MINNEAPOLIS (WCCO/AP) — Very soon, an e-commerce billionaire and former Yankees superstar will own Minnesota’s two professional basketball teams.

On Friday, it was announced that Glen Taylor has reached a deal to sell the Timberwolves and Lynx to Marc Lore and Alex Rodriguez. The Athletic reports the purchase price was $1.5 billion, and that Rodriguez and Lore have agreed to a 50-50 partnership.

READ MORE: Report: Alex Rodriguez, Marc Lore Reach Agreement To Buy Timberwolves For $1.5B

“Glen Taylor has reached an agreement with Marc Lore and Alex Rodriguez regarding the sale and future ownership of the Timberwolves and Lynx. The transaction will close following league approval, beginning the transition of ownership and a new chapter of Minnesota Timberwolves and Lynx basketball,” the ownership said Friday in a statement.

The 80-year-old Taylor, a lifelong Minnesotan who bought the Wolves in 1994 for $88 million to save them from moving to New Orleans, has said he will continue to run the club for two more seasons until a handover in 2023.

Any sale of an NBA club must ultimately approved by the league’s Board of Governors.

The Minnesota Lynx open the season at Target Center Friday night. Tip-off against the Phoenix Mercury is at 8 p.m. The Timberwolves are 22-48, and have just two games left in their season.

(© Copyright 2021 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)