Sources: Stad completes deal for lead stake in Timberwolves, Lynx - ESPN

American businessman Marc Stad has completed a deal to become the controlling owner and largest shareholder of the NBA's Minnesota Timberwolves and WNBA's Minnesota Lynx by buying the majority of co-owner Marc Lore's stake at a $4.5 billion valuation, sources tell ESPN.

Lore will retain a minority investment in the teams, while co-owner Alex Rodriguez has decided to increase his equity percentages, sources said. It's not yet known how much of both teams each would own after the sale is completed. Lore decided to take a step back from his co-owner and co-chairman role in order to focus on the IPO push for his food-tech company, the Wonder Group, over the next calendar year, believing changing ownership seats with Stad gave the Timberwolves the best opportunity for continued success.

Stad, the founder and managing partner of Dragoneer Investment Group, had been a significant minority investor in the Timberwolves and Lynx under the ownership group of Lore and Alex Rodriguez. Sources said the transfer of ownership between the Stad family and Lore developed after months of conversations and allowed Stad, Rodriguez and Lore to continue working together and maintain the Timberwolves and Lynx current leadership structures. That includes Wolves president Tim Connelly, general manager Matt Lloyd and coach Chris Finch and Lynx coach Cheryl Reeve, who also serves as the Lynx's president of basketball operations.

The signed deal awaits approval from the NBA Board of Governors, which has its next meeting on Sept. 15-16.

The $4.5 billion valuation puts the Timberwolves fourth on the list of largest franchise sales in NBA history, behind only the $6.1 billion sale of the Boston Celtics in 2024 and the two sales of the Los Angeles Lakers