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Wolves Notes: Lore, A-Rod, Randle, Finch, Conley, Edwards

October 23rd 2024 at 8:35am CST by Luke Adams

With an arbitration hearing around the corner, prospective Timberwolves owners Marc Lore and Alex Rodriguez have put $942MM into an escrow account, according to reports from Eben Novy-Williams of Sportico and Shams Charania of ESPN.

As Novy-Williams explains, Lore’s and Rodriguez’s goal is to make it clear that there are no liquidity issues and that they have cash on hand to complete their purchase of the Timberwolves and the WNBA’s Minnesota Lynx if an arbitration panel rules in their favor. The group has also set aside about $300MM in working capital in the event that they’re given the go-ahead to assume control of the team, per Sportico.

ESPN’s Brian Windhorst first reported last month on Lore’s and Rodriguez’s plan to put more than $900MM in escrow in advance of November’s arbitration hearing. The $942MM in escrow would be enough to fully buy out longtime Glen Taylor based on the terms of their agreement and would give the new owners 100% control of the two teams.

Lore and Rodriguez reached an agreement back in 2021 to buy the Timberwolves from Taylor for a valuation of $1.5 billion. The plan was for Lore and A-Rod to buy in gradually over three years, first purchasing a 20% stake in the team, then increasing that stake to 40% before assuming majority control earlier this year by bumping their stake to 80%. Taylor would have retained 20% of the franchise in that scenario.

However, Taylor announced in March that he’d be retaining his majority share of the Wolves due to the fact that the prospective owners missed their deadline for that third payment deadline (which would have taken them from 40% to 80%). Lore and Rodriguez disputed that claim, stating that they had submitted the necessary financial documentation and were awaiting league approval.

The arbitration hearing is set to begin on November 4. While Lore and Rodriguez are reportedly confident about their chances to prevail, it will likely take at least a few weeks for the panel to reach a decision.

Here’s more on the Wolves:

  • The bond between Julius Randle and Wolves head coach Chris Finch dating back to their time together with the Pelicans was one reason why Minnesota felt comfortable with the idea of acquiring Randle when they traded away Karl-Anthony Towns. Chris Hine of The Minneapolis Star Tribune and Jon Krawczynski of The Athletic take a closer look at that bond, sharing some interesting tidbits of information and considering how the Randle/Finch dynamic will help determine the Wolves’ ceiling in 2024/25. As Krawczynski notes, Randle advocated for Finch back in 2020 when the Knicks were seeking a new head coach. “He just opened up my game and I became a really versatile player,” Randle said of his time with Finch in New Orleans, per Hine. “I always say, playing there and even still to this point, that was the easiest my game ever felt playing under Finch.”
  • At age 37, Mike Conley doesn’t feel as if his game is declining at all, but the Wolves will still take some extra precautions with the veteran point guard this season, Hine writes for The Star Tribune. The goal will be to reduce Conley’s playing time a little after he averaged about 29 minutes per game last season. “We feel like we could keep his minutes in the mid-20s,” Finch said. “So kind of save some miles there.”
  • Speaking to Jamal Collier as part of an ESPN feature story, rising Timberwolves star Anthony Edwards expressed a desire to spend his entire NBA career in Minnesota. “If I can, I’m trying to be here for my whole career,” Edwards said. “I ain’t trying to go nowhere.”
  • In case you missed it, the Wolves and Rudy Gobert agreed to terms on a contract extension that will keep the four-time Defensive Player of the Year under contract through at least 2027.
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