The Minnesota Timberwolves have changed ownership in a deal that values the NBA franchise and their WNBA counterpart the Minnesota Lynx at a reported combined total of $4.5bn (£3.3bn).

American businessman Marc Stad has gone from being a minority investor to controlling owner, buying the majority of the stake held by co-chairman Marc Lore.

He will join Lore’s business partner and former Major League Baseball star Alex Rodriguez as co-chairman.

Rodriguez confirmed the news on Friday, and said he would be increasing his investment.

ESPN, which reported the news before Rodriguez’s statement, said the deal valued the franchise at $4.5bn, the fourth-largest franchise sale in NBA history.

“One of the great joys I’ve had in my career is spending the last few years helping build the Timberwolves and Lynx with my friend and partner Marc Lore,” Rodriguez posted on social media.

“I’m very excited to announce that this incredible journey reaches a new level today.

“Marc and Elisa Stad, who have been our partners and friends since we bought the teams, will be increasing their investment and joining me as co-chairman.

“I will also be increasing my investment and spending even more time with the teams as co-chairman, Governor of the Lynx, and alternate Governor of the Timberwolves, pending league approval.”

Lore and Rodriguez initially bought in to the Minnesota teams in 2021 at a $1.5bn (£1.1bn) valuation with an agreement to eventually purchase the team in full. They assumed full control of the basketball teams last year.

It becomes the second major ownership change in the NBA this month after the LA Lakers were sold in a record-breaking deal last week.

The Timberwolves reached the Western Conference last season but lost to the San Antonio Spurs.