Marc Stad becomes controlling owner of Timberwolves and Lynx

American businessman Marc Stad has secured a deal to become the controlling owner and largest shareholder of the Minnesota Timberwolves and Minnesota Lynx, valued at $4.5 billion. He is buying the majority stake previously held by co-owner Marc Lore, who will maintain a minority investment. Alex Rodriguez is reportedly increasing his equity stake in the teams. Lore will step back from his co-owner and co-chairman role to focus on his food tech company, Wonder Group, as the teams transition to new ownership. The final ownership percentages for all parties involved remain undisclosed.

• 5:10 PMYahoo Sports — American businessman Marc Stad has completed a deal to …