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Former New York mayor Michael Bloomberg has joined a contentious battle for control of the Minnesota Timberwolves, as he looks to extend his interests in sports ownership and lend deep-pocketed support to a bid for the basketball franchise.
Bloomberg was joining a bid from two Wolves minority owners — ecommerce entrepreneur Marc Lore and retired baseball star Alex Rodriguez, a spokesman for the two said. Lore and Rodriguez are locked in a dispute with Wolves owner Glen Taylor over control of the National Basketball Association team and its sister franchise Minnesota Lynx which plays in the Women’s National Basketball Association, for which they signed a 2021 contract to buy for $1.5bn.
The exact size of Bloomberg’s share could not immediately be determined. Earlier this year, he was part of a group led by The Carlyle Group founder David Rubenstein to acquire baseball’s Baltimore Orioles for $1.73bn.
A spokesman for the Timberwolves declined to comment and a spokesman for Taylor did not immediately respond to a request for comment. News of Bloomberg’s affiliation with Lore and Rodriguez was first reported by The Athletic.
Lore and Rodriguez together own about 40 per cent of the Wolves and Lynx, a stake they have built in tranches as set forth in the 2021 purchase agreement with Taylor. In March, the pair submitted paperwork for an additional tranche of ownership that would have given them control of both franchises.
But Taylor said that Lore and Rodriguez had not fulfilled their obligations as part of the purchase agreement and called off the sale. The pair claim that Taylor has “seller’s remorse”.
Both sides have attended mediation over their contract dispute, which was unsuccessful and could lead to arbitration, people familiar with the matter have told the Financial Times. The NBA says it does not engage in disagreements between buyers and sellers of the league’s teams.
The addition of Bloomberg to the Lore and Rodriguez faction adds significant financial heft. The founder of the eponymous financial information and media company is worth $106bn, making him the 13th richest person in the world, according to Forbes. Lore and Rodriguez have previously sought additional outside financing for amassing their stake in the Wolves and Lynx, including from institutional investor Dyal Capital.
Given the purchase agreement between Taylor, Lore and Rodruiguez was signed in 2021, valuations of NBA franchises have climbed sharply, with the Phoenix Suns, Charlotte Hornets and Dallas Mavericks all changing hands at valuations of between $3bn-$4bn.
Forbes lists the present valuation of the Wolves, which lost the 2024 Western Conference Finals to the Mavericks last month, at $2.5bn.
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