Michael Bloomberg, the billionaire media mogul and former mayor of New York City, has agreed to team with Marc Lore and Alex Rodriguez in their bid to acquire the Minnesota Timberwolves, according to a person with knowledge of the deal.
The person spoke to The Associated Press on condition of anonymity because details of the transaction were not made public. The news was first reported by The Athletic.
Bloomberg is currently ranked by Forbes as the 12th richest person in the world on the business news outlet’s list of personal fortunes, with an estimated net worth of $106 billion. The 82-year-old served three terms as mayor of the country’s largest city from 2002 to 2013. He built his wealth through the business and financial information and media company that took his last name.
Lore and Rodriguez agreed more than three years ago to buy the Timberwolves for $1.5 billion from Minnesota native and printing and agriculture magnate Glen Taylor, who halted the sale on March 28 because he said they missed the deadline for doing so. of the last payment had been missed.
Lore and Rodriguez have said they have the money to complete the deal and that they were delayed by the NBA in approving the transaction and thus were entitled to an extension. After mediation fails to resolve the conflict, the two parties are headed to an arbitration hearing in accordance with the terms of the contract.
The Lore-Rodriguez group currently owns 36% of the franchise, including the WNBA’s Minnesota Lynx. The final phase would transfer another 40% and make them controlling owners.
Lore and Rodriguez accused Taylor of having seller’s remorse because the team’s value has skyrocketed since the original deal, in line with rising NBA revenues.
Taylor acknowledged last month that he had changed his mind, but said it was due to the good atmosphere within the organization during a 56-26 season that went down as the second-best season in franchise history. The Timberwolves eventually reached the Western Conference Finals, losing to Dallas in five games.
NBA Commissioner Adam Silver said last month that the league would likely have no reason to intervene in the dispute.
Taylor, who bought the team for $88 million in 1994, structured the deal in phases so he could serve as a mentor to the newcomers as they learned the league, the organization and the Twin Cities community.
