Alex Rodriguez and Marc Lore remain serious about trying to purchase the Minnesota Timberwolves, and have added a major investor to their prospective ownership group.
Former New York City mayor Michael Bloomberg has agreed to join the Rodriguez-Lore group, according to Jon Krawczynski and Shams Charania of The Athletic. One of the richest people in the world, Bloomberg’s presence will presumably go a long way toward addressing claims that the group does not actually have the funds to purchase a majority share of the Timberwolves.
Lore and Rodriguez are locked in a dispute with current owner Glen Taylor over a $600-plus million payment that would allow their group to take over majority control of the franchise. Taylor had claimed in March that the prospective owners did not have the money necessary to complete the next step in the deal, a characterization that Rodriguez and Lore have vehemently denied. Bloomberg would reportedly contribute a portion of a $300 million payment that would allow the group to take steps to buy out Taylor immediately.
The dispute between Taylor and the potential new owners remains in arbitration and could take much of the summer to resolve. Bloomberg’s involvement, however, is a significant thing the group can point to when arguing that they have the money to purchase and run the Timberwolves going forward.
