Ex-NYC Mayor Bloomberg joining A-Rod and Lore’s Timberwolves ownership group

Former New York City Mayor Michael Bloomberg is joining the Marc Lore and Alex Rodriguez-led group that is continuing to pursue majority ownership of the Minnesota Timberwolves and Lynx.

A spokesperson for Lore confirmed the news to KSTP Sports on Thursday. The Athletic first reported Bloomberg’s addition to the group.

The longtime businessman and former politician, now 82, is one of the richest people in the world. Forbes ranks his net worth as $106.2 billion, 13th on its real-time billionaires list.

Bloomberg’s addition comes as control of the franchise remains up in the air.

Longtime Timberwolves owner Glen Taylor agreed to a gradual sale of the franchise to Lore and Rodriguez back in 2021. However, in March, he claimed the duo failed to meet the deadline for their final payment, which would’ve given Lore and Rodriguez the controlling stake in the organization.

That set off a legal battle between the two sides, which started with mediation last month and is now headed to arbitration. A date hasn’t yet been scheduled for that.

Lore and Rodriguez have pushed back against speculation that they struggled to come up with the necessary funding for the final payment and operations going forward, particularly since the team will now have three players on max contracts and is in line to pay a hefty luxury tax bill in the coming seasons unless the roster undergoes serious changes. However, Bloomberg’s addition seemingly removes any financial concerns, although The Athletic notes that he’s only in for a small stake and Lore and Rodriguez will continue to lead their group.

The ownership battle is expected to take several months to resolve.