Businessman and former New York City mayor Michael Bloomberg has reached an agreement to join the Minnesota Timberwolves ownership group of Marc Lore and Alex Rodriguez, according to Shams Charania and Jon Krawcynski of The Athletic.
According to Forbes, Bloomberg is the 12th-richest man in the world and will join Lore and Rodriguez, who are attempting to gain majority control of the Timberwolves and WNBA’s Minnesota Lynx from current owner Glen Taylor. Lore and Rodriguez had previously had an agreement in place with Taylor on a purchase of the franchise at a $1.5 billion price tag.
Lore and Rodriguez had bought portions of the Timberwolves in 2021 and 2023 to obtain 36% equity. In March, Taylor ended up calling off the deal between the two sides.
Taylor had stated that Lore and Rodriguez didn’t have the necessary capital to complete the sale, and the duo missed checkpoints during the process. According to ESPN’s Adrian Wojnarowski, Lore and Rodriguez also wanted the Timberwolves to duck the luxury tax for next season.
The two…
