Michael Bloomberg Joins Lore/Rodriguez Group Purchasing Wolves

[RealGM Wiretap]

Michael Bloomberg has agreed to join the ownership group of Marc Lore and Alex Rodriguez as they attempt to take majority control of the Minnesota Timberwolves.

Bloomberg is the 12th richest person in the world at over $106 billion.

Lore and Rodriguez currently own 40 percent of the Timberwolves and are in a legal battle with Glen Taylor for the additional 40 percent of the franchise they agreed to purchase in 2021 at a $1.5 billion valuation.

Taylor called off the deal in March claiming Lore and Rodriguez didn't meet contractually obligated deadlines. Lore and Rodriguez disputed that characterization, saying they submitted commitment letters for the $600 million needed to get them to 80 percent equity ahead of the March 27 deadline. 

Lore and Rodriguez can purchase a final 20 percent stake in the franchise anytime before March 2025. By adding Bloomberg, they can immediately go forward with a final $300 million-plus investment to buy out Taylor now.

Via Jon Krawczynski, Shams Charania/The Athletic

[MitchB3]

So basically Bloomberg loaned them the money to have them pay him back at a later time.

[Temuhjan]

A real billionaire lends money

[Bigstein09]

So basically Bloomberg loaned them the money to have them pay him back at a later time.

This reads to me as if he is an equity partner, unless there is something that I’m missing.

[MitchB3]

So basically Bloomberg loaned them the money to have them pay him back at a later time.

This reads to me as if he is an equity partner, unless there is something that I’m missing.

You have to sometimes read between the lines. Bloomberg hasn't shown any real interest in "sports" so for him to to this then there's something that's up.