What happened: The transaction is pending league approval. Alex Rodriguez will remain in the ownership group, while Lore is expected to retain a smaller position.
Why it matters: The ownership handoff comes barely a year after Lore gained control following a protracted legal process. Stad moves up from limited partner, preserving continuity within the group.
By the numbers: The $4.5 billion valuation is three times the $1.5 billion price approved in 2025.
What to watch: NBA approval is the next formal step before control can transfer.