Glen Taylor Rumors | Hoops Rumors

Wolves Notes: Edwards, Anderson, Finances, Sale Date

February 29th, 2024 at 10:11am CST by Arthur Hill

After Anthony Edwards helped the Timberwolves beat Memphis by shutting down Jaren Jackson Jr. on Wednesday night, he told reporters he deserves a spot on the All-Defensive Team, writes Chris Hine of The Star Tribune. Jackson had 29 points midway through the third quarter when Edwards volunteered to guard him, even though he’s about six inches shorter than his World Cup teammate from last summer. Jackson was limited to four points the rest of the way as Minnesota rallied for the victory.

“They just got to watch the games because this is not my first time doing this,” Edwards said, referring to media members who will vote for All-Defensive honors. “I have nights like this all the time where somebody gets hot, their best player gets hot and I go shut ’em down the rest of the game.”

Edwards also sparked the offense with 17 points in the third quarter, Hine adds, bringing some energy on a night when the Wolves were mostly lifeless in a matchup with a sub-.500 team. Edwards, who played nearly 40 minutes despite turning his ankle in Tuesday’s game, said every victory is important to him.

“I come from winning 20 games my rookie year, so I don’t care how we win,” he said. “… If we win the game, I’m happy. I have nothing bad to say.”

There’s more from Minnesota:

Kyle Anderson sat out Wednesday’s contest with a sprained left knee, but coach Chris Finch is optimistic that it won’t be a long-term concern, tweets Jon Krawczynski of The Athletic. “I don’t know. It’s, I would say, more day to day,” Finch said. “I don’t think it’s super long, but you never know how these things respond over 48 hours.”
Success will be expensive for the Wolves, who are facing heavy tax bills and second-apron restrictions if they keep the current roster together, Keith Smith of Spotrac states in an overview of the team’s finances. They currently have nine players under contract for next season at a combined $183.7MM. Filling out the roster with five minimum-salary signings brings the total to $189.5MM, which is right at the second apron and $18.2MM above the tax line. If free agents Anderson and Monte Morris both re-sign for $10MM per season, Smith adds, the team salary will balloon past $207MM, which is higher than the Warriors or Clippers. Smith notes that the payroll will get even more expensive if Edwards receives All-NBA honors, which would increase of the first year of his new extension from 25% to 30% of the cap max, bumping it from $35.25MM to $42.3MM.
Owner Glen Taylor tells Darren Wolfson of 5 Eyewitness News (Twitter link) that the sale of the franchise to Marc Lore and Alex Rodriguez won’t be finalized today, which was originally the target date. Taylor said a new closing date will be set.

Lore, A-Rod To Acquire Controlling Ownership Of Timberwolves

December 28th, 2023 at 10:59am CST by Arthur Hill

Marc Lore and Alex Rodriguez will exercise their option to become controlling owners of the Timberwolves, tweets ESPN’s Adrian Wojnarowski. They have a December 31 deadline to make the move, but sources tell Wojnarowski it could happen by today.

The option will give Lore and Rodriguez an additional 40% of the franchise, making them majority owners with an 80% stake by the early part of 2024, Woj adds (Twitter link). The purchase, which still must be approved by the NBA’s Board of Governors, values the team at $1.5 billion.

This will mark the third payment for the new owners, who made their second installment in March. They currently own 40% in their succession plan to take over the Wolves and the WNBA’s Minnesota Lynx from current owner Glen Taylor.

Gore and Rodriguez began buying into the Timberwolves in 2021, making their first payment that summer. There have been rumors throughout the process that they might not have the financial equity to complete the deal, but they have made every payment according to schedule.

A report last month said the duo was negotiating with the Carlyle Group, a private equity firm, to provide help with financing.

Wolves Notes: Edwards, Finch, Reid, Ownership

November 23rd, 2023 at 11:01am CST by Arthur Hill

Anthony Edwards is already one of the NBA’s top players, but he suggested this week that he might want to see how he could fare in the NFL, according to an ESPN report. Appearing with comedian Marco Summers on his “Open Thoughts” talk show, Edwards said “I might be the first one” to succeed in both leagues.

It’s unlikely the Timberwolves would agree to let Edwards risk his future by playing football after signing him to an extension that could be worth more than $205MM over five years. However, it would be intriguing in theory to watch Edwards give the NFL a try after being one of the nation’s best Pop Warner running backs as a youth. While speculating about a football career, Edwards emphasized to Summers that his priority is to “handle his business in the NBA.”

“As a team, [the] Minnesota [Timberwolves] organization, we want to win a championship,” he said. “After that, we’ll figure that out.”

There’s more from Minnesota:

The Wolves will eventually face salary decisions and second-apron concerns, but fans should enjoy a team that has become one of the NBA’s best rather than worrying about what might happen in 2024 or 2025, writes Jon Krawczynski of The Athletic. Holding the top spot in the West at 11-3, Minnesota is off to its best start ever and may be a legitimate contender for the first time in the franchise’s 35-year history. There’s a stronger focus, Krawczynski notes, as players who may have overlooked some opponents last season are now locked in every night. “I think it’s very much a serious tone,” coach Chris Finch said. “There’s a conversation about what needs to be done, what they hadn’t done.”
Part of the increased focus comes from resolving financial situations during the offseason, Krawczynski adds. Mike Conley and Kyle Anderson are the only rotation members with expiring contracts, and Krawczyski believes they’re mature enough that it won’t affect their performance. “Everybody’s here to win. Everybody has one goal. Everybody’s got their money situation out of the way,” said Naz Reid, who signed a three-year, $42MM contract extension this summer. “Now we’re here to play basketball and win the game. We’re not really too much worried about anything other than that.”
New owners Alex Rodriguez and Marc Lore are negotiating with the Carlyle Group, a private equity firm, to invest in the Timberwolves and the WNBA’s Minnesota Lynx, sources tell Dan Primack of Axios. Primack believes the move will help to quell rumors that Rodriguez and Lore might not have the funding to complete the remainder of the sale from Glen Taylor.

Northwest Notes: Reid, Lillard, Wallace, Holmgren

June 26th, 2023 at 11:02am CST by Arthur Hill

The Timberwolves‘ decision to re-sign Naz Reid before the start of free agency stemmed from an edict by owner Glen Taylor, according to Jon Krawczynski of The Athletic. “Get it done,” Taylor reportedly told his front office after meeting with partners and eventual owners Marc Lore and Alex Rodriguez. They also talked to president of basketball operations Tim Connelly and head coach Chris Finch, who agreed there was too much risk in letting Reid reach the open market.

The 23-year-old center is one of the team’s best developmental projects and has become a valuable member of the reserve unit. Krawczynski notes that Reid was given a player option in the third year of his $42MM contract in case he becomes dissatisfied with his progress and playing time with Karl-Anthony Towns and Rudy Gobert on the roster. Krawczynski adds that the Spurs and Kings could have been threats to sign Reid because of their available cap space and their ability to offer him a larger role.

Negotiations with Reid began shortly after Connelly joined the front office last summer, Krawczynski states. Reid worked out in Minnesota during the offseason and reported to camp with an improved perimeter game that enabled him to be effective alongside either Towns or Gobert.

The Wolves agreed to pay Reid more than they had originally expected, which Krawczynski notes will lead to difficult decisions in the future. Anthony Edwards and Jaden McDaniels are both likely to receive extensions this summer, which will make it tough to keep three high-salaried centers on the roster for the long term.

There’s more from the Northwest Division:

If the Heat acquire Damian Lillard, it will probably be the last significant move the team can make for a while, Kevin O’Connor of The Ringer writes in an examination of the trade market for the Trail Blazers star. A deal with Portland would likely require Miami to give up most of its remaining assets, which include first-round picks in 2028 and 2030 and pick swaps in 2027 and 2029, along with Tyler Herro, Nikola Jovic and Jaime Jaquez. Either Kyle Lowry or Duncan Robinson will have to be involved if a trade happens after July 1, O’Connor adds. O’Connor also looks at a potential deal with the Nets, but states that there aren’t many other teams in need of a point guard who have the assets to make a serious offer for Lillard.
The Thunder were attracted to Cason Wallace because of his unselfish approach to the game, according to Jenni Carlson of The Oklahoman. General manager Sam Presti said he noticed that quality even when Wallace was playing in all-star contests. “He plays no-agenda basketball,” Presti said. “… All players have stories, and I think his story is a great one because in today’s world in, basketball, there’s so many people saying, ‘You’ve got to get more shots, you’ve got to do this, you’ve got to be more out in front, you’ve got to draw more attention to yourself.’ This guy got drafted in the top 10 by just being an incredible team player.”
Presti said Chet Holmgren continues to make progress in his recovery from foot surgery and there’s hope that he’ll be able to play for the Thunder during Summer League, according to Cody Taylor of The Rookie Wire.

Lore, A-Rod Make Second Payment, Now Own 40% Of Timberwolves

March 28th, 2023 at 6:17pm CST by Rory Maher

The plan for Marc Lore and Alex Rodriguez to succeed Glen Taylor as the controlling owners of the Timberwolves continues to move forward, as they have officially made their second payment and now own 40% of the team, sources tell Shams Charania and Jon Krawczynski of The Athletic (all Twitter links).

Lore and Rodriguez made a combined $290MM payment this time around and have now paid out more than $500MM in total, according to Charania and Krawczynski. Both owners have committed more than $200MM individually and have invested more than the required amount to this point in their agreement to buy the Wolves and the WNBA’s Minnesota Lynx.

The incoming owners exercised their option to buy another 20% of the team back in December. A spokesperson for the duo confirmed a couple weeks ago that a second payment would be made on time.

The final stage of the ownership change would see Lore and A-Rod exercise an option to buy another 40% of the team by December 31, 2023. The last payment is on track for March 2024, per The Athletic’s duo — assuming that happens, Lore and Rodriguez would then control 80% of the team, while Taylor would be a minority owner with a 20% stake.

Lore and A-Rod released a statement confirming the news, writes Chris Hine of The Star Tribune.

“We are very excited to enter this next phase of ownership. We very much appreciate Glen’s partnership and guidance and will continue to work tirelessly alongside him to bring success to the fans of Minnesota.”

Rodriguez — a former MLB star — has now invested more cash than any former athlete purchasing a professional sports team, according to The Athletic. He has surpassed Michael Jordan, who paid $180MM to buy the Hornets in 2010.

There were reportedly some concerns in 2022 about A-Rod’s liquidity and some speculation that the plan for Rodriguez and Lore to assume majority control of the Wolves could be in trouble, but clearly it remains on track. Lore is a tech entrepreneur who made his fortune in eCommerce.

Lore, A-Rod On Track To Buy Next 20% Stake In Timberwolves

December 30th, 2022 at 9:11am CST by Luke Adams

The plan for Marc Lore and Alex Rodriguez to succeed Glen Taylor as the controlling owners of the Timberwolves continues to move forward, according to Jon Krawczynski and Shams Charania of The Athletic, who report that Lore and Rodriguez have exercised their option to buy another 20% of the team.

When Lore and Rodriguez reached an agreement with Taylor in the spring of 2021, the succession plan called for the new owners to initially come aboard as minority stakeholders with a 20% share of the franchise. The duo had until the end of 2022 to exercise an option to purchase another 20%, bringing their total stake in the club to 40%.

Now that Lore and A-Rod have exercised that option, they’ll have until March 15 to formally close on their second 20%, according to Krawczynski and Charania.

The final stage of the ownership change would see Lore and A-Rod exercise an option to buy another 40% of the team by December 31, 2023. Assuming that happens, the duo would then control 80% of the Timberwolves. Sources tell The Athletic that the plan is for Taylor to retain a 20% stake after giving up majority control of the team.

A report in August raised questions about whether Rodriguez had the liquidity necessary to contribute his half of the purchasing price and suggested that the deal could be in jeopardy, but it appears it’s still moving forward as planned.

As Krawczynski and Charania point out, Taylor would have the right to nix the succession plan and retain Lore and Rodriguez as limited shareholders if they miss either of the next two payments. However, the buyers have expressed confidence that those payments remain on track to be completed, per The Athletic’s report.

According to Krawczynski and Charania, Lore and Rodriguez have recruited other investors to join their Purple Buyers Holdings LLC, and should be in good position to bring in more if they need to do so. The recent $4 billion valuation the Suns received as part of their sale to Mat Ishbia was good news for Lore and A-Rod, since the Wolves – who are selling at a $1.5 billion valuation – look like a bargain by comparison.

Once they control 40% of the franchise, Lore and A-Rod will have invested $600MM in the Wolves, with another $600MM to come. The duo has already been involved in front office and personnel decisions in preparation of assuming majority control in another year.

Northwest Notes: A-Rod, Garnett, Nuggets, Mitchell

September 3rd, 2022 at 9:36pm CST by Arthur Hill

The sale of the Timberwolves shouldn’t be considered in jeopardy because of Alex Rodriguez’s reported financial situation, according to Jon Krawczynski of The Athletic. Krawczynski talked to multiple sources who still expect the transaction to be completed as originally drawn up, even though a New York Post story this week questioned whether Rodriguez will have the money for his share of the next payment.

Rodriguez and Marc Lore have a unique arrangement with current owner Glen Taylor in which they are taking over full ownership on an installment plan. The next payment is due at the end of this year and the final one must be made by December 31, 2023. Krawczynski says there has been skepticism in some parts of the league about Lore and Rodriguez since the deal was announced, but there’s no immediate reason to believe they’ll miss either payment.

Krawczynski also notes that the duo has earned Taylor’s trust, as he empowered them to recruit president of basketball operations Tim Connelly away from Denver and gave them a voice on the Rudy Gobert trade.

There’s more from the Northwest Division:

The Timberwolves, including Lore and Rodriguez, want to fix their relationship with Kevin Garnett and eventually retire his jersey, Krawczynski adds. The former All-Star may get the chance to buy a small piece of the team, although Krawczynski hasn’t heard of any “substantive discussions” toward that end. Garnett has also discussed being part of an ownership group for an expansion team in Seattle.
The Nuggets traded for Kentavious Caldwell-Pope and signed Bruce Brown this offseason because of their projected fit alongside Nikola Jokic, assistant general manager Tommy Balcetis said in an interview with Fastbreak on Fan Nation. “Getting Kentavious Caldwell-Pope and Bruce Brown are both moves that really stand out for us because they are two players who understand their roles and are tailor-made to play with someone like Nikola,” Balcetis said. “… With Kentavious, his abilities to shoot and defend at a high level are what separate him from others who play his position. Bruce is a versatile guy on both ends of the floor that will fit into any role we need him in as well.”
The Jazz offered a farewell message to Donovan Mitchell after his trade to the Cavaliers became official today (Twitter link). “We got to watch you light up the league as a rookie and cheer you on as you became a perennial All-Star,” it read. “We witnessed you embrace and serve our community while standing for what’s right and uniting Jazz fans everywhere. Thank you for all the good you did here @spidadmitchell.”

Alex Rodriguez’s Financial Situation Puts Timberwolves Deal In Jeopardy

August 30th, 2022 at 11:58am CST by Arthur Hill

Alex Rodriguez is struggling to come up with his share of the money to buy the Timberwolves, according to business writer Josh Kosman of The New York Post.

Rodriguez and Marc Lore were originally supposed to be equal partners in the $1.5 billion purchase, which included a $250MM down payment made in July of 2021. However, three sources tell Kosman that Rodriguez wasn’t able to pay 50% of that cost and Lore had to cover the balance. That leaves Lore with about a 13% share of the team, while Rodriguez is at 7%.

Under the purchase agreement, the prospective owners are required to make their next 20% payment by the end of the year. Kosman’s sources said Rodriguez continues to have difficulty raising his share, and Lore may eventually become the team’s majority owner. “I wouldn’t be surprised if A-Rod becomes a subservient No. 2 to Lore,” one of the sources said.

Lore refused to confirm or deny the report, telling Kosman that he and Rodriguez still work together on all their decisions.

“I couldn’t imagine having a better partner. He is one of my best friends,” Lore said. “There is no one else I would rather be partners with than Alex.”

A source familiar with both investors said Lore teamed up with Rodriguez in a failed attempt to buy the New York Mets in 2020 because he was “completely mesmerized” by Jennifer Lopez, whom Rodriguez was engaged to at the time. The star quality of Lopez created a lot of financial opportunities for Rodriguez, but those have disappeared since their breakup last year.

“His ability to raise capital went from strong to meaningfully weaker,” one of Kosman’s sources said. “J.Lo validated him.”

Rodriguez is reportedly worth about $500MM, but sources say most of his assets aren’t liquid and can’t be easily transferred to cash that could be used to buy the Wolves. Kosman notes that NBA rules won’t allow Rodriguez to become a partial owner unless he can cover at least 15% of the total purchase price without help from co-investors. That figure would be nearly $200MM with the team’s debt factored in.

If Rodriguez and Lore make their next payment on time, they’ll have the opportunity to buy an additional 40% from current owner Glen Taylor and take over control of the team by the end of next year. But a league source tells Kosman that Taylor won’t be disappointed if the current arrangement falls through because he believes the franchise is now worth more than $2 billion and he can make more by selling it to someone else.

Wolves’ Glen Taylor Talks Gobert, McDaniels, Russell, Towns

August 11th, 2022 at 4:04pm CST by Luke Adams

Appearing on The Scoop podcast with Darren Wolfson of SKOR North and 5 Eyewitness News, Timberwolves majority owner Glen Taylor admitted he was somewhat surprised by the team’s acquisition of star center Rudy Gobert, since it “happened fairly fast.”

According to Taylor, new Wolves president of basketball operations Tim Connelly had his eye on multiple impact trade targets, but Gobert was his “number one option.” The input of head coach Chris Finch, who expressed confidence in his ability to use Gobert and Karl-Anthony Towns, was also a key factor in Minnesota’s decision to pull the trigger on the blockbuster deal.

“What I did when Tim and Chris talked to me about this trade is to ask (Finch) is there a system that he knows how to utilize these players,” Taylor said. “And he was very confident that he did understand how to utilize their skill sets, being two big guys. We talked about a lot, so he convinced me that this is something that is going to take us to a winning situation, and gave us the go-ahead to make the trade.”

Taylor confirmed that the Jazz pushed for Jaden McDaniels to be part of the trade package for Gobert, which “prolonged the trade talks for a while,” but the Wolves were eventually able to meet Utah’s asking price without including the young forward.

Here’s more from Taylor on the Wolves:

Asked if he’d like to see D’Angelo Russell sign an extension before the season begins, Taylor said it might benefit both sides to hold off and see how the 2022/23 season goes. “(Finch) believes that with the new lineup, and with Russell in that lineup, that he’ll have a much better year just because of the way we’re going to play,” Taylor said. “He says he thinks there’s a big upside for Russell with this group of (players). That’s to his advantage and to our advantage if it works out.”
The decision to give Towns a super-max extension this offseason was an easy one, Taylor said: “It was a non-issue. That’s what we set it up for, the elite players, and Karl has proved he’s one of those players.”
Taylor said that he doesn’t expect the Timberwolves to make any more significant roster moves this offseason, though he didn’t rule out the possibility that Connelly could surprise him. “I just know Tim keeps his ears and eyes open all the time, looking (to see) if there’s something else that might happen,” Taylor said. “He’s very proactive if he sees an opportunity that could enhance our team. I think we’re set, but always knowing that he’ll be looking for an opportunity.”
The plan remains for Taylor to hand over control of the franchise to incoming owners Marc Lore and Alex Rodriguez in a little over a year. The Wolves’ longtime owner said he’s not having any regrets about giving up control of the team as it becomes a more legitimate contender. “No, I don’t have any second thoughts. I think it’s the right thing to do,” Taylor said. “We’ve left some options open that I’ll continue to be involved if I want to be involved, and that suits me just fine.”

Northwest Notes: Taylor, Lore, A-Rod, Kroenke, Jazz

May 26th, 2022 at 9:15pm CST by Dana Gauruder

Timberwolves owner Glen Taylor has forged a sound working relationship with minority owners Marc Lore and Alex Rodriguez, proven by their successful recruitment of Denver’s Tim Connelly to head up their front office, The Athletic’s Jon Krawczynski writes. Taylor, who allowed the duo to design an offer that would be very difficult for the Nuggets to match, enjoys the ambition and energy of Lore and A-Rod and has gained confidence in their ability to complete a major transaction.

We have more from the Northwest Division:

The press conference involving Nuggets president/governor Josh Kroenke has been postponed after he recently tested positive for COVID-19. He is one of several members of the organization to test positive this week, according to the team. The press conference, scheduled for today, has been tentatively moved to Tuesday, according to the Denver Post’s Mike Singer (Twitter links).
What are the Jazz seeking to upgrade their roster? A long, rangy wing player who is solid offensively and can defend on the perimeter and switch 1-to-5, Tony Jones of The Athletic writes. However, those players are in high demand throughout the league, which makes the Jazz’s task of finding such a player quite difficult.
The Jazz’s draft workout on Thursday included R.J. Cole (UConn), Tyson Etienne (Wichita State), Johnny Juzang (UCLA), Jared Rhoden (Seton Hall), Akoldah Gak (Australia) and Trevion Williams (Purdue), Eric Walden of the Salt Lake Tribune tweets. Williams (No. 50 on ESPN’s Best Available list) is the highest-rated among that group of second-round prospects.