Report: Former NYC mayor Michael Bloomberg joins A-Rod, Lore ownership group

Bloomberg is the 12th-richest person in the world with an estimated net worth of $106 billion.

August 20, 2020; Milwaukee, WI, USA; (Editors Note: Screen grab from Democratic National Convention video stream) Michael Bloomberg, former Mayor of New York City, speaks to viewers during the Democratic National Convention at the Wisconsin Center. Mandatory Credit: Democratic National Convention via USA TODAY NETWORK / Democratic National Convention v

One of the richest men in the world has joined forces with Alex Rodriguez and Marc Lore in an attempt to gain majority ownership of the Minnesota Timberwolves and Lynx.

According to Jon Krawczynski of The Athletic, former three-term New York City mayor Michael Bloomberg has joined Lore and Rodriguez that "would allow them to go forward immediately with a final $300-plus million investment to buy out" current majority owner Glen Taylor.

The Lore-Rodriguez group is headed to arbitration with Taylor after Taylor called off the agreement that would've resulted in a third payment to Taylor – an amount of $600 million – take Lore-Rodriguez from a 36% stake in the basketball franchises to 80%. The remaining 20% would belong to Taylor, though Krawcyznski is reporting that an additional $300-plus million from Lore, Rodriguez and Bloomberg could be used to buy out Taylor completely.

Bloomberg, who is the 12th-richest person on the planet, according to Forbes, with a net worth of $106 billion, "is in for only a portion" of the additional $300-plus million," Krawczysnki says.

The question now seems to be if Taylor will entertain a full sale of the franchises, though that decision could be out of Taylor's control if a neutral arbitrator rules in favor of Lore and Rodriguez.

Taylor, 83, announced March 28 that the teams were no longer for sale, claiming Lore and Rodriguez didn't meet contractual obligations laid out in the purchase agreement the two sides signed in 2021.

"What I anticipate doing — if I can work everything out the way I'm planning on it — is I'll just continue to keep the ownership," Taylor told Twin Cities TV station Fox 9 in mid-March. "I'll have the controlling ownership and just keep on running. We have a plan that upon my death we have a plan of what will happen, but they'll stay in Minnesota and they'll be controlled by my family."

Lore and Rodriguez have maintained that they didn't miss a deadline and believe Taylor has a case of "seller's remorse."

“We’re going to be the owners of the Minnesota Timberwolves,” Lore told Sportico after Taylor's surprising decision to take the teams off the market. “It’s just a matter of time, and how much pain Glen wants to put the fans, the players, the town and community through. It’s his choice. It didn’t have to be this way.” 

The ownership future of the Wolves and Lynx remains murky, but Bloomberg certainly adds some weight to the Lore-Rodriguez group.