Timberwolves and Lynx ownership being sold to businessman Marc Stad

Key Points:

• Businessman Marc Stad is set to become the controlling owner and largest shareholder of the Minnesota Timberwolves and Lynx, purchasing the stakes at a $4.5 billion valuation, triple the amount paid by Marc Lore and Alex Rodriguez last year.
• The deal requires NBA Board of Governors approval, with Stad's wife Elisa expected to serve as governor of the Timberwolves, while Rodriguez will remain governor of the Lynx and increase his ownership stake slightly.
• Lore and Rodriguez will stay on as limited partners, with Lore reducing his share to focus on his Wonder Group company’s IPO, while continuing to collaborate with team leadership and support the franchises' growth.
• The change follows Lore and Rodriguez’s legal battle to acquire the teams from Glen Taylor, and their efforts have included bringing in key executives and investing in the roster and Target Center, though plans for a new arena remain a challenge.
• Marc Stad is founder and managing partner of Dragoneer Investment Group, managing over $35 billion, and is recognized by Forbes as a top tech and venture capital investor with a net worth estimated between $500 million and $1.5 billion.