Report: Michael Bloomberg to Join Timberwolves Ownership Group
Another wrinkle emerges in the ongoing Timberwolves ownership saga.
On Thursday afternoon, The Athletic reported that former New York City mayor Michael Bloomberg has agreed to join Marc Lore and Alex Rodriguez as new owners of the Wolves and the Lynx. The deal hasn’t yet been confirmed; The Athletic’s report cited only “league sources briefed on the agreement.”
The news report comes as Lore and Rodriguez are beginning an arbitration process with current majority owner Glen Taylor, who canceled the duo’s plan to purchase another 40% equity stake in the two Minnesota teams in late March. Through two earlier purchases in 2021 and 2023, Lore and Rodriguez already held a 36% stake in the teams, according to The Athletic.
Taylor called off the deal in March because he said that Lore and A-Rod missed a deadline to close on their next purchase.
Notably, Bloomberg is not expected to have an impact on that ongoing arbitration. But, if Lore and Rodriguez prevail in the arbitration, his presence could potentially speed up the deal. Per The Athletic:
“Adding Bloomberg to the group would allow them to go forward immediately with a final $300-plus million investment to buy out Taylor rather than waiting until the end of next season, league sources said, if things break in their favor.”
The new potential ownership team already includes another big-name investor: Google CEO Eric Schmidt, among others. That existing ownership team would provide part of that $300 million investment needed to buy out Taylor, according to The Athletic.
One important point here: Bloomberg’s arrival will not have an impact on the arbitration ruling. That case is centered around what happened leading up to the March 27 deadline. If Lore/ARod prevail, his addition could be considered in the NBA approval process
— Jon Krawczynski (@JonKrawczynski) June 6, 2024
The Wolves’ value has likely increased significantly since Taylor’s rumored $90 million purchase back in 1994. The team’s long playoff run has also likely increased the team’s chances of turning a profit, a former NBA executive told TCB late last month.
Meanwhile, the new ownership group is allegedly in the midst of developing plans to build a new Minneapolis arena for the two teams. “They have scouted the area in search of a piece of land to put it, and believe they can open a new arena as soon as 2031, the league sources said,” The Athletic reported.
