Michael Bloomberg is joining the ownership group for the Minnesota Timberwolves and Minnesota Lynx led by Marc Lore and Alex Rodriguez, according to The Athletic.
The billionaire and former NYC mayor has reached an agreement to join the group, which currently owns 40% of the franchise, with the intention of eventually buying out current majority owner Glen Taylor.
Former NYC Mayor Michael Bloomberg -- one of the richest people in the world -- has agreed to join the Marc Lore and Alex Rodriguez ownership group to buy the Minnesota Timberwolves/Lynx, sources tell me and @JonKrawczynski.
— Shams Charania (@ShamsCharania) June 6, 2024
Details at @TheAthletic: https://t.co/lrU7sBWCTg
Lore and Rodriguez tried to purchase an additional 40% stake in the franchise earlier this year, but Taylor called off the deal in March, much to Lore and Rodriguez's chagrin. After stating that the group had missed a payment deadline — which Lore and Rodriguez denied — ESPN reported that Taylor had actually backed out because of concerns about Lore and Rodriguez's plans to make major payroll cuts.
Regardless, the group has taken the reneged deal personally, with Rodriguez saying that they're "not going to let go," even if the process takes years.
Bloomberg seems to be Lore and Rodriguez's latest weapon in that fight: Along with an existing group of investors (which includes former Google CEO Eric Schmidt, among others), Bloomberg will be a significant financial partner as they push for the majority stake, which is expected to cost more than $300 million. According to Forbes, Bloomberg is the 12th richest man in the world, with a net worth of $106 billion.
The added financial boost will be a boon for the Timberwolves, whose roster hosts a collection of expensive superstars like Anthony Edwards, Karl-Anthony Towns and Rudy Gobert and who are expected to pay the luxury tax next season. The Timberwolves finished third in the Western conference this season and had its best postseason run in 20 years, advancing to the Conference Finals before falling to the Dallas Mavericks.
Additionally, per The Athletic, the Lore-Rodriguez group has several plans for the future of the franchise, including planning a new arena in Minneapolis that will be privately financed to replace Target Center. The Timberwolves' lease on Target Center, which is the second-oldest NBA arena, runs through 2035. Per The Athletic, the group has scouted land and believes they can start playing in the building as soon as 2031.
The group also has plans for a new regional station to carry Timberwolves and Lynx games. Timberwolves games are currently carried on Bally Sports North, which, between blackouts, disputes and bankruptcy, has been having its own problems.
For now, the investors in the Lore and Rodriguez group will have to wait for arbitration to play out before implementing any of their plans.
