The Minnesota Timberwolves and their WNBA counterpart, the Minnesota Lynx, have undergone an ownership change in a deal that reportedly values the franchises at a combined $4.5bn (£3.3bn).
American businessman Marc Stad has become the controlling owner, increasing his investment and acquiring the majority stake previously held by co-chairman Marc Lore. Stad will now serve as co-chairman alongside Alex Rodriguez, a former Major League Baseball star, who also confirmed he will be increasing his investment.
ESPN reported the $4.5bn valuation, noting it as the fourth-largest franchise sale in NBA history. Lore and Rodriguez initially invested in the Minnesota teams in 2021 when they were valued at $1.5bn (£1.1bn), assuming full control last year.
This marks the second major ownership change in the NBA this month, following the sale of the LA Lakers last week.