The NBA is envy, and the biggest American fortunes are ready to invest tens, even hundreds of millions to afford a franchise. This is now the case for Michael Bloomberg, 12th richest person in the world with 106 billion dollars. The former mayor of New York has decided to provide his assistance, and especially his wallet, to Marc Lore and Alex Rodriguez, in their efforts to buy the Wolves and the Lynx.
Owner of 36% of the two franchises, the Lore-Rodriguez duo failed to pay the remaining $600 million on March 27, to seize 40% of the shares from Glen Taylor, the current owner. The latter ended the buyout procedure, explaining that he feared that the Lore-Rodriguez tandem would move the franchise to Las Vegas.
For their part, Marc Lore and Alex Rodriguez have decided not to give up, and to complete the buyout procedure. “From now on, we make it a personal matter. Maybe we'll fight for 5 or 10 years, whatever… But we won't let that go.” Rodriguez warned, while Lore added: “We will do everything we can to enforce the contract that Glen broke. So that means time, money and all the necessary means. It's just a matter of old-fashioned greed. We've created real value in the team over the last two and a half years, and he wants that value back and he's willing to break the contract. »
According to The Athletic, Bloomberg will simply add the missing sum to complete the repurchase of the 40% initially planned for March, and thus allow resale to be accelerated. Objective: complete the buyout of the remaining 20% of Taylor before March 2025.
