What happened: The Dragoneer Investment Group founder acquired most of Marc Lore's stake after serving as a significant minority investor. Alex Rodriguez will increase his equity, while Lore will retain a minority investment.
Why it matters: The transfer gives the Minnesota Timberwolves and Minnesota Lynx a second controlling-owner change in just over a year. Leadership remains within the existing investor group but shifts to the Stad family.
By the numbers: The $4.5 billion valuation is three times the $1.5 billion price attached to the Lore-Rodriguez acquisition approved in 2025.
What to watch: The NBA's review of the revised ownership structure is the next checkpoint.