Bloomberg, Arctos Sports Partners to Acquire Timberwolves, Lynx
NEW YORK, April 12, 2023
– Former New York City Mayor and billionaire businessman Michael Bloomberg and private equity firm Arctos Sports Partners have reached an agreement to purchase the Minnesota Timberwolves and Minnesota Lynx from Glen Taylor for a reported $1.5 billion. The deal, which is expected to close in the coming months, will give Bloomberg and Arctos control of both the NBA and WNBA franchises. The Timberwolves, currently ranked 11th in the Western Conference, have not made the playoffs since 2018. The Lynx, on the other hand, have won four WNBA championships since 2011. Bloomberg, who owns the Bloomberg LP financial data and media company, has long expressed an interest in owning a sports team. He previously bid on the Buffalo Bills in 2014 but was unsuccessful. “I’m thrilled to have the opportunity to be a part of the Timberwolves and Lynx organizations,” Bloomberg said in a statement. “I believe in the future of both franchises and am excited to work with the incredible team members and fans to bring success to Minneapolis.” Arctos Sports Partners, which specializes in sports-related investments, has made several high-profile acquisitions in recent years, including the purchase of the Sacramento Kings in 2013. “We are excited to partner with Michael Bloomberg to acquire the Timberwolves and Lynx,” said Arctos CEO Ian Charles. “We share his belief in the potential of these franchises and look forward to working with him to build a championship-caliber organization.” The sale of the Timberwolves and Lynx marks the end of an era for Taylor, who has owned the teams since 1995. Taylor had been looking to sell the franchises for several years, but a deal was delayed due to the COVID-19 pandemic. “I’m proud of what we have accomplished during my time as owner of the Timberwolves and Lynx,” Taylor said. “I believe that Michael Bloomberg and Arctos Sports Partners are the right people to lead these organizations into the future.”Michael Bloomberg, the former New York City mayor and billionaire businessman, is in advanced talks to buy the Minnesota Lynx and Minnesota Timberwolves, according to multiple reports. Bloomberg would be the majority owner of the teams, which are currently owned by Glen Taylor. The deal is expected to be finalized in the coming weeks. Bloomberg is a lifelong sports fan and has been a minority owner of the New York Yankees since 2000. He is also the founder and majority owner of Bloomberg LP, a financial data and media company. The Lynx are one of the most successful WNBA franchises, having won four championships in the past decade. The Timberwolves have not had as much success, but they have made the playoffs twice in the past five years. Bloomberg’s purchase of the teams would be a significant investment in the Twin Cities sports market. It would also be a major coup for the WNBA, which is looking to expand its reach and popularity.
