The Minnesota Timberwolves and their WNBA sister franchise, the Minnesota Lynx, have changed ownership hands in a deal that reportedly values the two teams at a combined $4.5bn (£3.3bn). Businessman Marc Stad has moved from minority investor to controlling owner after buying the majority of the stake previously held by co-chairman Marc Lore, joining former Major League Baseball star Alex Rodriguez as co-chairman. It is the fourth-largest franchise sale in NBA history and the second major ownership change in the league this month, following the record-breaking sale of the LA Lakers last week.

Lore and Rodriguez first invested in the Minnesota teams in 2021 at a valuation of $1.5bn (£1.1bn), under an agreement to eventually take full ownership, which they completed last year. Rodriguez confirmed the news on social media, saying he and the Stads would both be increasing their investment, with him taking on expanded roles including Governor of the Lynx, pending league approval. The Timberwolves, who feature four-time NBA All-Star Anthony Edwards, reached the Western Conference finals last season before losing to the San Antonio Spurs.