The former baseball player is now a businessman.
, the prospective Timberwolves ownership group has reached an agreement with former New York City mayor Michael Bloomberg to become an investor, a significant move as the group tries to wrestle the franchise away from current owner, Glen Taylor. Rodriguez and Lore own 40% of the Timberwolves and the WNBA’s Minnesota Lynx.Lore and Rodriguez are in arbitration against Taylor to settle a dispute around $600 million of the deal, which would give them an additional 40% stake in the team.
While Bloomberg is a big name and a considerable financial partner, he is in for only a portion of that $300 million. The rest comes from the existing group Lore and Rodriguez have assembled, which includes themselves, former Google CEO Eric Schmidt and others. Lore, an e-commerce entrepreneur, and Rodriguez, the former Major League Baseball star, struck an agreement with Taylor in 2021 to buy the Timberwolves and the Minnesota Lynx WNBA franchise for $1.5 billion. Taylor, who bought the team in 1994 for $88 million, set up the deal in phases so he could serve as a mentor of sorts to the newcomers as they learned the league, the organization and the Twin Cities community. Lore and Rodriguez together own 36% of the club.
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