Mark Stad takes controlling stake in Timberwolves

Mark Stad, a financier, has increased his stake in the Minnesota Timberwolves to a controlling one during this off-season, taking charge of the franchise at a time when NBA valuations have risen sharply. The Athletic sought to establish his long-term intentions for the club.

A friend of the businessman, financier Matthew Ebbel, set out what residents of Minnesota should expect. "I think the people of Minnesota should know that this is not an investment for a quick resale. Mark plans to be the owner of the team for a long time. I believe he will do everything to bring it a title, except perhaps shoot the three-pointer himself," Ebbel said.

Business partners describe Stad, by all accounts, as someone who thinks in the long term rather than the next quarter. Daniel Ek, the founder of Spotify, offered his own account of working with him. "He goes through every stage of your path with you. If you need additional investment, he provides it. If the value of your assets goes down, he buys more and stays in the work. You know he will be there in the black days and the white ones. That sets him apart, few funds operate that way, especially at this stage of their development," Ek said.

Stad's move comes as NBA franchise prices continue to climb, a backdrop that has made quick flips of ownership stakes more common across the league. If the accounts from Ebbel and Ek hold, Minnesota's fanbase may be looking at years of continuity in the boardroom rather than another change of control down the line.