Timberwolves and Lynx ownership being sold to businessman Marc Stad

Just one year after Marc Lore and Alex Rodriguez officially took control of the Minnesota Timberwolves and Minnesota Lynx from longtime owner Glen Taylor, they’re selling their majority stake in the franchises.

KSTP Sports has confirmed that businessman Marc Stad is becoming the controlling owner and largest shareholder in the teams. ESPN reports that Stad is buying the stakes at a $4.5 billion valuation — three times what Lore and A-Rod paid Taylor.

Forbes lists Stad as the founder and managing partner of Dragoneer Investment Group, one of the largest growth investment firms in the country, managing...