Timberwolves sold for $4.5 billion on heels of Lakers blockbuster and it affects A-Rod

The Lakers and Timberwolves may share Minnesota roots, but one is a worth a heck of a lot more than the other.Businessman Marc Stad will become the controlling owner and largest shareholder of the Timberwolves and the WNBA’s Lynx in a deal valued at $4.5 billion, according to ESPN.This move comes shortly after last week’s bombshell that the Lakers would be sold to businessman Josh Kushner and ex-Disney executive Bob Iger for an American sports record of $12.5 billion.The $4.5 billion figure ranks fourth in NBA history among ownership pacts and is pending approval from the Board of Governors, with its next meetings happening Sept.15-16, per ESPN.Stad reportedly is buying the majority of co-owner Marc Lore’s stake, who will remain as a minority investor in the franchises.He opted to sell the team to focus on his Wonder Group company with the hope of establishing the best foot forward for the franchise in the long term, per ESPN.Fellow co-owner Alex Rodriguez increasing his equity percentages, according to the network, and it’s uncertain what percent he and Lore will own once the deal is finalized.“We have been working together for years with a shared goal of building the Timberwolves and Lynx into the best organization in basketball on and off the floor,” Stad, Rodriguez and Lore said in a joint statement Friday, according to ESPN.

“Our priority is and always will be championships.Our new agreement, pending league approval, is an evolution of the partnership we have built together and strengthening of our commitment to our team and our culture.

“While we’re proud of the great work we’ve done, there’s so much more to do and we’re just getting started.”The Timberwolves have now changed hands twice in short succession.Rodriguez and Lore previously agreed to purchase the team for a $1.5 billion valuation in 2021 before they officially assumed ownership last year.Stad, 47, is the founder of Dragoneer Investment Group, which Forbes lists as one o...