Minnesota’s professional basketball teams are approved for new ownership pending a final payment.

The NBA Board of Governors on Tuesday unanimously approved the $1.5 billion sale of the Timberwolves and Lynx to former Walmart executive Marc Lore and former MLB player Alex Rodriguez.

Lore and Rodriguez are expected to take a controlling stake in the teams when they close on the sale later this week.

“We are honored to lead the Timberwolves and Lynx into a bold and exciting new era,” Lore said in a statement. “Today marks a momentous milestone for us, and we fully recognize the great responsibility that comes with serving as stewards of these exceptional franchises. We are committed to building an organization that sets the standard for excellence, is universally admired, and rooted in pride that spans generations.”

“I’ve dedicated my entire life to the world of sports; not just as a game, but as a powerful force that unites people, uplifts communities, and changes lives,” Rodriguez added. “I’m incredibly honored and energized to roll up my sleeves and get to work. I know what it takes to be a champion, and I’m ready to bring that same commitment and drive to create a winning culture in Minnesota.”

In February, an arbitration board ruled that longtime owner Glen Taylor must proceed with transferring the teams to the new ownership group. Taylor did not appeal the ruling, clearing the way for the NBA Board of Governors vote.

Taylor purchased the Timberwolves in 1994 for $94 million — saving the franchise from relocation — and introduced the Lynx as a WNBA expansion franchise in 1998.

In a statement released on Monday, Glen and Becky Taylor said owning the Timberwolves and Lynx has been “an extraordinary chapter in our lives – one filled with purpose, pride, and a deep connection.”

“Though we are stepping away as owners, our love for this organization and this community remains as strong as ever,” the Taylors said. “We will always be fans, cheering from our seats, celebrating your triumphs, and believing in what comes next.”