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

The $1.5 billion sale of the Minnesota Timberwolves from Glen Taylor to an investment group led by e-commerce entrepreneur Marc Lore and former baseball star Alex Rodriguez has gained unanimous approval by NBA owners more than four years after the deal was reached.

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