Timberwolves, Lynx sold for $4.5 billion

Minnesota Timberwolves and WNBA's Minnesota Lynx are being acquired by tech investor Marc Stad for a deal valued at $4.5 billion. This marks the second multibillion-dollar sale of a professional basketball organization in the same month, following the Los Angeles Lakers' record-breaking $12.5 billion sale. The ownership shift comes just over a year after the Wolves and Lynx changed hands from longtime owner Glen Taylor to a group led by billionaire Marc Lore and former baseball player Alex Rodriguez.

Stad, a founder of San Francisco-based investment firm Dragoneer Investment Partners, was a minority investor in the original deal that bought the franchises for $1.5 billion last summer. This latest acquisition, in which Stad takes over Lore's majority stake, has been months in the making. Rodriguez is expected to remain involved in the ownership team and as governor of the Lynx.

Elisa Stad, Marc's wife, will serve as the Timberwolves' governor. The change in ownership coincides with a critical period for the franchises, with the Timberwolves aiming to improve their chances at winning championships after acquiring LaMelo Ball in a significant four-team trade. The Lynx, currently leading the WNBA, are targeting their fifth championship, largely due to the contributions of rookie Olivia Miles, MVP candidate Napheesa Collier, and veteran guard Kayla McBride.

Stad, Rodriguez, and Lore expressed their commitment to building the Timberwolves and Lynx as top organizations both on and off the court in a joint statement. The new ownership group has already invested $1.5 million in "theater-style" lighting at the Target Center in Minneapolis and expressed interest in building a new arena for the teams.

Pending league approval, the deal is expected to solidify the ownership group's long-term commitment to the franchises and their vision for their future success.