Mike Bloomberg has joined A-Rod and Marc Lore's bid to buy the Timberwolves, per a report

Former New York City Mayor Michael Bloomberg has joined Marc Lore and Alex Rodriguez in their yearslong attempt to purchase the Minnesota Timberwolves and Lynx, according to The Athletic .

Why it matters : Bloomberg's estimated $106 billion net worth may assuage growing fan concern that Lore and A-Rod won't be able to pay for an expensive player roster and a new arena, as the Wolves come off their best season in 20 years .

Catch up fast: Current owner Glen Taylor in late March called off a deal to sell the teams to A-Rod and Lore that had been in the works for three years.

• Taylor said the two had missed a deadline on a $600 million payment that would have given them an 80% controlling stake.
• Citing unnamed sources, The Athletic reports that Bloomberg's investment would be for a portion of a $300 million payment needed to buy the final 20%, which would completely clear Taylor from the picture.

Reality check: Bloomberg's investment may be moot unless an arbitration board hearing the dispute, sides with Lore and A-Rod.

• That could take most of the summer to resolve, according to The Athletic. A deal would also need to be approved by the NBA's board of governors.

The intrigue: Rodriguez recently told sports blogger David Shama that he's eyeing land near the Minneapolis Farmers Market for a new arena.

• The Athletic reports that the group is developing plans for a privately financed arena in Minneapolis to open as soon as 2031.

What we're hearing: The most crucial piece of land near the Farmers Market is an eight-acre, two-building industrial complex owned by a trust of the late Bob Salmen.

• Salmen's brother, Mike, told Axios on Thursday that the A-Rod/Lore group has not approached his family about the site. "We haven't heard anything from anybody."
• Salmen's buildings have long-term leases with an event center and Minneapolis Public Schools, he said.
• "They would probably have to pay our tenant something to leave."

Editor's note: This story has been updated to include a new comment from Mike Salmen.

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