Bloomberg teams up with Lore-Rodriguez group to acquire Timberwolves amid dispute

MINNEAPOLIS — In a surprising turn of events, billionaire media mogul Michael Bloomberg has joined forces with Marc Lore and Alex Rodriguez in their bid to purchase the Minnesota Timberwolves. The partnership comes after the deal hit a roadblock when former owner Glen Taylor halted the sale due to missed payment deadlines.

Bloomberg, currently ranked as the 12th-richest person in the world with a net worth of $106 billion, brings his vast business and financial expertise to the table. The 82-year-old served as the mayor of New York City for three terms and built his wealth through his media company.

Lore and Rodriguez had initially agreed to buy the Timberwolves for $1.5 billion from Taylor, with the final phase of the deal set to make them controlling owners of the franchise. However, the transaction was delayed by the NBA’s approval process, leading to a dispute over missed deadlines and the final payment.

The Lore-Rodriguez group, which already owns 36% of the franchise including the WNBA’s Minnesota Lynx, accused Taylor of having second thoughts due to the increased value of the team. Taylor, on the other hand, cited the team’s success on the court as a reason for his change of heart.

The dispute between the two parties has now escalated to an arbitration hearing, as they seek to resolve the conflict and move forward with the sale. NBA Commissioner Adam Silver has indicated that the league is unlikely to intervene in the matter, leaving it up to the involved parties to find a resolution.

Taylor, who purchased the team in 1994 for $88 million, had structured the deal in phases to allow for a smooth transition of ownership. The addition of Bloomberg to the mix adds a new dynamic to the situation, as the potential new owners look to navigate the complexities of the league and the community.

As the Timberwolves continue to make headlines both on and off the court, the future of the franchise hangs in the balance as the stakeholders work towards a resolution that will shape the team’s trajectory in the years to come.