Minnesota Timberwolves Rumors | Hoops Rumors

Latest On Timberwolves’ Ownership Situation

March 29th, 2024 at 2:37pm CST by Luke Adams

Current Timberwolves majority owner Glen Taylor and the Marc Lore/Alex Rodriguez-led group that expected to take over control of the team have a difference of opinion over whether the prospective owners should have been granted an extension on Wednesday’s deadline to finalize the sale, according to Chris Hine of The Star Tribune.

As Hine explains, language in the sale agreement indicated that the March 27 deadline could have been extended by 90 days if the two sides were awaiting NBA approval to complete the deal. A source tells The Star Tribune that Lore and Rodriguez submitted paperwork to the league last week to complete the agreement and believed a 90-day extension should have been granted in order to give the NBA time to make its decision.

However, Taylor stated that an agreement between him and the Lore/Rodriguez group needed to be completed before the league could approve it, and he believes no such deal was in place.

“They didn’t meet our obligations, so we’re just saying the deal is off,” Taylor said. “But even if we said, ‘OK, we think we have a deal with you,’ they have to start all over and go to the league and the league has to approve of them. … That’s no guarantee.”

According to Patrick Reusse of The Star Tribune, Taylor also pushed back on reports claiming that his relationship with Lore and Rodriguez has “deteriorated” over the past couple years.

“I don’t know if that’s accurate,” he told Reusse. “Lore told me he has been busy 24/7 with other projects. And A-Rod — he has a lot of people to meet when he’s at a game. The deadline had been pushed back, and they missed it. That’s what led to this.”

Taylor also acknowledged that litigation is a possibility if Lore and Rodriguez want to pursue their claim to ownership: “Everyone has the right to bring in the lawyers.”

Here’s more on the Timberwolves’ ownership drama:

According to Reusse, Taylor dismissed the idea that an increase in NBA franchise valuations over the past two to three years led to his decision to strictly enforce Wednesday’s deadline and nix the sale. “Not for me,” said Taylor, who initially agreed to sell the Wolves for a $1.5 billion valuation. “My money’s going to the Taylor Foundation, not in my pocket. But my limited (partners), they might be happy if the Timberwolves are sold later for a higher price.”
On the other hand, a statement Taylor gave to Jon Krawczynski of The Athletic (Twitter link) didn’t exactly put to bed the idea that the longtime Wolves owner is experiencing seller’s remorse. “I just think (we) built this team,” Taylor said in explaining why he’s not putting the team back on the market. “We’ve got the players now. And it appears to me that we should have a very positive run for a number of years, and I want to be a part of that.”
Reusse’s Star Tribune column on the situation includes several more tidbits of note, including Taylor specifying that the Lore/Rodriguez group currently owns 36% of the team. “I will work with them, as I do with my other limited (partners),” Taylor said. The 82-year-old also repeated a point he’s made before, telling Reusse that if he was concerned about maximizing his payout, he could’ve agreed to sell the Wolves to an owner that wasn’t committed to keeping the franchise in Minnesota. “We could’ve gotten $2.5 billion paid upfront, but that person was going to try to move the team to Las Vegas,” Taylor said.
Josh Kosman and Ryan Glasspiegel of The New York Post take an in-depth look at why the deal didn’t go through, suggesting that Lore was “laser-focused” in recent months on his gourmet food delivery-company Wonder and left the final stage of the process largely to Rodriguez. According to The Post’s sources, Lore put more money in during the group’s first two rounds of payments and wanted Rodriguez to invest more this time around to “catch up,” so it was left to A-Rod to raise capital.
Sources tell Kosman and Glasspiegel that Rodriguez was trying to sell interests at a valuation of over $2 billion, rather than his $1.5 billion valuation, which diminished enthusiasm among potential investors to some extent, especially since those investors would be playing “second fiddle” within the ownership hierarchy. While A-Rod eventually raised the money necessary – the equity fund Blue Owl HomeCourt made an investment, per Hine, after the NBA rejected The Carlyle Group, per The Post – “the whole process was delayed” and went down to the wire, according to Kosman and Glasspiegel.
Mike Conley said today that the ownership situation doesn’t have much of an impact at this time on the Timberwolves’ players, who are focused on their Friday matchup with the rival Nuggets, tweets Hine. “Maybe it affects the image of the team, the aura of the team around a little bit,” Conley said. “But as far as the players are concerned, I think we just are like, ‘Damn, that’s crazy.’ Then we got back to watching film and worrying about (Nikola) Jokic, Jamal Murray, and (Michael) Porter and those guys.”

Lore, A-Rod Dispute Taylor’s Claim To Wolves Ownership

March 28th, 2024 at 1:02pm CST by Rory Maher

On Thursday morning, Timberwolves owner Glen Taylor announced that he will retain his majority stake in the franchise after the final purchase option held by minority owners Marc Lore and Alex Rodriguez expired on Wednesday.

That would leave Taylor with about a 60% stake in the Wolves and WNBA’s Lynx, with Lore and Rodriguez controlling approximately 40%. The final option would have seen Lore and Rodriguez become the majority owners with an 80% stake, while Taylor would have retained 20%.

In Taylor’s press release, he also said the Wolves and Lynx are no longer for sale.

However, in their own statement this afternoon, Lore and Rodriguez disputed Taylor’s claim to ownership, and they believe they should — and will — become majority owners, per Jon Krawczynski of The Athletic (Twitter link).

“We are disappointed with Glen Taylor’s public statement today. We have fulfilled our obligations, have all necessary funding and are fully committed to closing our purchase of the team as soon as the NBA completes its approval process.

“Glen Taylor’s statement is an unfortunate case of seller’s remorse that is short sighted and disruptive to the team and the fans during a historic winning season.”

Sources tell ESPN’s Adrian Wojnarowski (Twitter link) that the relationship between Taylor and Lore and Rodriguez has “disintegrated over the past two-plus years.” That reporting certainly seems to align with today’s contentious news.

As Krawczynski writes in a full story for The Athletic, the next steps aren’t immediately clear. A week ago, Lore and Rodriguez submitted the financial documentation they believed was necessary to complete the purchase. But Taylor says the duo failed to reach several key benchmarks in the purchase agreement.

According to Krawcyznski, the purchase agreement calls for third-party mediation and arbitration to resolve disputes like the one currently unfolding. Whatever happens next, it doesn’t seem like the situation will be resolved anytime soon.

There’s no indication the dispute has disrupted Minnesota’s play on the court — the Wolves are in the midst of their first 50-win season in two decades. The timing is certainly unfortunate though, with only 10 regular season games remaining before the playoffs get underway next month.

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 were reportedly instrumental in recruiting president of basketball operations Tim Connelly away from the Nuggets in 2022.

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.