MINNESOTA TIMBERWOLVES JOSH MINOTT HAS SIGNED $46 MILLION CONTRACT DEAL..

The Minnesota Timberwolves ownership picture saw another change on Thursday when The Athletic reported that Michael Bloomberg, the former mayor of New York City and one of the richest men in the world, has agreed to join the Timberwolves ownership group with Marc Lore and Alex Rodriguez.

Lore and Rodriguez currently own 36% of the Timberwolves and Minnesota Lynx and were set to buy an additional 40%, and majority control, for $600 million back in March before Glen Taylor called the whole thing off.

Taylor’s assertion was that the potential new owners did not have the requisite funds to purchase the team. At the same time, Lore and Rodriguez disputed this claim, saying they had submitted the necessary paperwork before their deadline. The matter is currently in arbitration.

While Bloomberg’s addition will not affect the upcoming arbitration case, if the proceedings break in favor of Lore and Rodriguez, Bloomberg, listed by Forbes as the 10th-richest man in the world, would be set to contribute $300 million allowing the group to buy out Taylor a year earlier than originally expected.