Glen Taylor Rumors | Hoops Rumors

Timberwolves Sale Negotiations Continue Beyond 30-Day Window

May 11th, 2021 at 9:24am CST by Luke Adams

When a group led by former MLB star Alex Rodriguez and tech entrepreneur Marc Lore reached a tentative agreement to buy the Timberwolves from current owner Glen Taylor last month, the two sides entered into a 30-day exclusive negotiating window to finalize the terms of the deal.

That 30-day window has now closed, and Rodriguez, Lore, and Taylor have yet to complete their agreement, as Brian Windhorst of ESPN writes. However, the parties continue to negotiate in good faith in the hopes of hammering out a deal, Windhorst adds.

As Jon Krawczynski of The Athletic observes (via Twitter), the end of the 30-day window didn’t represent a deadline to finalize the sale. It simply gave the two sides a month to focus on completing a deal without Taylor considering other potential buyers.

Now that the window has closed, Taylor could theoretically look elsewhere, but it sounds like he remains focused on the Rodriguez/Lore group. The two sides may agree to extend the exclusive negotiating window, Windhorst notes, though that hasn’t been done yet.

Taylor has entered into exclusive negotiating windows in the past with interested parties and hasn’t closed a deal in those instances. However, he never got as far down the road with any of those previous suitors as he has with Rodriguez and Lore.

As we detailed last month, the two sides have agreed on a valuation of the franchise in the $1.5 billion range, which would include the WNBA’s Minnesota Lynx in addition to the Timberwolves.

The two sides have also agreed on a plan to have Rodriguez and Lore initially come aboard as minority partners before assuming majority control by the 2023/24 season. According to Windhorst, one issue that has been at the center of discussions in recent weeks has been a guarantee that Taylor will cede his majority control of the franchise by a specific date.

It still appears that the parties will eventually work out the specific terms and agree to a deal, but until the sale is official, it’s a situation worth monitoring.

Northwest Notes: Gordon, Clarkson, Dort, Wolves

April 19th, 2021 at 11:24am CST by Luke Adams

In a conversation with Sam Amick of The Athletic, Nuggets forward Aaron Gordon spoke about how he impressed he has been with Nikola Jokic during his first few weeks in Denver, and said his team still has championship aspirations this season, even with Jamal Murray unavailable for the postseason.

Additionally, acknowledging rumors that the Celtics tried hard to acquire him at last month’s deadline, Gordon said he would’ve enjoyed playing in Boston, but stated that he views the Nuggets as an ideal fit for his skill set.

“Obviously Boston has those guys with (Jayson) Tatum and (Jaylen) Brown, and they would have been hell of fun to play with,” Gordon told Amick. “But I feel like Denver was just the best fit to showcase my well-roundedness as a ballplayer, the defensive aspect and the offensive (aspect) — basically just (the) glue that I can bring. The guy who can fill in, do a little bit of everything on the offensive end and then lock up the other team’s best player, or at least make their night hard, make it a frustrating night for them.”

Here’s more from around the Northwest:

Jazz guard Jordan Clarkson is considered the frontrunner for this year’s Sixth Man of the Year award, but he tells Mark Medina of USA Today that his “main goal” is trying to win games and to win a title — but he’d be honored to win the award. “If the Sixth Man of the Year award comes and I don’t get it, I don’t need the validation because my teammates, coaching staff and a lot of my peers gave me that,” Clarkson said. “They’re telling me, ‘I respect what you do’ and all of that. So, I know that goes a long way as well. But it’s definitely something I want to get accomplished one of these years. Hopefully it’s this year.”
Thunder wing Luguentz Dort expressed interest in representing Team Canada in the Olympic qualifiers this summer, tweets Steven Loung of Sportsnet. While Dort said he was willing to “try out” for the team, it’s a safe bet that Team Canada would welcome him onto the roster if he wants a spot.
As we wait for Timberwolves owner Glen Taylor to work out a sale agreement with potential new owners Alex Rodriguez and Marc Lore, Lee Schafter of The Star Tribune explains why he thinks Taylor’s pledge to keep the team in Minnesota should be successful, while Chris Hine of The Star Tribune looks at the roadblocks that would be in the way of the new ownership group attempted a move.
While the plan is for Rodriguez and Lore to begin as limited partners before they eventually assume majority control of the Timberwolves, sources told Jon Krawczynski of The Athletic last week that the new owners will still have a “significant influence” on the team’s basketball and business operations right away. Krawczynski also heard that the Wolves’ financial situation isn’t in bad shape, signaling that the NBA remains viable in the market.

Latest On The Sale Of The Timberwolves

April 11th, 2021 at 10:40am CST by Arthur Hill

Any agreement to sell the Timberwolves will include a provision that the team must be kept in Minnesota, owner Glen Taylor tells Chris Hine of The Star Tribune.

News broke Saturday night that Taylor was in the late stages of a deal to sell the team to former MLB star Alex Rodriguez and billionaire investor Marc Lore. The Minnesota Lynx of the WNBA would also be included, according to Hine.

“They will keep the team here, yes. We will put it in the agreement,” Taylor said. “At this point we have a letter of intent, but when we make up the contract we’ll put that in there. That’s no problem. That won’t be a problem.”

Hine checked with legal experts last summer who said it might be difficult to enforce contract provisions that the team can’t be moved. The franchise has a lease for use of the Target Center with the city of Minneapolis that runs through 2035 and includes a $50MM penalty for leaving early.

However, the potential new owners haven’t indicated that they plan to take the Wolves anywhere else. Taylor said they bonded quickly during a meeting this week at his home in Naples, Florida, and signed a letter of intent Saturday afternoon that gives Rodriguez and Lore exclusive negotiating rights for 30 days.

“Just in the last week or so did I make contact with these guys,” Taylor said. “They had indicated they had some interest in being involved in the ownership. I had not known them personally, so contacted them, talked to them on the phone, did all that, really liked how it went.”

Taylor said they agreed on “everything” once negotiations began, including his vision of mentoring a new ownership group for two seasons before the transfer becomes complete. Under the reported agreement, Rodriguez and Lore will become partial owners before taking over completely in 2023.

“When I met them and talked to them and just in the conversation what they were after — they’re bright people, very bright people, very competitive,” Taylor said. “I could see them challenging me which I liked to have. … They said, ‘We got to learn about basketball. We’d like you to stay around and help us run it for a while.’ Then we’ll switch over. Those meet all of my goals.”

Rodriguez and Lore will be in Minneapolis on Monday to meet with Timberwolves and Lynx employees, tweets Darren Wolfson of 5 Eyewitness News. Taylor told Wolfson he met with four other groups that were interested in buying the team, but Rodriguez and Lore made the best impression.

Taylor has put the team on the market before without finding a buyer, leading to questions about how serious he was in his desire to sell. A group led by Arron Afflalo was interested, and Kevin Garnett was reportedly preparing a bid for the team last summer. However, Taylor said he never heard from Garnett or any group that was affiliated with him.

Taylor has owned the team since 1994, when he bought it to prevent a move to New Orleans. As he nears his 80th birthday, he wants to be sure the franchise will be in good hands.

“It gives me peace of mind,” Taylor said. “At my age, going ahead, if something happens to me, I know what’s going to happen to the Timberwolves. It’s all kind of set. I don’t have to worry about that. I don’t have to have my family worry about it. In the next couple years, if everything goes as I hope, I still can participate. So it gives me the best of both worlds.”

Alex Rodriguez, Marc Lore Finalizing Purchase Of Timberwolves

April 10th, 2021 at 5:53pm CST by Arthur Hill

Former baseball star Alex Rodriguez and billionaire Marc Lore are finalizing a deal to purchase the Timberwolves, tweets Adrian Wojnarowski of ESPN. Under the agreement, current owner Glen Taylor will retain control of the franchise for two more seasons before it shifts to Rodriguez and Lore in 2023.

“We look forward to entering this phase of the process with Glen Taylor,” Rodriguez and Lore said in a prepared statement. “Our respect for him and the legacy he has built lays an amazing foundation for what is to come. We are excited by the prospect of getting to know the Timberwolves organization.” (Twitter link)

Jon Krawczynski of The Athletic first noted the interest from the potential buyers (Twitter link).

Rodriguez and Lore signed a letter of intent today that provides a 30-day exclusive negotiating window to finalize the purchase, Krawczynski writes in a full story.

Sources tell The Athletic that Rodriguez and Lore would become limited partners — each with an even stake — in the current ownership group for the next two and a half years before Taylor steps aside. Taylor, who will turn 80 later this month, has owned the team for 27 years and has been looking for someone to take it over.

According to Krawczynski, negotiations have already produced agreement on several key elements of the sale, include a $1.5 billion valuation for the franchise. Rodriguez and Lore met with Taylor this week at his Naples, Fla., home and made significant progress in negotiations.

If a purchase agreement is reached, the new owners would need approval from the NBA’s Board of Governors before a sale can be finalized.

Taylor, who purchased the team for $88MM in 1994, has placed it on the market several times, Krawcyznski adds, but hasn’t found an offer he was willing to accept. He was insistent on keeping it in Minnesota and wanted to find purchasers who would agree to become short-term partners so he could mentor them before they fully took over.

Since retiring from baseball in 2016, Rodriguez has become an entrepreneur and media star, Krawczynski notes. His investments include fitness gyms, coconut water, e-sports, Fanatics and a digital delivery service called goPuff. Lore began his fortune with Quidsi, which sold to Amazon for $545MM in 2021. and later founded Jet.com, which Walmart bought for $3.3 billion in 2016.

Photo courtesy of USA Today Sports Images.

Timberwolves Notes: Collins, Taylor, Rosas, Fans

March 13th, 2021 at 3:57pm CST by Dana Gauruder

The Timberwolves are “dying” to acquire Hawks forward John Collins, ESPN commentator Jackie McMullan said on The Bill Simmons Podcast (hat tip to Kurt Helin of NBC Sports). “Minnesota is dying to have him. Minnesota wants him bad,” McMullan said. “What will they offer? I don’t know. They really want him. I think there are other teams too, but Minnesota particularly.” Minnesota’s interest in Collins, who will be a restricted free agent after the season, has previously been reported.

We have more on the Timberwolves:

Owner Glen Taylor could get approximately $1.3 billion for the franchise if he sells the team now but the owner and the franchise have major image problems, as Jabari Young of CNBC details. Former franchise player Kevin Garnett is feuding again with Taylor and top executive Gersson Rosas stirred controversy by passing over popular in-house candidate David Vanterpool when he replaced head coach Ryan Saunders with Raptors assistant Chris Finch. Rosas has also tried to build around Karl-Anthony Towns but the roster is lacking 3-point shooters to make it work.
The Wolves will start allowing fans at Target Center on April 5, according to a team press release. Season ticket members will get priority for the final 12 games of the season, though the release doesn’t indicate how many people will be allowed in the building.
In case you missed it, Hoops Rumors had an exclusive interview with Jaylen Nowell. You can check it out here.

Latest On Potential Timberwolves Sale

March 5th, 2021 at 8:52am CST by Luke Adams

Longtime NBA star Kevin Garnett expressed interest last summer in bidding on his former team, the Timberwolves, as part of a prospective ownership group, but Garnett said in an Instagram story on Thursday that he’s no longer in the running to buy the franchise.

“Sooo just got the news that this process in trying to acquire the TWOLVES IS OVER for me n my group,” Garnett wrote, adding that he plans to “focus on other places” such as Seattle and Las Vegas. “Thx Glen for being yourself n what I kno you to be!!!”

Garnett’s comments – including renewed criticism of current Wolves owner Glen Taylor, with whom KG has feuded in the past – suggested that perhaps the franchise is paring down its list of potential suitors and informed Garnett’s group that it’s no longer a candidate.

However, Taylor told Jon Krawczynski of The Athletic and other reporters that neither he nor his representatives received any offer from Garnett and that he wasn’t sure what prompted KG’s public announcement.

“Kevin never contacted me at all saying that he was interested,” Taylor said. “Nor was his name listed on any of the buying groups that asked for financial information to review.”

According to Krawczysnki, Taylor was always open to considering a bid from Garnett or a group representing the Hall-of-Famer, but there was some skepticism about KG’s ability to put together the money necessary to make a competitive offer — Forbes’ latest franchise valuations projected the Wolves’ worth to be $1.4 billion.

Taylor said that he has received inquiries from at least 10 groups or families, per Krawczynski and Darren Wolfson of 5 Eyewitness News (Twitter link). The Wolves’ owner also informed Chris Hine of The Star Tribune that he spoke to four former NBA players who expressed interest in the team and asked if they were affiliated with Garnett — they all said no.

“If he would’ve called or had been a person who wanted some help, I would’ve tried to help him like anybody else,” Taylor said of Garnett.

Taylor told Wolfson that some of the interested parties are completing their due diligence, suggesting the sale process could gain momentum soon. However, Krawczynski believes “the betting money” is on Taylor retaining control of the franchise for the foreseeable future, since the ongoing effects of the coronavirus pandemic, the Wolves’ on-court struggles, and Taylor’s insistence that the club remain in Minnesota are all factors working against a bidding war.

“The process has taken longer than anticipated just because we’re not sure when we’re going to have attendance at the games,” Taylor said, per Hine. “And so that’s a hard thing to kind of figure in there, the value or lack of value. Probably the only thing that’s holding it up. I still have interest.”

Multiple reports in the last seven months have indicated that former Grizzlies minority owner Daniel Straus has gotten furthest down the road in negotiations with Taylor. Those talks seem to have hit a standstill though, and aren’t going anywhere at the moment, sources tell Krawczynski.

Timberwolves Notes: Towns, Saunders, Russell, Vanterpool

February 22nd, 2021 at 10:00am CST by Arthur Hill

Amid the turmoil of a mid-season coaching change, the Timberwolves got some good news Sunday night as star center Karl-Anthony Towns indicated he foresees a long future with the organization, writes Chris Hine of The Star Tribune. Towns was asked about his intentions following a loss to the Knicks that dropped Minnesota’s record to a league-worst 7-24.

“If you want to build a legacy we got to win,” Towns said. “And I want to build my legacy here so I want to win with the Wolves, and I’m going to do everything I possibly can to keep step-by-step, brick-by-brick, building something and a culture here that’s going to stand here for a long time.”

Towns, 25, still has three more years on the extension he signed in 2018, paying him $31.65MM, $33.83MM and $36MM through the 2023/24 season. He could opt to demand a trade, as other stars have done in losing situations, but Sunday’s comments should offer some hope to the Wolves that he’s committed to turning things around in Minnesota.

There’s more on the Timberwolves:

Ryan Saunders knew for weeks that his job was in jeopardy, according to Jon Krawczynski of The Athletic. Players had been openly speculating about a coaching change, and the only question was whether management would keep him in place through the end of the season. Owner Glen Taylor had resisted the move because Towns was out of the lineup so much this season due to injuries and a battle with COVID-19. However, Minnesota was just 1-7 since Towns returned February 10, which was enough for Taylor to endorse firing Saunders.
Obvious tension built up between guard D’Angelo Russell and Saunders as losses mounted, Krawczynski adds in the same story. A long-time friend of Towns, Russell was brought in at last year’s trade deadline to provide a second star for the team to build around. However, because of injuries and the hiatus, Saunders only got to coach Towns and Russell together in five games.
Several NBA players questioned why Timberwolves associate head coach David Vanterpool wasn’t chosen to replace Saunders, with the loudest support for the former Trail Blazers assistant coming from Portland stars Damian Lillard and CJ McCollum, notes Jamie Hudson of NBC Sports. “How the hell do you not hire David Vanterpool,” Lillard tweeted, “and he’s right there on the bench… and has been in front office SUCCESSFULLY and on the front of a bench of a winning team SUCCESSFULLY (7 years) … and also has played a major role in the development of a dominant backcourt smdh!” According to Krawczynski, there has been speculation throughout the league that Chris Finch has been on top of president of basketball operations Gersson Rosas‘ wish list since he joined the Wolves two years ago, and Rosas was willing to endure criticism over not considering a minority candidate such as Vanterpool.

Wolves Owner Says Ryan Saunders’ Job Is Safe

January 23rd, 2021 at 7:04pm CST by Arthur Hill

The Timberwolves aren’t considering a coaching change despite a frustrating start to the season, team owner Glen Taylor tells Charley Walters of The St. Paul Pioneer Press.

Minnesota is last in the Western Conference with a 3-11 record, second only to the Pistons for the worst mark in the league. However, Taylor doesn’t want to assess head coach Ryan Saunders‘ performance until the team has more time with Karl-Anthony Towns, who has missed 10 games because of a wrist injury and COVID-19. The Wolves are 1-9 without Towns.

“I haven’t even talked to (president of basketball operations Gersson Rosas) about that — he hasn’t brought it up,” Taylor said of a possible coaching change, “but you’re asking me, and it’s probably hard to tell a guy that you aren’t doing the job when your best guy isn’t playing.”

Taylor admits being disappointed with the way his team has played so far. Minnesota was expecting to be more competitive with Towns and D’Angelo Russell leading the franchise. The addition of top draft pick Anthony Edwards and an offseason deal for Ricky Rubio sparked hopes that the Wolves might be able to contend for at least a play-in spot.

“The team hasn’t done as well as I think anybody anticipated,” Taylor said. “We lost some games we thought we could win. Probably a couple of the young guys are doing better than we anticipated, and that’s good. But overall, you’ve got to win. Karl being out really hurts, because we just have no flow going yet.”

Taylor also commented on the lack of movement on a potential sale of the Wolves and the Lynx of the WNBA. He is reportedly seeking $1.5 billion for both teams.

“I haven’t found anything that for sure says I should move ahead,” Taylor said. “… The other question: Is now a good time to sell when you don’t have fans? And it’s not a good time.”

Latest On Potential Sale Of Timberwolves

January 5th, 2021 at 9:45am CST by Luke Adams

It has been nearly six months since reports surfaced indicating that Timberwolves owner Glen Taylor was exploring a sale of the franchise. However, firm offers for the team have been “tepid,” sources tell Brian Windhorst of ESPN (Insider link).

In August, a report from The Athletic suggested that former Grizzlies minority owner Daniel Straus was closing in on a deal to buy the Timberwolves. According to Windhorst, Taylor and Straus got as far as a term sheet and continue to talk, but have been unable to finalize an agreement. Sources tell ESPN that Straus modified his offer once it became clear that fans wouldn’t fill arenas during the 2020/21 season.

Straus is still the favorite to become the team’s new owner, but Taylor’s history of exploring a sale and then pulling the team off the market creates some uncertainty, writes Windhorst. It also sounds as if valuations of the Wolves (which are in the $1.3-1.5 billion range, including debt, per ESPN) are lower than Taylor had hoped.

“I think Glen was hoping team values were still going up,” another team owner told ESPN. “I think we’re finding out they may not be right now.”

As we’ve noted in previous stories about a possible sale of the Wolves, Taylor’s insistence that the team remain in Minnesota is expected to put a ceiling on both the number of bidders and the sale price, since many potential suitors would be interested in relocating the club. Taylor has flatly rebuffed inquiries from those looking to relocate the Wolves, reports Windhorst.

A report last July indicated there were some preliminary discussions with the Wilf family – the owners of the NFL’s Minnesota Vikings – but that they didn’t advance, which Windhorst confirms. Former Timberwolves star Kevin Garnett was also said to have interest in putting together a group to make a bid, but there has been no traction on that front either, per Windhorst.

While Straus reportedly remains a viable buyer for the Wolves, there doesn’t seem to be a clear Plan B if those talks stall. Taylor acknowledged in a recent interview that there’s a very real possibility he could still control the franchise a year from now.

Wolves Notes: RHJ, Taylor, Vanterpool, Russell, Towns

December 24th, 2020 at 11:05am CST by Luke Adams

Speaking to Darren Wolfson of SKOR North, Timberwolves owner Glen Taylor praised Rondae Hollis-Jefferson‘s performance during training camp and the preseason, explaining that the team’s decision to release him was an “insurance policy” for roster flexibility.

“If we’d (retained Hollis-Jefferson), then we’d have the roster. We wouldn’t have any room for any movement at all,” Taylor said. “And I just think that you want to go into this year leaving a little bit of flexibility to see if you get some injuries or something like that, that you can bring in somebody to fill it.”

While Taylor’s point is a fair one, it’s worth noting that Hollis-Jefferson had a non-guaranteed contract, as do Jaylen Nowell and Naz Reid, who remain on the roster. So even if the Timberwolves had carried a full 15-man roster into the regular season, they would’ve had some flexibility to make changes if necessary prior to February’s league-wide salary guarantee deadline.

Here’s more on the Wolves:

Although Taylor has done his due diligence on a potential sale of the franchise, he suggested in his conversation with Wolfson that no agreement is close and acknowledged that he could still own the club a year from now. “There’s probably a good possibility that could happen,” Taylor said.
Within his discussion with Wolfson, Taylor also said he expects Timberwolves assistant coach David Vanterpool to eventually become an NBA head coach and said that president of basketball operations Gersson Rosas remains on the lookout for trades that could upgrade Minnesota’s roster.
Ricky Rubio started in place of D’Angelo Russell in the Wolves’ opener because Russell was late for his coronavirus test on Wednesday, writes Patrick Reusse of The Star Tribune. As Reusse notes, Russell tested negative and ended up playing 33 minutes, but the Wolves’ decision not to start him sent a message that they expect their players to strictly follow COVID-19 protocols.
Following the death of his mother and several other loved ones this year, Karl-Anthony Towns is playing with a heavy heart and is no longer the “happy-go-lucky” player he was during his first five seasons in the NBA, Jon Krawzyncski writes for The Athletic. “You may see me smiling and stuff, but that Karl died on April 13,” an emotional Towns said following the Wolves’ win on Wednesday. “He’s never coming back. I don’t remember that man. I don’t know that man. You’re talking to the physical me, but my soul has been killed off a long time ago.”