Michael Bloomberg joins Marc Lore, A-Rod in bid to buy Timberwolves

Published

1 year ago

June 7, 2024

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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.

US

Snipers, Secret Service sweeps and a personal chef on standby: Scotland awaits Trump’s arrival

Published

1 hour ago

July 25, 2025

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Snipers, Secret Service sweeps and a personal chef on standby: Scotland awaits Trump's arrival

Donald Trump likes a wall. And now he has his very own 15ft-high metal barrier creating a fortress as he tees off for a weekend of politics, play and precision in Scotland.

An almost surreal contrast now exists in the tiny Ayrshire village of Turnberry.

On one side, the stunning coastline and luxury hotel that bears the president’s name. And on the other, an armed buffer zone with sniper teams and road checkpoints.

This visit is unlike those that have gone before.

The threat level and associated security on display is unprecedented following the attempted assassination of Trump at a campaign rally in the US.

“It would be inappropriate for me to plan an operation and not bear in mind what has happened,” the senior officer in charge of this weekend’s policing efforts told me.

Turnberry, and its population of about 200 people, have this week witnessed a never-ending stream of Army trucks, terrorist sweeps, road checkpoints, airspace restrictions, sniper positions being erected and Secret Service agents roaming around.

It is the most extensive security deployment in Scotland since the death of the late Queen in 2022.

It is estimated around 5,000 officers will be on the streets, with teams coming from across the UK to assist.

The spectacle primarily centres on Donald Trump coming to play golf before the arrival of Prime Minister Sir Keir Starmer for talks, likely on Monday.

The president, whose mother was born on the Scottish island of Lewis, is then scheduled to travel to his Aberdeenshire resort where a new golf course is set to open.

‘Trump is a decent boss’

Stephanie Campbell and Leanne Maxwell live in Turnberry and used to work at the Trump-owned resort, like many other locals.

The pair told Sky News the very first lesson staff at the resort are given is not in fine service or guest etiquette, but in how to respond to a bomb threat.

It is claimed there are posters above the landline phones in the hotel with instructions on the worst-case scenario.

Stephanie told Sky News: “I had no issues working for him, he is a really decent boss.

“The last time he came there was an element of excitement, I think this time there comes with an added element of concern.

“It brings a lot higher threats and security and it’s much more difficult for everybody in the area.”

Echoing her concerns, Leanne told Sky News: “Security is obviously being bumped up. It’s quite worrying. He’s quite a man, ain’t he?”

Sweeps of the rooms are carried out by US Secret Service agents after housekeeping staff complete their duties and Trump’s meals, they say, are prepared by a personal chef to avoid the risk of poisoning.

To the outside world, these measures seem standard for a US president. But to those who live in Turnberry, it’s far from normal when they have a date with the commander-in-chief.

Awkward encounters

Prestwick Airport has become something of an American airbase in recent days.

The infamous armoured limousine, known as “The Beast”, has been spotted being wheeled out of a US military plane as the presidential motorcade prepares for his arrival tonight.

Greeting the president at the doors of Air Force One will be the secretary of state for Scotland, Ian Murray, who previously supported a motion alleging Trump was guilty of “misogynism, racism and xenophobia”.

Another awkward encounter could come in the form of Scottish First Minister John Swinney’s showdown with Mr Trump next week.

The SNP leader, who publicly backed Kamala Harris in the presidential race, called for September’s state visit to be scrapped after the Ukrainian president’s visit to the White House descended into a shouting match live on TV earlier this year.

Demonstrations are planned throughout the weekend, with marches and protests announced in Glasgow, Edinburgh and Aberdeen.

Kirsty Haigh, from Scotland Against Trump, claims the president uses Scotland to “cleanse his image” and he should not be able to use the country as an “escape” from his views.

She told Sky News: “He should not be welcomed by us, by our leaders.

“We want to see a Scotland that is very different than [the] America that’s being created.”

US

Trump hopes to escape Epstein controversy, but story risks following him to Scotland

Published

1 hour ago

July 25, 2025

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Trump hopes to escape Epstein controversy, but story risks following him to Scotland

I knew Donald Trump when he was nothing.

Nothing like he is today, to be precise.

It was the 18 April 2006, and he had landed by helicopter at St Andrew’s, on his way to survey a stretch of Aberdeenshire coastline he was going to turn into a golf course.

He duly delivered and “Trump International” is a stunning addition to Scotland’s golfing real estate, alongside his other course at Turnberry.

Back in 2006, Trump was big time and big news.

He was the brand built on property and showbiz and, upon arrival, the star of TV’s The Apprentice breezed his way through our interview, obliging us by pointing down the barrel of the camera and delivering his trademark “you’re fired”.

We talked investment, Scottish roots and some local objections to the golf course.

I said it was all a bit like the film Local Hero, which likened him to the rich guy played by Burt Lancaster and he seemed happy enough.

Innocent times.

Fast forward 20 years to President Trump and we are braced for his latest return ‘home’. For this son of Scotland (his mother is from the Isle of Lewis), it’s a homecoming from hell. Hellish on security logistics, at least.

You might think a trip to the old country would carry an element of triumph, wrapped in a nation’s pride. He’s the prodigal who made president, after all – think Biden, Ireland, and the rock star welcome rolled out there for one of their own.

Not so for President Trump. The dynamic’s different with the Donald – the heartland he’ll visit isn’t loved up, it’s locked down. Same as it ever was, whenever he lands in Scotland.

Hundreds of extra police officers have been drafted from around the country to hermetically seal his golf courses in Turnberry and Aberdeenshire. A private trip in two very public settings demands a huge security operation, complicated by an army of protestors mobilising for what they’re calling a “carnival of resistance”.

Demonstrations are planned over a range of causes – organisers cite “threats” to democracy, climate, the global economy and more.

There is no cause untouched by a president of the US and none forgotten by this weekend’s protests.

Scotland leans left of Donald Trump, and critics will lean into an effort to let him know.

It’s an awkward setting for a charm offensive by Prime Minister Sir Keir Starmer and Scotland’s First Minister John Swinney.

As the biggest show in politics rolls into town, they will polish the script on trade negotiations, wary of a president distracted, unpredictable and prone to changing the plot.

His distraction, of course, is the political drama back home.

Trump will welcome a weekend under the radar as an opportunity to escape the Jeffrey Epstein controversy, but there’s every chance the story will travel with him.

Daily efforts to steer the media away from the scandal haven’t stemmed the flow of persistent enquiry and revelations that cement Trump’s relationship with Epstein in the public consciousness, and so further raise questions of cover-up.

US

Trump in Scotland: Escaping Epstein?

Published

1 hour ago

July 25, 2025

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The Epstein files are increasingly consuming the Trump administration, while Ghislaine Maxwell, Jeffrey Epstein’s co-conspirator and accomplice, has met Department of Justice officials and been ordered to appear before a congressional committee.

This, as the Wall Street Journal continues to reveal the alleged extent of Donald Trump’s relationship with the convicted sex offender.

Meanwhile, the president is due to arrive in Scotland to honour his mother, play golf, and meet Sir Keir Starmer and Scottish First Minister John Swinney.

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