Marc Stad was little-known outside the world of venture capital until Friday, when news broke that he had struck a deal to become the controlling owner of the Minnesota Timberwolves and the Minnesota Lynx. The deal—which values the pro basketball franchises at a combined $4.5 billion—is sure to thrust Stad into the spotlight.

Forbes estimates that 46-year-old Stad, who is the founder of Dragoneer Investment Group—a $37 billion (assets under management) venture capital firm known for its successful investments in giants like OpenAI and Uber—has a net worth of more than $5 billion.

Much of that is tied up in his majority ownership of Dragoneer, plus an estimated share of the firm’s funds and personal real estate and investments. He could not be reached for comment for this story.

Stad will take controlling power from fellow billionaire Marc Lore, who bought the teams in 2021 in four stages, with the first stage at a $1.5 billion valuation, in partnership with retired Yankees star Alex Rodriguez. The deal wasn’t fully completed until 2025 due to a legal........

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