ARod, Lore add Bloomberg to Minnesota Timberwolves buyers group: Report
MINNEAPOLIS (FOX 9) - Amid a legal dispute surrounding who will own the Minnesota Timberwolves, one camp has added a notable name to its roster.
Several NBA sources are reporting that businessman and three-time NYC Mayor Michael Bloomberg will join Alex Rodriguez and Mark Lore in their attempt to buy the franchise.
In March, current owner Glen Taylor announced the Timberwolves would no longer be for sale after he said Rodriguez and Lore missed a deadline.
Rodriguez and Lore had until March 27 to make a final payment of around $600 million to take over majority ownership from Taylor. Under the terms of the purchase agreement, closing of the transaction was to take place, and it did not, Taylor alleges.
Michael Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies, speaks during an event at the new HSBC Bank USA headquarters in New York, US, on Thursday, May 23, 2024. HSBC last month announced the opening of its flagship wealth center at t (Getty Images)
However, Rodriguez and Lore contend the timeline dispute, ultimately telling the media, "We’re going to be the owners of the Minnesota Timberwolves."
The addition of Bloomberg to back Rodriguez and Lore could seemingly clear up any financial hurdle the two might have previously faced in fulfilling their obligation to close the sale. Bloomberg, ranked by Forbes in April as the 12th-richest person in the world.
After a failed mediation attempt between the parties, the contractual situation now heads to arbitration as fans wait to find out who will eventually be owner next season – and whether they will push for a new stadium.