More Sports ES Fancast Jun 6, 2024 | 3:18 PM EDT via Getty PHILADELPHIA, PENNSYLVANIA – DECEMBER 20: Anthony Edwards #5 of the Minnesota
Timberwolves looks on between teammates Karl-Anthony Towns #32 and Rudy Gobert
#27 during the second quarter against the Philadelphia 76ers at the Wells Fargo
Center on December 20, 2023 in Philadelphia, Pennsylvania.Porno 1xbet NOTE TO USER: User
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License Agreement. (Photo by Tim Nwachukwu/Getty Images) via Getty PHILADELPHIA, PENNSYLVANIA – DECEMBER 20: Anthony Edwards #5 of the Minnesota
Timberwolves looks on between teammates Karl-Anthony Towns #32 and Rudy Gobert
#27 during the second quarter against the Philadelphia 76ers at the Wells Fargo
Center on December 20, 2023 in Philadelphia, Pennsylvania. NOTE TO USER: User
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License Agreement. (Photo by Tim Nwachukwu/Getty Images) The quest to acquire the Minnesota Timberwolves and Lynx has garnered significant attention, with former Major League Baseball player Alex Rodriguez and businessman Marc Lore spearheading the effort. A new character has now entered the picture. Michael Bloomberg, the former mayor of New York City, has entered the race to become the owner of the Timberwolves. Shams Charania of The Athletic broke the news, stating, “Former NYC Mayor Michael Bloomberg — one of the richest people in the world — has agreed to join the Marc Lore and Alex Rodriguez ownership group to buy the Minnesota Timberwolves/Lynx, sources tell me.” A-Rod and Marc Lore seem to be doing their best to not let go of the team, they are now being joined by Bloomberg, whose net worth is a whopping $106 billion. With A-Rod, Lore, and Bloomberg on board, the tide might be shifting for Anthony Edwards and Karl-Anthony Towns. ADVERTISEMENT Article continues below this ad A post shared by Shams Charania (@shamsnba) A-Rod and Marc Lore are presently involved in a lengthy lawsuit with Glen Taylor, the team’s owner. The Marc Lore, Alex Rodriguez, and Minnesota Timberwolves acquisition deal was supposed to close back in March. Rodriguez and Lore were expected to obtain a 40% minority ownership position in the team as a result of this agreement. However, in March, Glen Taylor announced on the team’s website that he was ending the agreement, citing Rodriguez and Lore’s inability to meet the deadlines. The futures of star players Karl-Anthony Towns and Anthony Edwards are at stake as the ownership crisis of the Minnesota Timberwolves plays out. With new ownership, things might be changing. As Alex Rodriguez and Marc Lore move closer to completing their bid for the franchise and Michael Bloomberg has joined their ownership group. The team’s roster and financial plan may undergo major changes soon. ADVERTISEMENT Article continues below this ad With his talent, Anthony Edwards has become a pillar for the Timberwolves, winning over co-owner Alex Rodriguez. “We’re so lucky to have a guy like Anthony Edwards,” Rodriguez said, beaming. In order to maintain his position as the team’s face, Edwards is anticipated to secure a large $204.45 million extension as he approaches the last year of his $13 million rookie deal. But there might be a slight problem in store for Minnesota. The Timberwolves will likely have a $200 million salary for the upcoming season, which will result in a significant luxury tax. Glen Taylor’s historical unwillingness to pay the luxury tax, along with Rodriguez and Lore’s expected prudent financial strategy, suggest roster changes may be necessary. According to Adrian Wojnarowski of ESPN, the new owners intend to cut salaries by $30 million because their budget is just below the luxury tax threshold. The Wolves will be looking to let go of players. And currently, things are not looking good for Karl-Anthony Towns. ADVERTISEMENT Article continues below this ad KAT faces an uncertain future. Known for his offensive ability, Towns has been inconsistent this season, especially during the playoffs. ESPN’s Brian Windhorst said, “I do not think they would tear the team apart, however, I do think there’s a possibility if the ownership change took place that Karl Towns’ role would be reevaluated.” And according to reports, the New York Knicks might be interested in KAT. The futures of Towns and Edwards will be under question as the Timberwolves adjust to new ownership. Edwards can expect good news, but KAT might have to say goodbye to his team soon. With Rodriguez, Lore, and now Bloomberg leading the way, the Wolves are set for a pivotal era that could redefine their trajectory in the NBA. EssentiallySports is a digital-first sports media house that surfaces the best stories on America’s favorite sports celebrities with a fan’s perspective to 30+ M average monthly readers. Sports All Boxing Formula One Golf NASCAR NBA NFL ONE Championship Tennis UFC WWE Bodybuilding WNBA EssentiallySports About Us Advertise With Us Authors Editorial Team Behind The Scenes Humans of EssentiallySports Contact Us FAQs Our Brands FanCast On The Ropes Bodybuilding Bros Club Golf Lucky Dog on Track Sports All Boxing Formula One Golf NASCAR NBA NFL ONE Championship Tennis UFC WWE Bodybuilding WNBA Privacy Policy ES Pressroom Ethics Policy Fact-Checking Policy Corrections Policy Cookies Policy GDPR Compliance Terms of Use Editorial Guidelines Ownership and funding Information Full Spectrum Services LLP © 2024 | All Rights Reserved
