Network slicing to support multi-tenancy plays a key role in improving the performance of 5G networks. In this paper, we propose a two time-scale framework for the reservation-based network slicing in the backhaul and Radio Access Network (RAN). In the proposed two time-scale scheme, a subset of network slices is activated via a novel sparse optimization framework in the long time-scale with the goal of maximizing the expected utilities of tenants while in the short time-scale the activated slices are reconfigured according to the time-varying user traffic and channel states. Specifically, using the statistics from users and channels and also considering the expected utility from serving users of a slice and the reconfiguration cost, we formulate a sparse optimization problem to update the configuration of a slice resources such that the maximum isolation of reserved resources is enforced. The formulated optimization problems for long and short time-scales are non-convex and difficult to solve. We use the $\ell_q$-norm, $0<q<1$, and group LASSO regularizations to iteratively find convex approximations of the optimization problems. We propose a Frank-Wolfe algorithm to iteratively solve approximated problems in long time-scales. To cope with the dynamical nature of traffic variations, we propose a fast, distributed algorithm to solve the approximated optimization problems in short time-scales. Simulation results demonstrate the performance of our approaches relative to optimal solutions and the existing state of the art method.