Image Source: X
[Saba Sports News] Alex Rodriguez and Marc Lore are serious about purchasing the Minnesota Timberwolves and have added a major investor to their prospective ownership group.
Former New York City mayor Michael Bloomberg has joined the Rodriguez-Lore group, according to Jon Krawczynski and Shams Charania of The Athletic. Bloomberg, one of the richest people in the world, could help address claims that the group lacks the funds to purchase a majority share of the Timberwolves.
Lore and Rodriguez are currently in a dispute with current owner Glen Taylor over a $600-plus million payment needed for majority control of the franchise. Taylor claimed in March that the prospective owners didn’t have the necessary funds, a claim Rodriguez and Lore have denied. Bloomberg is reportedly set to contribute a portion of a $300 million payment to facilitate buying out Taylor immediately.
The dispute remains in arbitration and could take much of the summer to resolve. However, Bloomberg’s involvement significantly strengthens the group’s financial position in their bid to purchase and run the Timberwolves.