Lore, A-Rod Add New High Profile Billionaire to Timberwolves Ownership Group

marc lore alex rodriguez Minnesota Timberwolves
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For the past handful of months Alex Rodriguez and Marc Lore have been locked in a battle with current Minnesota Timberwolves majority owner Glen Taylor in regards to the franchise’s passing of the baton.

Much has been centered around the real cash flow the new group has, but that won’t be a problem with former New York mayor Michael Bloomberg, Forbes 13th richest person in the world, who “reached an agreement to join the prospective Minnesota Timberwolves ownership group of Marc Lore and Alex Rodriguez”, per The Athletic on Thursday.

Obviously Alex Rodriguez is the big name involved with the Minnesota Timberwolves and a transferring of ownership, but it isn’t his capital that is most influentially supporting the deal. That would be Marc Lore.

Still, the pair have faced questions about their payments being on time, and to the point of Glen Taylor backing out on the deal entirely. Billionaire Michael Bloomberg joining their side presents a whole new ballgame.

Michael Bloomberg joins Minnesota Timberwolves ownership group

The transition from Glen Taylor to Alex Rodriguez and Marc Lore was supposed to have taken place. Instead, as Taylor watched his asset increase exponentially this season, he called the deal off and cited missed payments from the new ownership group. The sides have already participated in litigation, and the legal battle continues to rumble down the tracks.

Michael Bloomberg
Imagn Content Services, LLCCredit: Democratic National Convention via Imagn Content Services, LLC

With The Athletic reporting that former New York City mayor Michael Bloomberg joining the incoming group, it’s hard to believe that any financial hurdle will remain. Although Taylor is the richest man in Minnesota, Bloomberg’s earnings make Taylor’s financial power look like you ordered your Billionaire from Wish.

The only NBA owner with type of cash that Bloomberg does is Steve Balmer, though it’s important to remember that Bloomberg is very much a minority owner for the Wolves.

Related: A-Rod, Marc Lore Acting and Partying Like Majority Owners of the Timberwolves

The goal for Rodriguez and Lore has been to own 80-percent of the franchise, while buying out each of Taylor’s limited partners. That process will continue throughout the summer, and Taylor was previously expected to remain in charge through many of the offseason activities. How that is impacted with a new windfall of spending power remains to be seen.

Bloomberg’s commitment is reported to be an additional $300 million that would immediately buy Taylor out. His name is a massive addition to the group, but the contingent that Lore and Rodriguez have already assembled remain as the majority of the financial backing.

Minnesota Timberwolves owners set getting ready to spend big?

Should the transition from Taylor to Lore and Rodriguez take place, the spending directed towards the Minnesota Timberwolves would be expected as substantial. Not only is the franchise facing a hefty luxury tax bill, but the approval of a new arena is something on the docket as well.

Keeping a player like Karl-Anthony Towns will force ownership to pay up, and if they are going to add with an interest in advancing past this season’s ending point, the dollars only go up.

Alex Rodriguez, Marc Lore
Photo: Getty Images

Related: Lore, A-Rod Targeting Farmers Market Location for New Timberwolves Arena

While the salary cap doesn’t impact executives, the Timberwolves have already increased president Tim Connelly’s salary by a substantial amount in order to keep him. The renewed interest in the franchise, and level of competitiveness, have everyone looking to push all their chips to the center.

While Taylor has said he will pay the luxury tax next season, it is not something that he has done often over the years (just three times), and now he is faced with a group of successors that have significantly more capital than he does. People lining up to throw money at a Minnesota franchise is a new reality, but Anthony Edwards has made it come to fruition.

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