Marc Lore was, by one measure, the highest-paid CEO in America a decade ago. Alex Rodriguez, long known by his nickname A-Rod, has still earned more money playing baseball than any other player to date.

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.

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