Michael Bloomberg, the 12th richest person in the world with over $106 billion, has agreed to join the ownership group of Marc Lore and Alex Rodriguez in their bid to take majority control of the Minnesota Timberwolves.
Lore and Rodriguez currently hold 40 percent of the Timberwolves and are locked in a legal dispute with Glen Taylor over the remaining 40 percent they had agreed to acquire in 2021 at a $1.5 billion valuation.
However, Taylor cancelled the deal in March, alleging Lore and Rodriguez failed to meet certain deadlines outlined in the contract. Lore and Rodriguez have refuted this claim, stating they provided commitment letters for the $600 million required to reach an 80 percent stake by the March 27 deadline.
With the option to purchase the final 20 percent of the franchise by March 2025, Lore and Rodriguez can now proceed with a $300 million-plus investment to buy out Taylor with the addition of Bloomberg to their ownership group.
