American businessman Marc Stad has completed a deal to become the controlling owner and largest shareholder of the NBA's Minnesota Timberwolves and the WNBA's Minnesota Lynx by buying the majority of co-owner Marc Lore's stake in the two franchises. The deal is valued at $4.5 billion, sources told ESPN.

Lore will retain a minority investment in the teams, while co-owner Alex Rodriguez has decided to increase his equity stake, the former MLB star announced Friday, though it is not clear exactly how large Rodriguez's or Lore's shares will be at this time.

Stad, the founder and managing partner of Dragoneer Investment Group, had been a significant minority investor in the Timberwolves and Lynx under the ownership group of Lore and Rodriguez. Sources said the transfer of ownership developed after months of conversations and allowed Stad, Rodriguez and Lore to continue working together and maintain the current leadership structures of the Timberwolves and the Lynx.

The NBA's board of governors are set to meet Sept. 15-16, at which time the league is expected to approve the deal. The $4.5 billion valuation puts the Timberwolves fourth on the list of largest franchise sales in NBA history.