MINNEAPOLIS — As if the real-life, high-stakes battle for ownership of the Minnesota Timberwolves wasn't already intriguing enough, a new character in the storyline could add even more drama.
The Athletic's Jon Krawczynski and Shams Charania, citing league sources that are privy to the agreement, report billionaire businessman and three-time New York City Mayor Michael Bloomberg has joined Marc Lore and Alex Rodriguez in their bid to wrestle control of the Timberwolves franchise away from current majority owner, Glen Taylor.
Details of Bloomberg's potential role, besides providing an important financial stake, are unclear at this time.
Bloomberg, who recently ranked 13th on the Forbes real-time list of billionaires, is said to be worth $102.6 billion. That would bring significantly more financial clout to Lore and Rodriguez, who currently own 40% of the Timberwolves but were recently rebuffed in their bid to purchase majority ownership of the club from Taylor.
Taylor called off the deal in March, saying Lore and Rodriguez had missed several specific benchmarks that were spelled out in the purchase agreement, while also questioning the group's financing. Rodriguez and Lore disputed Taylor's assertions, and the matter is currently in arbitration, with a ruling expected by summer's end.
Some insiders say Taylor suffered a significant case of seller's remorse while calling of the sale of the Wolves, citing the $1.5 billion price tag at the time of the agreement with Lore and Rodriguez. The value of the Wolves has soared since, as the roster has drastically improved under new General Manger Tim Connelly. Minnesota just completed arguably the best season in franchise history, winning two playoff series before losing to the Dallas Mavericks in the Western Conference Finals.
Some estimates put the current value of the Timberwolves at more than $2.5B.
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