Former Major League Baseball star Alex Rodriguez and tech entrepreneur Marc Lore officially reached an agreement with Glen Taylor on the $1.5 billion purchase of the Timberwolves and Lynx, the franchises announced Friday.

The announcement was expected after the sides came to the agreement Thursday and made it official Friday.

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

The NBA's approval of the sale is the next step in the process, and that could take weeks. Rodriguez and Lore are 50-50 partners in the deal while Taylor, 80, will remain controlling owner into 2023.