NFL owners have unanimously approved St. Louis Rams minority owner Stan Kroenke's bid to purchase the remaining 60% of the franchise, Steve Wyche of NFL.com reports.

The Missouri-based billionaire currently owns 40% of the franchise, and in February, exercised his option to purchase the remaining shares from Chip Rosenbloom and Lucia Rodriguez. Prior to that option being exercised, Illinois businessman Shahid Khan had attempted to purchase the 60% stake from Rosenbloom and Rodriguez.

Multiple reports have pegged the value of the 60% portion of the Rams at $750 million.

According to Daniel Kaplan of the Sports Business Journal, Kroenke's son will take over ownership of the NBA's Denver Nuggets and NHL's Colorado Avalanche. The Rams have a stadium issue in St. Louis, and Kroenke pledged to try to keep the team in the city.