rather than decades, how does that impact long-term culture, costs, and community?

This has been back-to-back weeks of major transactions in the top global sports leagues, and I guarantee it won’t be the last we see of it this year.

• Arctos Acquires Minority Stake In Atlanta Falcons. Arctos, a sports-focused private equity firm that was recently acquired by KKR, has acquired a 10% stake in the Atlanta Falcons at a $10.6 billion valuation. If the deal is approved by the NFL, which is expected to vote on it in October, the Falcons would be Arctos’ fourth investment in an NFL team, the others being the Los Angeles Chargers, the Buffalo Bills, and the Cleveland Browns (more here).

• Woody Johnson Acquires Minority Stake In Aston Martin Aramco. New York Jets owner Robert Wood Johnson (Woody Johnson) has acquired a minority stake in the Aston Martin Formula One team. Johnson will help advance the team's commercial growth in the US, though he will not be involved in its day-to-day management. Financial details around the investment and stake were not disclosed (more here).

• Dynasty Financial Partners Acquires Minority Stake In NoBull. Dynasty Financial Partners, a Florida-based wealth management support platform, has invested in NoBull, the athletic apparel company co-owned by entrepreneur Mike Repole and former NFL QB Tom Brady. The investment, made through a special purpose vehicle (SPV) with Driven Capital, gives Dynasty roughly 3% of NoBull, which reached a reported valuation of $1 billion earlier this year (more here).

• EQT Acquires Majority Stake In Melbourne Storm. EQT, a Swedish-based private equity firm, has acquired the Melbourne Storm of Australia’s top-tier National Rugby League. The acquisition, which is still subject to approval by the Australian Rugby League Commission, will see EQT join the club’s ownership group for a reported $106 million investment. The exact percentage stake acquired by EQT has not been publicly disclosed, but the Storm said the club’s original co-owners will retain a minority shareholding following completion of the deal (more here).

• KKR Acquires Minority Stake In BookMyShow. KKR, a leading global private equity firm, announced that it has acquired a minority stake in BookMyShow, one of India’s leading entertainment destinations. KKR’s investment will support BookMyShow’s next phase of growth as it scales its live entertainment business and deepens its full-stack offering across India. Financial details around the investment and stake were not disclosed (more here).

• VALD Acquires BridgeAthletic. VALD Performance, a musculoskeletal assessment and rehabilitation technologies company, announced the acquisition of BridgeAthletic, a leading human performance and strength-and-conditioning platform. This follows VALD’s announcement last week of the acquisition of GymAware. BridgeAthletic’s software will be fully integrated into VALD’s platform. Financial details were not disclosed (more here).

• Peripheral Raises $8.7M. Peripheral, a Canadian-based AI spatial intelligence company for live sports media, raised $8.7 million in Seed funding. The round was led by Inovia Capital and Deloitte Ventures with participation from Khosla Ventures and Entrepreneurs First. They have raised $12.5 million to date. The company plans to use the funds to expand its engineering team and accelerate deployments with sports leagues and stadiums. They currently serve sports leagues and broadcasters across North America, including testing with the NBA via its LaunchPad program (more here).

• Swish Basket Raises $3.2M. Swish Basket, an AI-powered basketball data tracking company, has announced a $3.2 million pre-seed round. The round was led by Aristagora VC. The funds will support the expansion of the company’s LiDAR- and camera-based shot analytics technology. The Tel Aviv-based company was also selected for the 2026 NBA Launchpad cohort (more here).

• Crosscourt Raises $2M. Crosscourt, a tech-enabled premium basketball fitness club, announced a $2 million seed round, bringing the company’s total capital raised to $4 million. The round includes NBA All-Star Scottie Barnes, Joey Gonzalez, Executive Chairman of Barry’s, Adam Wexler, Founder of PrizePicks, Joy Taylor, sports media personality, and others. The funding will support Crosscourt’s flagship Miami opening in spring 2027, continued investment in its Downtown Los Angeles location, expansion of the company’s proprietary technology platform and app, growth of operations and programming, and continued development of Crosscourt Youth, ahead of future club expansion (more here).

• Rule42 Invests In Athletes Unlimited Softball League. Rule42 Sports Group, a recently launched sports tech company aiming to modernize the discovery process for athletes, scouts, and teams, has invested in Athletes Unlimited Softball League, bringing founder Renée James onto the league's board of directors. Simultaneously, Rule42 has acquired Softball America, one of the leading digital publications covering all levels of the sport, with editorial news and prospect rankings. Financial details of either deal were not disclosed (more here).

• RAJ Sports & Nike Announce Partnership. RAJ Sports and Nike $NKE ( ▲ 1.37% ) announced a partnership to further advance women's sports. RAJ Sports, which owns the Portland Thorns in the NWSL and the Portland Fire in the WNBA, will open its Kaiser Permanente Performance Center this weekend. The training facility will support both teams, and Nike will contribute product, performance insights, and designs to aid in training. Nike will also focus efforts on improving access to youth sports in the community, particularly for girls, through youth clinics, camps, and the provision of products that make sports more accessible (more here).

• NHL & Bayern Munich Announce Partnership. The NHL and Bayern Munich FC, Germany’s biggest and most successful soccer club, announced a partnership. The multiyear partnership is designed to accelerate the growth of hockey in Germany and the development of FC Bayern in North America, create innovative fan engagement opportunities, and connect two of the world's most iconic sports brands and passionate fan bases (more here).

• Sam Houston Football & Snapback Sports Announce Partnership. Sam Houston State University has agreed to a one-year, football-only jersey patch partnership with Snapback Sports, a social-first sports media company. The partnership is the first for Sam Houston Athletics since the NCAA announced this year that it was opening a new revenue stream for all programs across all sports. Van Wagner, Sam Houston Athletics' multimedia rights partner, assisted in developing and negotiating this first-of-its-kind partnership for the Bearkats (more here).

• Tennessee Athletics & Axle Logistics Announce Partnership. Tennessee Athletics and Axle Logistics, a third-party logistics company based in Knoxville, have announced a partnership in which Axle Logistics becomes the first official jersey patch partner in program history, with its logo appearing on the uniforms of both the Tennessee men’s and women’s basketball teams under a five-year agreement. The deal includes a substantial investment in student-athlete influencer marketing, initiatives to help athletes build their personal brands, expand their professional networks, and get hands-on experience in marketing and business development (more here).

• Hillsboro Hops & Rule42 Announce Partnership. The Hillsboro Hops, an Oregon-based Minor League Baseball team, announced a new partnership with Rule42, a sports technology company dedicated to modernizing the discovery process for athletes, scouts, and teams. Through the partnership, Rule42 will become an official sponsor of the team and Hillsboro Ballpark, where the team plays (more here).

• Publicis & Travis Kelce Launch Tekta. Publicis Groupe, a French advertising giant, has teamed up with NFL tight end Travis Kelce to launch Tekta, an agency that helps advertisers find and start partnerships with college athletes and universities. Tekta will leverage advertiser relationships already curated by Publicis Sports, the company’s sports-media investment agency, as well as Kelce’s expertise. 3 Arts Sports, the sports-representation firm part of Lionsgate’s 3 Arts Entertainment, will also be involved in the new offering, tapping its relationships with athletes and colleges (more here).

• Gerard Piqué Invests In Global Chess League Franchise. Former Spanish footballer Gerard Piqué has become a strategic shareholder in a Global Chess League franchise, Fyers American Gambits, joining a growing number of athletes, including Erling Haaland, who are investing in a ​sport rapidly evolving into a commercial entertainment property. Piqué is also the founder ‌of the sports and media company Kosmos. Financial details around his stake and investment weren’t disclosed (more here).

• Ashton Jeanty Invests In Nukleus. Las Vegas Raiders running back Ashton Jeanty has invested in Nukleus, an all-in-one software tool that connects an athlete’s agents, lawyers, money managers, and marketing reps in one shared app, and will serve as the face of the platform. This is the software brand’s first celebrity partnership. Financial details around his stake and investment weren’t disclosed (more here).

• BrknPar Venture Capital Fund Welcomes Baseball Players As Venture Partners. BrknPar Venture Fund, an early-stage venture capital firm investing at the intersection of sports, technology, and culture, announced that former MLB players Jon Jay and Tyson Ross have joined the firm as Athlete Venture Partners (AVPs). Both have previously invested alongside BrknPar and will play active roles in sourcing investment opportunities, evaluating prospective investments, supporting portfolio companies, and expanding the firm's strategic network across the sports technology ecosystem (more here).

• The Surfing Super League Launches As Australia’s First Professional Surfing League. The Surfing Super League (SSL) was launched as Australia’s first professional surfing league. The eight-team competition will be played over eight summer weekends on the East Coast and broadcast live on TV, beginning in Summer 2028. All 48 contracted players, four men and two women per team, will receive equal salaries of $89,000 for the season, providing a professional pathway beyond the traditional world tour route (more here).

• Enhanced Games Loses Nearly $62M. The parent company of Enhanced Games lost nearly $62 million in the second quarter. The company attributes the loss to the inaugural Enhanced Games, held in Las Vegas in May, as well as costs associated with its special purpose acquisition company merger, a clinical trial for one of its supplements, and more. Moving forward, the business plans to allocate more resources to supplements, its telehealth service, and smaller, less costly events (more here).

• Novig Reports $125M Opening-Week Volume After Nationwide Launch. Novig, a leading sports prediction market, has generated more than $125 million in national trading volume during the first week of its federally regulated prediction market. The company’s sports-focused prediction market platform launched nationwide on August 4th, less than two months after receiving approval from the Commodity Futures Trading Commission. Baseball dominated trading activity, and Novig’s first-week sports volume surpassed the opening-week sports totals of Kalshi, Polymarket, Underdog, and DraftKings, according to the company (more here).