Marc Stad buying controlling stake in Minnesota Timberwolves, Lynx for $4.5 billion

Investment firm founder Marc Stad is buying a controlling stake in the NBA’s Minnesota Timberwolves and the WNBA’s Minnesota Lynx in a deal valued at $4.5 billion, according to sources cited by CNN. The purchase represents the second multibillion-dollar sale of a pro basketball franchise this month, after the Los Angeles Lakers agreed to a record $12.5 billion sale. In Minnesota, it will be the second ownership change for the teams in a little over a year. Stad, a Dragoneer Investment Partners founder, will acquire the majority of Marc Lore’s stake, while Alex Rodriguez is expected to stay with the ownership group and remain Lynx governor. Stad’s wife Elisa will serve as Timberwolves governor pending league approval.