The Minnesota Timberwolves and WNBA side Minnesota Lynx are under new ownership after a deal reportedly valued both franchises at a combined $4.5 billion.

 American businessman Marc Stad has moved from minority investor to controlling owner after purchasing the majority stake previously held by co-chairman Marc Lore. 

Stad will now serve as co-chairman alongside former Major League Baseball star Alex Rodriguez, who is also increasing his investment in the teams. Lore and Rodriguez first bought into the Minnesota franchises in 2021 when they were valued at $1.5 billion and took full control last year. 

The deal is the fourth-largest franchise sale in the NBA and comes just days after the Los Angeles Lakers were sold in a record-setting transaction.