Bloomberg joins Lore-Rodriguez group for in-dispute purchase of Timberwolves, AP source says
Billionaire media magnate and former New York City mayor Michael Bloomberg has agreed to partner with Marc Lore and Alex Rodriguez on their in-dispute attempt to purchase the Minnesota Timberwolves, according to a person with knowledge of the deal who spoke to The Associated Press on condition of anonymity because details were not being made public
MINNEAPOLIS (AP) — Michael Bloomberg, the billionaire media magnate and former New York City mayor, has agreed to partner with Marc Lore and Alex Rodriguez for their in-dispute attempt to purchase 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 being made public. The news was first reported by The Athletic.
Bloomberg is currently ranked as the 12th-richest person in the world by Forbes 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 2002-13. 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 mogul Glen Taylor, who halted the sale on March 28 because he said they missed the deadline to make the final payment.
