Minnesota Timberwolves Rumors | Hoops Rumors

Glen Taylor Announces He’ll Retain Majority Stake In Timberwolves

March 28th, 2024 at 10:10am CST by Dana Gauruder

Glen Taylor says he will remain the majority owner of the Timberwolves as well as the WNBA’s Lynx, the team announced in a press release.

Taylor confirmed the expiration of the option of Marc Lore and former baseball star Alex Rodriguez to purchase controlling interest in the team. Under terms of the purchase agreement, the closing was required to occur within 90 days following the exercise notice issued by Lore and Rodriguez. That 90-day period expired on Wednesday, according to the statement.

Under certain circumstances, the buyer could have been entitled to a limited extension. However, those circumstances did not occur, the statement adds.

Taylor will retain approximately 60% of the franchises, while Lore and Rodriguez will hold an approximate 40% stake.

“I will continue to work with Marc, Alex and the rest of the ownership group to ensure our teams have the necessary resources to compete at the highest levels on and off the court,” Taylor said in the statement. “The Timberwolves and Lynx are no longer for sale.”

Last week, Lore and Rodriguez reportedly had found new financial backing to complete the purchase. A previous report indicated that the sale proceedings were disrupted when the Carlyle Group chose to withdraw. Lore and Rodriguez were supposedly able to replace the firm with Dyal Capital Partners but apparently that was not enough to close the sale by the March 27 deadline.

Since 2021, Lore and Rodriguez have been involved in the purchase of the Wolves for $1.5 billion on a multi-phase payment plan. They have made two payments so far — giving them a 20% stake each time, for a total of 40%.

They exercised their option in December for the final 40% of the purchase. That began a 90-day window to submit the required documents and commitment letters to finalize the deal.

Wolves Sign T.J. Warren For Rest Of Season

March 27th, 2024 at 3:38pm CST by Luke Adams

MARCH 27: The Timberwolves have officially signed Warren for the rest of the season, the team announced today in a press release.

MARCH 26: The Timberwolves have agreed to sign forward T.J. Warren to a contract for the rest of the 2023/24 season, according to a report from Shams Charania and Jon Krawczynski of The Athletic (Twitter link).

Warren’s second 10-day deal with Minnesota expired on Monday night, so he can be re-signed at any time. The new agreement will presumably be formally finalized at some point before the Wolves face Detroit on Wednesday.

A free agent for most of the 2023/24 season, Warren initially signed with the Timberwolves on March 6. During his first 20 days with the club, he appeared in seven of nine possible games, averaging 4.1 points and 2.3 rebounds in 14.1 minutes per night, with a shooting line of .382/.182/.500.

Those numbers obviously don’t jump off the page, especially for an accomplished player who had a career scoring average of 14.6 PPG on .506/.354/.780 shooting entering this year. However, the Wolves trusted Warren enough to thrust him immediately into a rotation role, and the club had a pair of open spots on its 15-man roster, so it makes sense to fill one of them with a veteran who has postseason experience.

Assuming Warren officially signs his new contract on Tuesday, it will cover the final 20 days of the season, meaning it will likely be worth $334,007, the same prorated minimum salary that he earned during his first 20 days with the Wolves. Signing on Wednesday would result in a rest-of-season salary worth $317,307.

Warren will be eligible to participate in the playoffs, since he hasn’t been waived since March 1.

After re-adding Warren, Minnesota will have one open spot remaining on its roster. The club must fill that opening by the final day of the regular season in order to carry a 15th man on its playoff roster.

Rudy Gobert Reaches 65-Game Threshold

March 26th, 2024 at 3:06pm CST by Luke Adams

Timberwolves center Rudy Gobert played in his 65th game of the season on Sunday and is now eligible for end-of-season awards, notes Bobby Marks of ESPN (Twitter link). That benchmark is significant for Gobert, who is the current frontrunner to earn the NBA’s Defensive Player of the Year honor this season.

Wolves Notes: Point Guards, McLaughlin, Offense, Edwards

March 25th, 2024 at 2:18pm CST by Luke Adams

Point guard has become a position of strength for the Timberwolves, according to Jerry Zgoda of The Star Tribune, who points out that Mike Conley, Monte Morris, and Jordan McLaughlin shared the court together during Friday’s victory over Cleveland.

Known more for their star frontcourt duo of Karl-Anthony Towns and Rudy Gobert, the Wolves have been forced to play smaller lately due to injuries to those big men and it has been working for the club, which also occasionally uses Nickeil Alexander-Walker in a ball-handling role.

“We’re spoiled for choice right there,” head coach Chris Finch said of his point guards. “And I love the fact they all like to play together and they can play together.”

Minnesota acquired Morris at the trade deadline in order to fortify its depth behind Conley at the point, but McLaughlin – who had shared backup duties with Alexander-Walker until that point – has made the case with his recent play that the addition of Morris was more of a luxury than a necessity.

“J-Mac is just playing otherworldly right now,” Finch said. “He has come in and changed the game for us. He’s shooting with so much confidence, making all the normal J-Mac plays, getting all the 50-50 balls, competing for the ball in the air, flying around, getting his hands on stuff.”

Here’s more out of Minnesota:

Chris Hine of The Star Tribune takes a look at how the Timberwolves’ offense has changed since Towns went down with his knee injury earlier this month, observing that the team has been launching more shots from beyond the arc. Minnesota ranked 25th in the NBA in three-pointers per game up until Towns’ last appearance on March 4, but has jumped to No. 12 in the games since then. “We haven’t made a conscious decision to say, ‘Hey we need to shoot more threes because KAT’s not here.’ It’s a by-product of our spacing,” Finch explained.
It has been a tumultuous month for the Timberwolves on the whole — Towns’ injury occurred during the first week of March and was followed by the incoming ownership group’s push to secure the necessary financing in time for its payment deadline. The organization also reportedly fired an employee for stealing thousands of confidential files. However, as Michael Rand of The Star Tribune writes, Minnesota’s players have done a good job blocking the outside noise and focusing on its performance on the court, having gone 6-3 with Towns unavailable.
Howard Beck of The Ringer hopes NBA pundits don’t make a habit out of comparing rising Timberwolves star Anthony Edwards to Michael Jordan – as some have recently – arguing that such comparisons have backfired repeatedly over the years and that “we should just enjoy the Ant.”

Rudy Gobert Playing Through The Pain Of A Rib Injury

March 23rd, 2024 at 9:52pm CST by Arthur Hill

Timberwolves center Rudy Gobert is determined to not let the pain from a sprained rib keep him out of the lineup, per Johnny Askounis of Eurohoops. “You got to embrace the pain sometimes. Sometimes the pain of watching hurts more than the pain of the injury itself,” Gobert said. “It is all about playing through that. As long as I can move, able to impact the game, I am going to be out there.”
The Timberwolves fired a team employee this week for stealing thousands of files, some of which contained “strategic NBA information,” according to Baxter Holmes of ESPN. Somak Sarkar was charged with felony third-degree burglary.

Lore, Rodriguez Move Closer To Finalizing Purchase Of Wolves

March 20th, 2024 at 5:09pm CST by Arthur Hill

Marc Lore and Alex Rodriguez have submitted the financial documentation necessary to complete the purchase of a majority stake in the Timberwolves, sources tell Shams Charania of The Athletic.

The move comes after a report this morning that sale proceedings were disrupted when the Carlyle Group chose to withdraw. Lore and Rodriguez were able to replace the firm with Dyal Capital Partners, according to Charania’s sources.

Lore and Rodriguez have a March 27 deadline to make the final payment for a 40% share of equity that will enable them to replace Glen Taylor as lead owners of the franchise as well as the WNBA’s Minnesota Lynx. Taylor will retain a minority share in both teams, while the group led by Lore and Rodriguez controls 80% of the franchises.

The NBA still must give its approval to the new ownership structure, and Charania says it’s uncertain how long that might take.

Since 2021, Lore and Rodriguez have been involved in the purchase of the Wolves for $1.5 billion on a multi-phase payment plan. They have made two payments so far — giving them a 20% stake each time, for a total of 40%.

They exercised their option in December for the final 40% of the purchase, Charania adds. That began a 90-day window to submit the required documents and commitment letters to finalize the deal.

The Carlyle Group had planned to commit $300MM before pulling out of the sale, per Charania’s sources. The private equity firm couldn’t adhere to some NBA requirements for investors, so there was a mutual agreement for Carlyle to withdraw.

Lore and Rodriguez were quickly able to reach out to Dyal to take the firm’s place, notes Charania, who adds that the company’s ownership group includes Google CEO Eric Schmidt.

Charania points out that Lore and Rodriguez have already made an impact on the Wolves during their time as minority owners and played a significant role in recruiting Tim Connelly away from Denver to serve as Minnesota’s president of basketball operations.

Timberwolves Notes: A-Rod, Lore, Garza, Edwards

March 20th, 2024 at 9:07am CST by Dana Gauruder

Former baseball star Alex Rodriguez and business partner Marc Lore must find new financial backers to gain majority ownership of the Timberwolves franchise, according to ESPN News Services.

They’ve lost the financial backing of the Carlyle Group with one payment left to claim majority ownership from current owner Glen Taylor. That payment would complete a process that began in April 2021 for Lore and Rodriguez to purchase the Timberwolves in installments. Lore and Rodriguez previously purchased two installments of 20% at a $1.5 billion valuation for the franchise.

They exercised their rights to buy an additional 40% of the franchise earlier this year. The final installment is due on March 27.

We have more on the Timberwolves:

With Karl-Anthony Towns, Rudy Gobert and Naz Reid sidelined on Tuesday, two-way player Luka Garza received extended playing time. He posted 11 points and six rebounds in 22 minutes during the 115-112 loss to Denver. “I’ve just been working this entire year to help this team when I’m out there,” Garza told Chris Hine of the Minneapolis Star Tribune. “I still feel like there’s another level I can get to. All I know is I did everything I could. I played hard.”
Despite being shorthanded and one the second night of a back-to-back, Minnesota pushed the Nuggets to the limit on Tuesday. Anthony Edwards, who dislocated a finger the previous night, missed a 3-point attempt that could have sent the game to overtime. “They’re really well-coached. They execute really well. They have Ant, who is one of the best players, most talented players, in the NBA right now,” Nuggets superstar Nikola Jokic told Bennett Durando of the Denver Post. “You have Mike Conley, who’s a really good veteran. They just play really well. They play hard. They run their plays with purpose. That’s why they’re good. Even from the (2023) playoffs — they missed a couple guys in the playoffs, too, but they still had really good fight.”
Having appeared in his 65th game this season, Edwards is now eligible for postseason awards, ESPN’s Bobby Marks tweets. That could lead to a bump in his salary. Edwards signed a five-year maximum-salary rookie extension last summer, which could rise in value from $204MM (25% of next season’s cap) to $245MM (30% of the cap) if he’s named All-NBA this season. The former No. 1 overall pick is averaging 26.7 points, 5.4 rebounds and 5.1 assists per game.

Wolves Notes: Sale, Conley, Gobert, Edwards

March 19th, 2024 at 10:55am CST by Arthur Hill

There may be a new snag in the sale of the Timberwolves with the deadline a little more than a week away, according to Minnesota sports reporter David Shama. Appearing Monday on Shama’s Sports Headliners show, current owner Glen Taylor shared news about a financing challenge facing buyers Marc Lore and Alex Rodriguez.

“They had an equity group that was going to come in and put in $300 million, and that equity group has either withdrawn or the NBA has denied them,” Taylor said. “They have to go out and find new revenue. That I do know. I don’t know if they found it or what they’re going to do. We haven’t seen the schedule of ownership yet.”

Since 2021, Lore and Rodriguez have been involved in a multi-phase payment plan to purchase the team for $1.5 billion. Their final payment, which is due March 27, will give them majority control of the team, with Taylor keeping a minority stake. Next Wednesday’s deadline is already an extension of a previous date, and Taylor said about $600MM is due.

The NBA will have the final decision on whether to approve the sale even if Lore and Rodriguez make the payment on time. Shama suggests approval may be in question if league officials are skeptical that the new owners have enough money on hand to meet operating obligations.

There’s more from Minnesota:

Veteran point guard Mike Conley provides a calming effect for the Wolves as they try to establish themselves as one of the NBA’s elite teams, writes Tony Jones of The Athletic. With nearly two decades in the NBA, Conley has been through the experience of being part of teams that fell short in the playoffs after a strong regular season. “I’ve been on really good teams that have been close but haven’t gotten quite to where we want to go,” he said. “And it’s been the little things here and there. So, we want to take advantage of our opportunity. We want to strike while it’s hot, but at the same time, we want to be grateful for the position we are in.”
Rudy Gobert sat out again Monday with a sprained rib, but he’s hoping to return soon, tweets Chris Hine of The Star Tribune. “I just want to be able to make sure I can help the team when I’m back,” Gobert said. “Right now, the level of pain is getting better every day, but still not good enough for me to be able to be myself and help the team, which is never fun. Hopefully it’s just a matter of days.”
Anthony Edwards thrilled his teammates, the Delta Center crowd and social media with one of the best dunks of the season (video link) on Monday at Utah, per Jon Krawczynski of The Athletic. Edwards dislocated the middle finger on his left hand on the play, but he was able to shoot a free throw after running to the locker room to get it popped back into place.

Conley Takes Extra Satisfaction Beating Jazz

March 17th, 2024 at 9:48pm CST by Dana Gauruder

Mike Conley had 25 points in the Timberwolves 119-100 win over the Jazz on Saturday. The former Utah point guard admits he took extra satisfaction in the outcome, according to Chris Hine of the Minneapolis Star Tribune.

The Jazz played a video tribute to the current Timberwolves floor leader prior to the contest. “There was a little bit [of extra motivation]. Not gonna lie,” Conley said. “But at the same time, man, I was trying to have fun. … Just trying to soak up the moment. You get a video played and that doesn’t happen very often and it just shows so much gratitude.”

10 NBA Teams Likely To Sign Players In Coming Weeks

March 17th, 2024 at 10:52am CST by Luke Adams

A total of 20 NBA teams currently have full standard rosters consisting of 15 players on contracts that run through at least the rest of the 2023/24 season.

That leaves 10 clubs that have one or more roster spots, or whose 14th and/or 15th roster spots are occupied by players on 10-day contracts that will expire before the end of the month.

If recent history is any indication, it’s a safe bet that all 10 teams will, sooner or later, sign a player – or players – to rest-of-season or multiyear contracts in order to fill out their 15-man rosters. There were no open 15-man roster spots available by the final day of the 2022/23 regular season. The same is true of the ’21/22 season.

Even if a team has no intention of using a 15th man down the stretch or in the postseason, using that final roster spot to sign a prospect to a multiyear contract that includes no guaranteed money beyond this season is good business, increasing that club’s roster flexibility heading into the offseason.

Here are the teams likely to fill their open roster spots in the coming weeks:

Teams with 14 players on full-season contracts:

(Note: An asterisk denotes a player on a 10-day contract.)

Boston Celtics
Cleveland Cavaliers *
Detroit Pistons
Golden State Warriors
New Orleans Pelicans
Phoenix Suns *
Toronto Raptors *

The Raptors currently have a player on a 10-day contract (Jahmi’us Ramsey) occupying their 15th roster spot. The Cavaliers and Suns will soon follow suit, with Marcus Morris and Isaiah Thomas, respectively.

It’s possible that all three teams will ultimately turn to another player for a rest-of-season contract, but Ramsey is the only player to get two 10-day deals from Toronto this season, and Morris and Thomas are the types of veterans that contending teams often add to their roster down the stretch. A Saturday report indicated that Thomas is likely to stick with Phoenix beyond his upcoming 10-day contract.

I’d still view two-way player Neemias Queta as the most likely player to fill the Celtics‘ final roster spot, but that could change if Boston has to deal with some injuries in the backcourt or on the wing and wants to add some depth there. Pelicans sharpshooter Matt Ryan is another player on a two-way deal who’s a candidate to be promoted.

The Pistons and Warriors don’t have any obvious candidates for a promotion on two-way contracts, so both clubs may end up turning to the G League or free agency to add a 15th man.

Teams with 13 players on full-season contracts:

(Note: An asterisk denotes a player on a 10-day contract.)

Minnesota Timberwolves *
New York Knicks **
Philadelphia 76ers *

While the seven teams listed above are good bets to sign one player before the end of the season, these three teams will likely sign two.

T.J. Warren, who immediately stepped into a rotation role after signing his first 10-day contract and is currently on his second 10-day deal, is an obvious candidate to fill one of the Timberwolves‘ two openings. It’s unclear which direction Minnesota go with its other spot.

I had expected Taj Gibson to eventually find his way back to New York, but he has signed for the rest of the season with the Pistons, so the Knicks will go in another direction with their final two roster spots.

DaQuan Jeffries and Mamadi Diakite are currently on 10-day deals and could receive consideration for rest-of-season contracts. For what it’s worth, like fellow Tom Thibodeau favorite Gibson, Ryan Arcidiacono won’t claim one of these openings, since he’s ineligible to re-sign with the Knicks this season.

If the Sixers like what they see from Kai Jones during his 10-day contract, it wouldn’t surprise me to see if they can lock him up to a multiyear deal. If not, they may look elsewhere for frontcourt help, since adding one more center to their roster makes sense with Joel Embiid‘s health still a question mark. The 15th man could be a wing — Philadelphia is ineligible to re-sign Danuel House, but could bring back Danny Green if there’s interest in a reunion.