Marc Stad, founder of investment group Dragoneer Investment Group, reached an agreement to acquire the Minnesota Timberwolves and Minnesota Lynx, according to ESPN on Friday. The transaction, valued at $4.5 billion, means Stad will move from minority partner to majority owner in both franchises.
Stad purchased the majority stake held by Marc Lore, who served as co-president of both the NBA and WNBA teams. Former baseball player Alex Rodriguez, who was also co-president alongside Lore, will continue in his position.
This is the second sale of an NBA franchise in the past month. On 12 August, Los Angeles Lakers owner Mark Walter agreed to sell the team to Josh Kushner and Bob Iger for $12 billion.
The acquisition of the Timberwolves and Lynx represents the fourth-highest transaction in NBA history. Walter had purchased the Lakers a year ago from the Buss family, which had owned the team since 1979, in a transaction worth approximately $10 billion. The Boston Celtics also changed owners a year ago for $6.1 billion.
