The duo, who bought the Minnesota Timberwolves and Lynx this week, made their wealth via blockbuster deals and benefited from key partnerships.

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.