Marc Stad has agreed to purchase Marc Lore’s controlling stake in the NBA’s Minnesota Timberwolves and WNBA’s Minnesota Lynx at a $4.5 billion enterprise valuation, multiple sources familiar with the matter said. The transaction requires approval from the NBA Board of Governors, whose next meeting is scheduled for Sept. 15-16, and would make Stad the franchises’ majority owner for the second time in just over a year that Minnesota has changed control. Stad, founder and managing partner of Dragoneer Investment Group, was previously a limited partner in the ownership group led by Lore and Alex Rodriguez. Rodriguez will retain his stake and continue as governor of the Lynx and co-governor of the Timberwolves, while Lore is expected to keep a small minority position. The purchase is being made through Stad’s family office rather than Dragoneer, without private equity capital. The valuation is roughly three times the $1.5 billion valuation agreed by Lore and Rodriguez when they began acquiring the teams from longtime owner Glen Taylor in 2021.