Glen Taylor

Northwest Notes: Wolves Ownership, Banton, Williams, Jazz

April 14th, 2024 at 1:45pm CST by Alex Kirschenbaum

The 56-25 Timberwolves, battling for the No. 1 seed in the West, have emerged as one of the best teams in the league this season. But Minnesota’s fraught ownership situation has suddenly taken center stage in the club’s best season over the last 20 years, writes Jon Krawczynski of The Athletic.

As the Wolves look to advance beyond the first round of the postseason for just the second time ever, the grievance between majority owner Glen Taylor and minority owners Alex Rodriguez and Marc Lore has uncomfortably remained persistent. The two sides seem destined for mediation or arbitration, and Krawcyznski believes their very public dispute could linger far beyond the end of the 2024 postseason.

There’s more out of the Northwest Division:

Trail Blazers point guard Dalano Banton is doing the most to maximize his play with Portland, per Libaan Osman of The Toronto Star. “I think everyone wants the chance to show what they can do and make a name for themselves,” Banton said. “I just looked at it that way. I know I’ve been sitting on the bench for three years in this league, I know that time was of the essence in my third year.” Osman notes that Portland is expected to exercise its $2.2MM team option on Banton’s contract. Thanks to injuries to many of the Trail Blazers guards who are ahead of him in the team’s rotation, Banton has been averaging 16.7 PPG on .418/.339/.777 shooting in his 29 games with the team, along with 4.8 RPG, 3.5 APG and 0.9 SPG.
Center Robert Williams III played just six contests with the Trail Blazers before tearing his right knee ligament in November, which required a season-ending surgery. He spoke with reporters this week for the first time since then, writes Sean Highkin of The Rose Garden Report. “It was pretty tough,” Williams said. “But it was eye-opening. I got a chance to work on stuff while I was put down for a minute.”
The rebuilding Jazz have been immersed in something of a half-hearted tank since Danny Ainge began offloading Utah’s franchise cornerstones, but the team hasn’t always been making the right decisions with its personnel-building thus far, opines Gordon Monson of The Salt Lake Tribune.

Adam Silver On Wolves Dispute, Porter Investigation, More

April 10th, 2024 at 11:02pm CST by Rory Maher

Speaking to the media on Wednesday following a two-day meeting of the league’s Board of Governors, commissioner Adam Silver said the NBA likely won’t get involved in the Timberwolves‘ ownership dispute between current majority shareholder Glen Taylor and minority stakeholders Marc Lore and Alex Rodriguez, writes Chris Hine of The Star Tribune.

“It’s not clear whether there will be a role for the league to get involved,” Silver said. “… They have a purchase agreement and there’s a dispute now in the purchase agreement and in their purchase agreement, they, in essence, pre-agreed to a dispute resolution mechanism that includes mediation and arbitration, and that’s where it stands.

“There is no role for the league in that process.”

At Taylor’s request, Lore and Rodriguez agreed to buy the Timberwolves in three parts over multiple years. Lore and Rodriguez made the first two payments and currently control a 36% stake in the franchise, but Taylor voided the contract when he said the duo didn’t complete their final purchase option for another 40% on March 27. Silver suggested the unique structure of the deal may not permitted in future ownership transactions.

“It’s certainly not ideal to have a stepped transaction like this,” Silver said. “I mean, it met our rules from that standpoint. And it’s what Glen Taylor wanted and it’s what they were willing to agree to at the time. But I think once the dust clears on this deal, it may cause us to reassess what sort of transactions we should allow.”

Here’s more from Silver’s press conference, which covered several other topics:

Raptors big man Jontay Porter, who is on a two-way deal, is under league investigation following multiple instances of betting irregularities related to his on-court performance. According to Brian Mahoney of The Associated Press, Silver said Porter could be permanently barred from the NBA if what he’s accused of is discovered to be true. “I have enormous range of discipline available to me,” Silver said. “It’s cardinal sin what he’s accused of in the NBA. The ultimate extreme option I have is to ban him from the game. That’s the level of authority I have here because there’s nothing more serious.” Porter has been listed as out for personal reasons for the past 10 games.
The NBA has multiple partnerships with gambling companies. Silver suggested the incident may cause the league to reevaluate those relationships going forward, per Tim Bontemps of ESPN. “At the end of the day, there’s nothing more important than the integrity of the competition,” Silver said. “And so, any issue raised around that is of great concern to me and to all commissioners, to all people who are safeguards, who are all people who are in a position and have a responsibility to safeguard the game. Again, this is a burgeoning industry in the United States. It’s been legal in other places in the world for decades. There’s lessons to be learned from the way that sports betting is monitored and regulated in other jurisdictions. And again, I think as these unfortunate examples come along, we may have to adjust our rules and our partner gaming companies and those companies that aren’t our partners may have to adjust their behavior as well.”
Silver said foul calls are down about four per game since the All-Star break and that’s something the league is pleased about, Mahoney writes. “I think there was a sense earlier in the season that there was too much of an advantage for the offensive players,” Silver said as part of a larger quote. “But again, the context is two fouls per team per game, and the end result, most importantly, we think is a better game.”
According to Mahoney, Silver once again reiterated that expansion won’t be on the table until the league finishes a new media rights deal. While Seattle and Las Vegas have long been rumored as frontrunners to land new teams, Silver said no talks have begun and “no one has an inside track to getting a deal done.”
Silver said star players have averaged 15% more games played this season with the additions of the player participation policy and 65-game requirements, tweets Jeff Zillgitt of USA Today. The NBA will set an attendance record in ’23/24 as well, Silver added.

Lore, A-Rod Reportedly Projected Reduced Payroll For Wolves

April 10th, 2024 at 8:54pm CST by Rory Maher

As part of their final option to purchase a majority stake, Timberwolves minority owners Marc Lore and Alex Rodriguez projected a team payroll of $171MM for the 2024/25 season in documents shared with current majority stakeholder Glen Taylor, the NBA, and The Carlyle Group, a private equity firm, sources tell Adrian Wojnarowski of ESPN.

As Wojnarowski writes, the Wolves currently project to have a payroll of about $198MM in ’24/25. $171MM is obviously a significant reduction from that figure. It’s also just shy of the projected $171.3MM luxury tax line.

Lore and Rodriguez are currently in a contractual dispute with Taylor for majority ownership of the Wolves. Both sides declined to comment for the story, which isn’t surprising, as Wojnarowski hears the NBA asked those involved not to discuss the matter publicly. All three owners gave several interviews a couple weeks ago after Taylor announced he was retaining majority ownership of the Wolves and WNBA’s Lynx.

According to Wojnarowski, the reduced payroll for next season was one factor that led Taylor to void the contract with Lore and A-Rod. Taylor was concerned that such a cut “would jeopardize the franchise’s ability to compete for a championship,” Woj adds.

Of course, there’s some irony there, since Taylor isn’t exactly known for being a big spender. Since he bought the Wolves in 1994, he has only paid a total of $25MM in luxury tax penalties, with less than $2MM coming since 2005. The Wolves project to be above the second tax apron next season, with a tax bill exceeding $25MM.

“I just think (we) built this team,” Taylor told The Athletic 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.”

While there have been rumors about Lore and Rodriguez’s ability to spend on the team going forward, since neither is a billionaire, they did approve of the contract extensions for Jaden McDaniels and Mike Conley as minority owners, sources tell Wojnarowski. Those deals increased Minnesota’s projected tax bill for ’24/25.

Lore and Rodriguez were also reportedly instrumental in hiring president of basketball operations Tim Connelly, who made the blockbuster trade for Defensive Player of the Year frontrunner Rudy Gobert. That move was quite controversial at the time, but it has paid off thus far in ’23/24, with the Wolves currently 55-24, the No. 1 seed in the West.

Northwest Notes: Wolves, Anderson, Jokic, KCP, Blazers

April 3rd, 2024 at 4:05pm CST by Luke Adams

The NBA’s league office hasn’t taken any public stance on the Timberwolves‘ ownership battle, but has kept up to date on the details of the situation and wasn’t caught off guard when longtime team owner Glen Taylor announced last week that he intended to retain his majority stake in the franchise, writes Brian Windhorst of ESPN.

Within a look at what might be next for the Timberwolves as Marc Lore and Alex Rodriguez look to wrest majority control from Taylor, Windhorst shares a few new details on the standoff. Sources tell ESPN that the sales agreement between the two sides is about 50 pages long and features “numerous protections” for Taylor, so his side believes it’s on “firm legal ground” despite claims for the Lore-Rodriguez group that they met all the requirements.

Windhorst also hears from sources that Taylor – who has paid less than $2MM in luxury tax penalties since 2005 – remained very involved in operating the team as the Wolves made several significant financial commitments in recent years that project to take them well beyond the luxury tax line in 2024/25 and beyond. Last fall, for example, he was “haggling over details” in Jaden McDaniels‘ $131MM extension, Windhorst says.

Here’s more from around the Northwest:

Kyle Anderson has looked like “the Kyle of old” in recent weeks, according to head coach Chris Finch, which has helped key an offensive resurgence for the Timberwolves, writes Jon Krawczynski of The Athletic. As Krawczynski details, Anderson has played more power forward during Karl-Anthony Towns‘ absence and often orchestrates the offense when he’s in the game. The veteran wing figures to play a key role in the postseason for Minnesota before becoming an unrestricted free agent this offseason.
Despite dealing with some pain in his right wrist and left hip as of late, Nuggets center Nikola Jokic isn’t looking to take any time off as the team attempts to secure the No. 1 seed in the West, writes Bennett Durando of The Denver Post. “My goal is to play every game, and that’s my mindset,” Jokic said on Tuesday after matching his season high with 42 points to hold off the Spurs. Denver currently holds the West’s top spot by a half-game over Minnesota and Oklahoma City.
Vinny Benedetto of The Denver Gazette takes a look at Nuggets wing Kentavious Caldwell-Pope‘s quest to earn an All-Defensive nod for the first time in his 11th NBA season.
A 10-game losing streak has put the Trail Blazers (19-56) in position to possibly slip below San Antonio (18-58) and Charlotte (18-57) in the standings and finish as a bottom-three team, which would result in the best possible draft lottery odds, notes Aaron Fentress of The Oregonian.

Northwest Notes: Murray, SGA, Sharpe, Wolves, Jazz

March 30th, 2024 at 4:08pm CST by Luke Adams

Jamal Murray continues to deal with a sprained left ankle and swollen right knee, having missed a fourth consecutive game on Friday vs. Minnesota. According to a report from ESPN, Nuggets head coach Michael Malone told reporters before Friday’s game that Murray is improving, but said he’s “not ready to go out there and compete at the level that we need him to” and hinted that the star guard may remain out for Sunday’s game vs. Cleveland.

Still, Malone isn’t worried at this point that Murray’s health issues will extend into the postseason, adding, “I do think he will be back on the court before the playoffs start.”

It should be an eventful spring and summer for Murray, assuming he gets – and stays – healthy. After seeking a second straight NBA championship with the Nuggets, the 27-year-old hopes to suit up for the Canadian national team at the Olympics in Paris, he confirmed to Eurohoops.

“I’m excited to be there,” he said. “We have a great squad, (it) was great to see them win a medal (at the 2023 World Cup). Hopefully, we can go our way and win gold this summer.”

Here’s more from around the Northwest:

Thunder star Shai Gilgeous-Alexander missed a second consecutive game on Friday vs. Phoenix due to his right quad contusion. Head coach Mark Daigneault said that Gilgeous-Alexander will continue to be considered day-to-day, so there’s no indication at this point that the injury will result in an extended absence (Twitter link via Joel Lorenzi of The Oklahoman).
Trail Blazers guard Shaedon Sharpe, who is recovering from core muscle surgery, is with the team on its current seven-game road trip and will continue to be evaluated after participating in non-contact and conditioning drills in the G League earlier this week, per the club (Twitter link). Sharpe hasn’t played since January 11, but there’s still hope that he’ll return in the season’s final two weeks.
Timberwolves head coach Chris Finch said on Friday that he has great relationships with Glen Taylor, Marc Lore, and Alex Rodriguez, so he won’t be taking sides in the franchise’s ownership struggle and doesn’t expect the situation to affect his team at “troop level,” tweets Chris Hine of The Star Tribune. “If there was ever a definition of ‘above your pay grade,’ this is it,” Finch added.
After expressing some concern in mid-February about the frustration level in the Jazz‘s locker room, Andy Larsen of The Salt Lake Tribune says the locker room vibes in Utah are “way better” now. However, that comes with an important caveat — according to Larsen, since the Jazz have fallen out of the postseason race, they’re no longer as stressed about winning games, as “the sting of losing is absolutely gone.”

Lore, A-Rod Confident They’ll Become Wolves’ Majority Owners

March 29th, 2024 at 8:15pm CST by Rory Maher

In an interview with Eben Novy-Williams and Eric Jackson of Sportico, Timberwolves minority owners Marc Lore and Alex Rodriguez expressed confidence that they’ll eventually become the team’s majority owners.

“We’re going to be the owners of the Minnesota Timberwolves,” Lore said. “It’s just a matter of time, and how much pain Glen (Taylor) wants to put the fans, the players, the town and community through. It’s his choice. It didn’t have to be this way.”

On Thursday, current majority stakeholder Taylor said Lore and Rodriguez broke the terms of the purchase agreement by not completing the final payment option by March 27. He acknowledged “under certain circumstances, the buyer could have been entitled to a limited extension. However, those circumstances did not occur.”

Lore and Rodriguez told Sportico they fulfilled their end of the bargain, claiming that Taylor is trying to back out of a deal that he no longer views as “financially advantageous.” The duo call it a “complete and utter disregard for the contract.”

Specifically, Lore and Rodriguez pointed to a clause in the purchase agreement that states the buyers are entitled to an automatic 90-day extension “if they’ve submitted the signed financial subscriptions but are still awaiting NBA approvals.” They say the commitments were submitted on March 21 — six days prior to the March 27 deadline — and league approval is still pending.

While they didn’t commit to a lawsuit, Lore and Rodriguez said their lawyers are currently talking to the NBA, and they’re going to fight to uphold their interpretation of the contract.

“I’ve never sued anyone; I’ve never been sued,” Lore said, per Sportico, “but we’re dealing with someone that is very comfortable operating that way, and we have to take whatever actions are necessary to protect our childhood dream here.”

There are more interesting tidbits from the interview with Novy-Williams and Jackson, which is worth reading in full. However, Lore, Rodriguez and Taylor also spoke to several other outlets on Thursday and Friday.

Here’s a round-up of the other interviews, which feature more details on the history and recent events from both sides of the ownership dispute:

Taylor was turned off by an “opulent private owners’ suite” that Lore and Rodriguez had built — and Taylor approved — near the team’s locker room, per Jon Krawczynski and Shams Charania of The Athletic. “They wanted that private room for themselves down there,” Taylor told The Athletic. “I didn’t think that was a very good idea. But I OK’d it and paid for it and stuff like this. So I bent the corners a little bit and stuff like this here. But, I mean, that was more of their priority that they had that room than, ‘Who are we trading for?’” Former baseball star Rodriguez pushed back on that notion. “I would expect to hear that from like, a teenager, not from someone who’s so mature and so astute and who has been so successful,” Rodriguez said in a video call Friday. “Not only is that a cheap shot, but it is disingenuous and disappointing.”
Lore and Rodriguez say they were stunned by Taylor’s announcement that he would remain the majority owner and the sale was off, according to The Athletic’s report. “We thought we were on good terms and we had a good relationship, and they were happy with all the time that we’ve put into the team to help get the team to where it is today,” Lore said. “They seemed appreciative of that and then boom. It’s really like a nuclear bomb went off, completely unexpected and very, very disappointing.” Taylor, meanwhile says it was simply a business deal that didn’t materialize: “If they would have had the money on the 27th, the deal would have been all done and they would have had control .But they didn’t.”
In every interview they’ve given today, Lore and Rodriguez said when Taylor released his announcement, he also sent a message through his lawyer barring the pair from entering the private suite, entering certain parts of the arena, speaking to team executives, and even the players. Lore and Rodriguez view that as personal; Taylor told The Athletic it was standard procedure for minority owners. “It is now personal,” Rodriguez said. “We can be in this (fight) for five years, 10 years, whatever. We’re not going to let go.”
Chris Hine of The Star Tribune — a paper owned by Taylor — has more quotes from both sides of the ownership disagreement. “It’s just bad faith that you have a deal and a contract, and then because you’re able to get more money, you just decide I don’t want the contract anymore,” Lore said. “That’s just bad faith. It’s not being a good person, a good partner, a good human. You just don’t do that. It’s sort of like honor. It’s honor a little bit. You made a deal and then you honor it because you have integrity.”
Rodriguez confirmed that he was the one raising money for the last payment option, and said he and Lore would have owned “close to 50%” of the franchise had the sale been completed, with other investors holding a significant stake — roughly 30%, per Hine (Taylor would have held the final 20%). Rodriguez and Lore currently control 36% of the Wolves and WNBA’s Lynx. There have been rumors throughout the past few years that the duo didn’t have the capital necessary to complete the sale, but they said that wasn’t the case. “I’ve never been in better financial position,” Lore said. “Way better now than I was two and a half years ago when we did this deal. … I’m flush with cash. I’ve got literally hundreds of millions of dollars in the bank, ready to invest in the Wolves and bring home a championship. We’re never in a better spot.“
Lore and Rodriguez also spoke to Dane Moore on his podcast and Darren Wolfson of KSTP Sports about their side of the disagreement. Among other things, Lore said he’d just seen Taylor and his wife at a game a few days ago and there was no indication that anything was amiss with the sale.

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.

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.

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.

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