MINNEAPOLIS (WCCO) — Marc Lore and Alex Rodriguez are officially partial owners of the Minnesota Timberwolves and Lynx, the organization announced Wednesday.

“Together with Marc and Alex, we take another step forward in building a world-class organization both on and off the court,” owner Glen Taylor said in a statement.

The statement indicates the teams have received league approval, the final step in a sale first agreed to in May.

“We are honored to officially join Glen Taylor and the ownership group of the Minnesota Timberwolves and Lynx organization,” Lore and Rodriguez said in a joint statement. “In this next chapter, we look forward to working with the organization, getting to know the players and devoted fans, and actively engaging the community.”

Lore, an e-commerce billionaire, and Rodriguez, a former MLB star, will be limited partners with Taylor for the next two years before becoming majority owners when Taylor officially steps down.

On social media last month, Rodriguez indicated he and Lore plan to keep the Wolves in Minnesota.

The Wolves finished last season with a 23-49 record. Head coach Ryan Saunders was fired midway through the season and replaced with Chris Finch.

The Lynx have ridden a seven-game winning streak to a 12-7 record so far this year, good for third in the Western Conference.