Billionaire Glen Taylor backed out of an earlier agreement to sell the team, leading to a months-long arbitration process.

Alex Rodriguez and his ownership group gets the green light to take control over the Minnesota Lynx and Timberwolves.

The NBA announced Tuesday afternoon that the league's Board of Governors has unanimously approved the sale of the Minnesota Timberwolves from Glen Taylor to new owners Marc Lore and former MLB star Alex Rodriguez. The transaction, which is expected to close this week, also includes ownership of the WNBA's Minnesota Lynx.