Michael Bloomberg Joins Ownership Group with Marc Lore and Alex Rodriguez
Billionaire businessman and former New York City mayor Michael Bloomberg has agreed to join the ownership group led by Marc Lore and Alex Rodriguez for the Minnesota Timberwolves, according to sources familiar with the deal. Bloomberg, who is ranked as the 12th-richest person in the world by Forbes, brings significant financial backing to the group, which currently holds nearly 40 percent ownership of the Timberwolves and the WNBA’s Lynx. The ownership group is in a battle with Glen Taylor for majority control of the franchises.
Lore and Rodriguez had initially reached an agreement with Taylor to gradually purchase controlling interest in the team at a valuation of $1.5 billion. However, the deal hit a roadblock when Taylor called off the agreement, citing financing issues. The group is currently in arbitration to resolve the dispute, and Bloomberg’s involvement could expedite the process.
If Lore and Rodriguez gain control of the Timberwolves, they plan to pay the luxury tax to support the team’s competitive roster. They are also considering building a new arena in Minneapolis to replace the aging Target Center. Additionally, discussions are underway with potential partners for a new regional sports station to broadcast games.
While the ownership situation is still in flux, Taylor has expressed willingness to pay the luxury tax next season as the Timberwolves aim for their first NBA Finals appearance. The team remains focused on building on its recent success and establishing long-term stability.
The addition of Michael Bloomberg to the ownership group could provide the necessary financial backing to solidify Lore and Rodriguez’s control of the franchise and implement their ambitious plans for the future.
Biography:
Michael Bloomberg is a billionaire businessman and former three-term mayor of New York City. He is the founder and majority owner of Bloomberg L.P., a global financial services, software, and media company. Bloomberg served as mayor of New York City from 2002 to 2013 and has been involved in various philanthropic efforts, particularly in the areas of public health, education, and the environment. He is known for his wealth, influence, and political activism.