ALEX Rodriguez and Michael Bloomberg have a big vision for the planned acquisition of the Minnesota Timberwolves — including a new TV network.
The billionaire and media mogul agreed to help baseball icon and business partner Marc Lore in his attempted $1.5 billion acquisition of the Timberwolves from owner Glen Taylor.
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The matter is now referred to arbitration after mediation failed to resolve an ongoing dispute regarding payment terms.
And Bloomberg, who has a net worth of $106 billion, wants to help Rodriguez and Lore create a new regional sports network that will broadcast the WNBA’s Timberwolves and Minnesota Lynx.
The YES Network-style RSN would also broadcast other teams’ games in the Twin Cities area by The Athletic.
Rodriguez and Lore reportedly reached out to RedBird Capital founder Gerry Cardinale about creating the new venture.
Cardinale played an important role in founding the successful YES Network, which broadcasts New York Yankees games as well as other New York area teams.
Timberwolves games have been hosted by Bally Sports North in recent years.
But many fans have been unable to watch local games following a dispute between Bally Sports North’s parent company, Diamond Sports Group, and satellite TV provider Comcast.
Notably, the Minnesota Twins are part of the Bally Sports North portfolio.
According to The Athletic, the group is also developing plans for a new, privately funded arena to replace Target Center.
A-Rod and his team have found land for a new stadium and hope to open the arena in time for the 2031 season.
Lore and Rodriguez have discussed with Oak View Group and Live Nation about the new facility, the report added.
The Lore-Rodriguez group currently owns 36% of the Timberwolves, including the Lynx.
They were working on acquiring another 40% stake for majority control in March when Taylor canceled the deal.
Lore and Rodriguez accused Taylor of having “seller’s remorse.”
Since the deal was signed in 2021, the collective value of the Timberwolves and Lynx has increased from $1.57 billion to $2.9 billion.
The pair repeatedly disputed the notion that they did not have the money to complete the transaction before Bloomberg arrived.
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“I have never been in a better financial position” Lore said.
“Much better now than two and a half years ago when we closed this deal. … I’m full of money.
“I have literally hundreds of millions of dollars in the bank, ready to invest in the Wolves and bring home a championship.
“We’ve never been better off.”
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This story originally appeared on The-sun.com read the full story
