Michael Bloomberg, a billionaire businessman and former three-term mayor of New York City, is joining the Timberwolves‘ ownership group led by Marc Lore and Alex Rodriguez, sources tell Jon Krawczynski and Shams Charania of The Athletic.
Bloomberg has a net worth of over $100 billion, according to Forbes, making him one of the wealthiest people in the world.
Longtime Wolves owner Glen Taylor is currently the controlling stakeholder in the franchise after he nixed the previous tiered payment agreement with Lore and Rodriguez, citing a breach of contract. Lore and Rodriguez disputed that characterization, stating that they had the funds necessary to become majority owners but were awaiting NBA approval and should have been entitled to an extension.
The third payment that it’s in dispute would increase Lore and Rodriguez’ share from 36% to about 80%, per The Athletic, and the purchase agreement stipulates that they could buy out Taylor’s remaining 20% stake anytime before March 2025. That’s where Bloomberg fits in — his investment would help Lore and Rodriguez’s group obtain that final 20%, with Taylor no longer holding a stake.
Lore and Rodriguez have been preparing as though they will assume majority control, but the dispute is still in arbitration and a decision could take months. Bloomberg’s addition would not impact that case, which is only based on the events leading up to the contract’s deadline (March 27). However, if they emerge victorious, Bloomberg could factor into the league’s decision, Krawczynski tweets.
Krawczynski and Charania clarify that while Bloomberg is obviously very well known and a “considerable financial partner,” his investment only represents a portion of the $300MM+ needed for Lore and Rodriguez to purchase Taylor’s final 20%.
Should they emerge victorious in the dispute, Lore and Rodriguez would remain the group’s top decision-makers. According to The Athletic, the group is committed to paying the luxury tax in 2024/25 and beyond if president of basketball operations Tim Connelly makes that recommendation. Taylor has also said he’s prepared to pay the tax next season.
League sources tell The Athletic that Lore and Rodriguez are in the midst of developing plans for a new, privately funded arena to replace the Target Center, which is the second-oldest building in the league. The group believes that could transpire as early as 2031.
According to Krawczynski and Charania, Lore and Rodriguez have also had discussions with Gerry Cardinale about collaborating on a new regional sports network to broadcast Timberwolves and Lynx (WNBA) games, as well as other local teams. Cardinale, the founder of RedBird Capital, has “deep connections to the New York Yankees and played a leading role in the formation of the YES Network in New York, which would serve as a model for a potential new venture in the Twin Cities area.”
Speedrunning being the most unlikable ownership group in sports I see. Dan Snyder is proud.
They still have nothing on Jeffrey Loria.
Nothing against the players but the Mavs and Nuggets have some horrible people at the top. Then of course there’s always Jerry Jones.
What an odd comment. Throwing shade on two teams that aren’t even mentioned as part of the article. At least A-Rod has been a saint his entire life…
It’s not really odd. The topic was unlikeable ownership groups. Toad mentioned two teams they believe have unlikeable ownership groups.
I don’t live in New York hence the question: was Bloomberg a good mayor? Seems like with all his personal resources he – Bloomberg, not to be confused with another noted billionaire – did not need more power…
He was not the worst or best mayor New York has had in the past few decades.
I’d have to say best. Rudy did well, but Bloomberg got businesses thriving and construction investments going again.
The wealth of the ownership group only matters if they’re willing to use it to fund operating deficits. There is zero chance that Bloomberg is doing that. But, with the financial issues front and center, it makes for a nice headline.
I swear they better not cut payroll now but as a wolves fan I’m conditioned to expect the worst
Rodriguez has no business owning a team.
These clowns are going to end any kind of exciting team the Wolves have right now.
I know you buy a business to make money but reading this it seems like Afraud and Lore are already looking at ways to line their pockets.
Well… I guess it’s just confirmation that most rich people are unlikeable…
By 2031 they’re in Seattle. Nice…
Oldest building; had a complete $145M remodel completed in 2017.