Paying a luxury tax to keep the team competitive and relying on Tim Connelly to run basketball operations is on top of the new bosses’ agenda.

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.

New owners Lore and Rodriguez will assume full leadership responsibility for the Timberwolves, Lynx and Iowa Wolves.