Michael Bloomberg Targets Timberwolves for Significant Investment

Billionaire businessman and former New York City mayor Michael Bloomberg has agreed to join Marc Lore and Alex Rodriguez in their bid to gain majority control of the Minnesota Timberwolves. This news comes from Shams Charania and Jon Krawczynski of The Athletic.

Michael Bloomberg’s Impact on the Ownership Bid

Michael Bloomberg, ranked by Forbes as the 12th-richest person in the world, brings substantial financial power to the Lore-Rodriguez group. His involvement strengthens their position as they aim to take over the Timberwolves and the WNBA’s Lynx. Currently, this group owns nearly 40 percent of both teams.

Lore and Rodriguez have been working towards acquiring majority control from current owner Glen Taylor. However, their progress faced delays due to a last-minute financing change and missed benchmarks. Despite these setbacks, they claim to have secured the necessary funds and are eligible for a deadline extension.

Timberwolves’ Performance

The Timberwolves have shown promise this season, particularly in their three-point shooting. They have a 38.2% accuracy rate, placing them 17th in the NBA standings for this metric. Anthony Edwards has been a standout player, contributing significantly to the team’s three-point success.

Bloomberg’s investment marks a pivotal moment in the Timberwolves’ ownership saga. His financial clout could be the key to Lore and Rodriguez achieving their goal of majority control. As this story develops, it will be interesting to see how this new ownership dynamic impacts the future of both the Timberwolves and the Lynx.