Michael Bloomberg joins Lore-Rodriguez Wolves group, reports say - ESPN

MINNEAPOLIS — 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 Thursday on condition of anonymity because details of the transaction were not being made public. The news was first reported by The Athletic.

Bloomberg is 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 to 2013. 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.

Lore and Rodriguez have said they've got the cash to complete the deal and were delayed by the NBA in its approval of the transaction and were thus entitled to an extension. After mediation failed to resolve the conflict, the two sides are headed for an arbitration hearing in keeping with the terms of the contract.

NBA commissioner Adam Silver, speaking Thursday in Boston ahead of the start of the NBA Finals, said the league is «completely independent» of the arbitration process and won't become involved unless Lore and Rodriguez prevail, at which time they would have to go through the NBA's vetting process and then a vote of approval by the Board