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Former New York City Mayor and billionaire media mogul Michael Bloomberg has joined the investor group headed by Marc Lore and Alex Rodriguez that is seeking to acquire a majority stake in the NBA’s Minnesota Timberwolves.

The addition of Bloomberg, who built his fortune after co-founding his eponymous financial data company that has served Wall Street professionals for decades, is a major coup for Lore and Rodriguez, who are locked in a battle with current T-Wolves majority owner Glen Taylor over control over the team.

A spokesperson for Lore confirmed Bloomberg’s participation in the investment group.

A spokesperson for Bloomberg declined to comment.

Bloomberg’s involvement in the Lore-A-Rod bid to own the Wolves dates back to late last year, The Post has learned from sources familiar with the matter.

Public knowledge of Bloomberg’s investment puts pressure on Taylor, who is trying to stop the sale, and has signaled that A-Rod and Lore do not have enough money to build the team. 

If Lore and A-Rod succeed in wresting control of the T-Wolves from Taylor, Bloomberg will wind up with approximately a 10% ownership stake in the team, sources told The Post.

An arbitration court is expected to decide in August or September whether A-Rod and Lore can force a sale, sources said.

The Post has sought comment from the Timberwolves and Rodriguez.

News of Bloomberg’s involvement was first reported by The Athletic.

Bloomberg’s wealth, which is valued by Forbes at $106.2 billion as of Thursday, makes him the 13th richest person in the world.

Bloomberg’s addition allows Lore and Rodriguez to go forward with a final $300 million investment to buy out Taylor in the short term rather than waiting until the end of the basketball season next year, according to the report.

Bloomberg is reportedly set to kick in just a portion of the $300 million as most of the money will come from investors that Lore and A-Rod have already lined up, among them former Google CEO Eric Schmidt.

The investment group headed by the Lore-Rodriguez tandem currently owns around 40% of the T-Wolves as well as the WNBA team, the Lynx.

In April 2021, Lore, the e-commerce mogul behind successful startups such as Diapers.com and Jet.com, teamed up with former Yankees great Rodriguez and reached an agreement with Taylor to purchase the Wolves for $1.5 billion.

The agreement was structured so that Lore and A-Rod would gradually acquire stakes in the team in a multi-step process over the span of a few years.

By last year, the two sides proceeded to the point where A-Rod and Lore amassed a 36% stake in the club.

The deal’s final stage called for the two to acquire an additional 40% stake by this past March — giving them majority control of the NBA franchise.

But Taylor, the 83-year-old businessman and former Minnesota state lawmaker, balked at selling the 40% stake — claiming that Lore and A-Rod did not line up adequate financing to complete the transaction.

Lore and A-Rod denied the claim, saying that Taylor got “seller’s remorse” after his T-Wolves surged to championship contention and likely saw its valuation soar in comparison to when he agreed to sell the club three years ago.

The Wolves’ valuation has surged to north of $3 billion, according to recent reports.

The team led by explosive superstar Anthony Edwards shocked basketball observers this year by reaching the Western Conference finals in the NBA — only to lose to the Dallas Mavericks.

In late March, The Post reported that Lore, who told the NBA he was worth around $4 billion, did not want to invest much of the $520 million that was needed for him and Rodriguez to increase their stake in the team to 80%.

Lore was willing to invest a relatively little amount of money, but wanted A-Rod, who had put in a lot less than Lore, to catch up in this new round of financing to a level much closer to what he had invested, sources with direct knowledge of the situation said.

Before Lore and A-Rod were set to plunk down $600 million for the additional 40% stake, they made a last-minute change in their financing of the payment — enlisting private equity firm Dyal Capital after the withdrawal of the Carlyle Group.

Lore and A-Rod insist that the financing is ready and that they have enough money to acquire the remaining 40% stake, which would buy out Taylor’s limited partners and leave him with 20% of the club.

The original agreement between the two sides allows Lore and A-Rod to acquire Taylor’s 20% stake anytime before March of next year.

Lore and A-Rod are reportedly making plans to map out a strategy for running the Wolves if, as they expect, the arbitrator will rule in their favor.

Their investor group plans to spend considerably to keep the team competitive, according to The Athletic, chiefly by paying the NBA’s luxury tax — a provision in the collective bargaining agreement that requires teams to fork over extra money if their payroll exceeds a threshold.

The Wolves’ collection of highly paid stars including Edwards, Karl-Anthony Towns, Mike Conley and Rudy Gobert has inflated the payroll above the league-mandated salary cap — necessitating a luxury tax payment.

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Fourteen children arrested on suspicion of manslaughter over Gateshead fire released on bail

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Fourteen children arrested on suspicion of manslaughter over Gateshead fire released on bail

All 14 children arrested on suspicion of manslaughter after a boy died in a fire have been released on police bail, officers said.

Layton Carr, 14, was found dead near the site of a fire at Fairfield industrial park in the Bill Quay area of Gateshead on Friday.

Northumbria Police said on Saturday that they had arrested 11 boys and three girls in connection with the incident.

In an update on Sunday, a Northumbria Police spokesman said: “All those arrested have since been released on police bail pending further inquiries.”

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Teenager dies in industrial estate fire

Firefighters raced to the industrial site shortly after 8pm on Friday, putting out the blaze a short time later.

Police then issued an appeal for Carr, who was believed to be in the area at that time.

In a statement on Saturday, the force said that “sadly, following searches, a body believed to be that of 14-year-old Layton Carr was located deceased inside the building”.

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David Thompson, headteacher of Hebburn Comprehensive School, where Layton was a pupil, said the school community was “heartbroken”.

Mr Thompson described him as a “valued and much-loved member of Year 9” and said he would be “greatly missed by everyone”.

He added that the school’s “sincere condolences” were with Layton’s family and that the community would “rally together to support one another through this tragedy”.

A fundraising page on GoFundMe has been set up to help Layton’s mother pay for funeral costs.

Pic: Gofundme
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Pic: Gofundme

Organiser Stephanie Simpson said: “The last thing Georgia needs to stress trying to pay for a funeral for her Boy Any donations will help thank you.”

One tribute in a Facebook post read: “Can’t believe I’m writing this my nephew RIP Layton 💔 forever 14 you’ll be a massive miss, thinking of my sister and 2 beautiful nieces right now.”

Detective Chief Inspector Louise Jenkins, of Northumbria Police, also said: “This is an extremely tragic incident where a boy has sadly lost his life.”

She added that the force’s “thoughts are with Layton’s family as they begin to attempt to process the loss of their loved one”.

They are working to establish “the full circumstances surrounding the incident” and officers will be in the area to “offer reassurance to the public”, she added.

A cordon remains in place at the site while police carry out enquiries.

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Football bodies could be forced to pay towards brain injury care costs of ex-players

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Football bodies could be forced to pay towards brain injury care costs of ex-players

Football bodies could be forced to pay towards the care costs of ex-players who have been diagnosed with brain conditions, under proposals set to be considered by MPs.

Campaigners are drafting amendments to the Football Governance Bill, which would treat conditions caused by heading balls as an “industrial injuries issue”.

The proposals seek to require the football industry to provide the necessary financial support.

Campaigners say existing support is not fit for purpose, including the Brain Health Fund which was set up with an initial £1m by the Professional Footballers’ Association (PFA), supported by the Premier League.

But the Premier League said the fund has supported 121 families with at-home adaptations and care home fees.

From England‘s 1966 World Cup-winning team, both Jack and Bobby Charlton died with dementia, as did Martin Peters, Ray Wilson and Nobby Stiles.

Neil Ruddock speaks to Sky's Rob Harris outside parliament
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Neil Ruddock speaks to Sky’s Rob Harris outside parliament

Ex-players, including former Liverpool defender Neil Ruddock, went to parliament last week to lobby MPs.

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Ruddock told Sky News he had joined campaigners “for the families who’ve gone through hell”.

“A professional footballer, greatest job in the world, but no one knew the dangers, and that’s scary,” he said.

“Every time someone heads a ball it’s got to be dangerous to you. You know, I used to head 100 balls a day in training. I didn’t realise that might affect my future.”

A study co-funded by the PFA and the Football Association (FA) in 2019 found footballers were three and a half times more likely to die of a neurodegenerative disease than members of the public of the same age.

‘In denial’

Among those calling on football authorities to contribute towards the care costs of ex-players who have gone on to develop conditions such as Alzheimer’s and dementia is Labour MP Chris Evans.

Mr Evans, who represents Caerphilly in South Wales, hopes to amend the Bill to establish a care and financial support scheme for ex-footballers and told a recent event in parliament that affected ex-players “deserve to be compensated”.

Greater Manchester Mayor Andy Burnham, who helped to draft the amendment, said the game was “in denial about the whole thing”.

Mr Burnham called for it to be seen as “an industrial injuries issue in the same way with mining”.

In January, David Beckham lent his support to calls for greater support for footballers affected by dementia.

One of the amendments says that “the industry rather than the public should bear the financial burden”.

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A spokesperson for the FA said it was taking a “leading role in reviewing and improving the safety of our game” and that it had “already taken many proactive steps to review and address potential risk factors”.

An English Football League spokesperson said it was “working closely with other football bodies” to ensure both professional and grassroots football are “as safe as it can be”.

The PFA and Premier League declined to comment.

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Terror arrests came in context of raised warnings about Iran, with ongoing chaos in its own backyard

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Terror arrests came in context of raised warnings about Iran, with ongoing chaos in its own backyard

These are two separate and unrelated investigations by counter-terror officers.

But the common thread is nationality – seven out of the eight people arrested are Iranian.

And that comes in the context of increased warnings from government and the security services about Iranian activity on British soil.

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Counter terror officers raid property

Last year, the director general of MI5, Ken McCallum, said his organisation and police had responded to 20 Iran-backed plots presenting potentially lethal threats to British citizens and UK residents since January 2022.

He linked that increase to the ongoing situation in Iran’s own backyard.

“As events unfold in the Middle East, we will give our fullest attention to the risk of an increase in – or a broadening of – Iranian state aggression in the UK,” he said.

The implication is that even as Iran grapples with a rapidly changing situation in its own region, having seen its proxies, Hezbollah in Lebanon and Hamas in Gaza, decimated and itself coming under Israeli attack, it may seek avenues further abroad.

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The government reiterated this warning only a few weeks ago, with security minister Dan Jarvis addressing parliament.

“The threat from Iran sits in a wider context of the growing, diversifying and evolving threat that the UK faces from malign activity by a number of states,” Jarvis said.

“The threat from states has become increasingly interconnected in nature, blurring the lines between: domestic and international; online and offline; and states and their proxies.

“Turning specifically to Iran, the regime has become increasingly emboldened, asserting itself more aggressively to advance their objectives and undermine ours.”

Read more:
Anybody working for Iran in UK must register or face jail, government announces

As part of that address, Jarvis highlighted the National Security Act 2023, which “criminalises assisting a foreign intelligence service”, among other things.

So it was notable that this was the act used in one of this weekend’s investigations.

The suspects were detained under section 27 of the same act, which allows police to arrest those suspected of being “involved in foreign power threat activity”.

Those powers are apparently being put to use.

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