Yankees icon Alex Rodriguez, alongside his business partner Marc Lore, is relentlessly pursuing the majority ownership of the Minnesota Timberwolves, affirming their commitment to the venture. To bolster their bid, Rodriguez has turned to an old ally: former New York City mayor Michael Bloomberg.
What happened?
As reported by The Athletic, the prospective ownership group for the Timberwolves has struck a deal with Bloomberg to join as an investor, a move aimed at bolstering their efforts to wrest control of the franchise from current owner Glen Taylor. Rodriguez and Lore currently possess a 40% stake in both the Timberwolves and the WNBA’s Minnesota Lynx.
In the midst of arbitration proceedings against Taylor over a $600 million dispute, which would grant them an additional 40% ownership, Alex Rodriguez and Lore are seeking additional funds to expedite the process. Bloomberg’s involvement, though significant, is only a fraction of the necessary investment. The majority of the required $300-plus million comes from the existing consortium, which includes Rodriguez, Lore, former Google CEO Eric Schmidt, and other backers.
Bloomberg, with a net worth of $106.2 billion, according to Forbes, holds substantial financial clout, ranking as the 12th-wealthiest individual globally. His infusion of capital would enable the group to swiftly secure the remaining 20% stake from Taylor, thus bypassing the original March 2025 deadline.
The 82-year-old Taylor’s decision to withdraw from the deal on March 28, citing Lore and Alex Rodriguez’s purported failure to meet payment deadlines, sparked a contentious dispute. Lore and Rodriguez contested Taylor’s assertion, asserting that they were awaiting NBA approval for submitted paperwork, as per the contract’s provisions allowing for a 90-day extension. They accused Taylor of experiencing buyer’s remorse due to the franchise’s increased valuation since the agreement, reflecting the NBA’s surging revenues.
Lore, renowned for his success in e-commerce, and Alex Rodriguez, a celebrated former MLB player, entered into an agreement with Taylor in 2021 to acquire the Timberwolves and the Minnesota Lynx WNBA franchise for $1.5 billion. Taylor, who originally purchased the team for $88 million in 1994, structured the deal in stages, intending to mentor Lore and Rodriguez as they familiarized themselves with the league, the organization, and the Twin Cities community. Currently, Lore and Rodriguez jointly own a 36% share of the club.
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