Bloomberg Joins Timberwolves Bid with A-Rod Amid Dispute

Billionaire Michael Bloomberg is set to join forces with former MLB star Alex Rodriguez and e-commerce magnate Marc Lore in their ongoing effort to acquire the Minnesota Timberwolves, according to a report from The Athletic on Thursday. This move comes as the group continues to navigate a complex and contentious dispute regarding their bid to gain control of the NBA team.

Bloomberg’s involvement is aimed at helping the group increase their stake in the Timberwolves from the current 40% to an 80% majority. This would involve a substantial $600 million investment to purchase most of the remaining 60% stake held by the team’s majority owner, Glen Taylor. Sources cited by The Athletic indicate that Bloomberg is also expected to contribute towards an additional $300 million investment. This extra capital would enable the group to immediately buy out Taylor’s final 20% stake, thereby securing full ownership of the franchise.

Details about Bloomberg’s exact financial contribution and the extent of his ownership in the team remain unclear. When approached for comments, Bloomberg’s spokesperson declined to provide any further information.

The journey to acquire the Timberwolves began in April 2021, when Rodriguez and Lore, who is also the CEO of the Wonder Group, announced their agreement to buy the team outright from Taylor for $1.5 billion. They secured financial backing from Dyal Capital Partners, an investment firm associated with former Google CEO Eric Schmidt. Initially, the group acquired a 40% stake in the franchise, with plans to finalize the complete purchase by March 2022.

However, just before the deal was set to close, Taylor issued a statement asserting that the ownership group lacked the necessary funds to complete the transaction and had failed to meet unspecified terms of the agreement. He further declared that the Timberwolves, along with the Minnesota Lynx, the WNBA franchise, were “no longer for sale.” In response, Rodriguez and Lore disputed Taylor’s claims, insisting that the required funds were available and that they had submitted all necessary paperwork before the deadline.

Bloomberg’s entry into the ownership bid introduces a significant new dynamic, potentially providing the financial boost needed to resolve the dispute and finalize the acquisition. His involvement underscores the high stakes and intense interest in securing ownership of the Timberwolves, a team with a dedicated fan base and a significant presence in the NBA.

For Rodriguez and Lore, Bloomberg’s support could be a game-changer, bolstering their position and helping them meet Taylor’s financial requirements. If successful, the acquisition would mark a major milestone in their efforts to expand their business ventures into the sports industry.

The resolution of this ownership dispute remains a closely watched development within the sports and business communities. It highlights the complexities and challenges of high-stakes financial negotiations, especially in the competitive world of professional sports team ownership.

As the situation unfolds, all eyes will be on Bloomberg, Rodriguez, and Lore to see how they navigate the final stages of this bid. The outcome will not only determine the future ownership of the Timberwolves but also potentially set a precedent for similar transactions in the sports world. For now, the group’s focus will be on securing the necessary investments and addressing any remaining obstacles to complete the purchase.

In summary, Bloomberg’s involvement adds a new layer of intrigue to the Timberwolves ownership saga, offering a potential path forward amid the ongoing dispute. Whether this will be enough to overcome the hurdles set by Taylor and finalize the acquisition remains to be seen.