Marc Lore Rumors | Hoops Rumors

Western Notes: Lively, Timberwolves’ Ownership Dispute, Williamson, Finch

November 11th, 2024 at 8:28pm CST by Dana Gauruder

Mavericks second-year big man Dereck Lively could return to action on Tuesday, Tim MacMahon of ESPN tweets. Lively had missed last four games due to sprained right shoulder. He told MacMahon he had a “good practice” on Monday in San Francisco and hopes to play against the Warriors.

“Just got to see how I feel when I wake up, but it’s been steady progress and I’m feeling good,” said Lively, who is listed as questionable to play.

We have more from the Western Conference:

The three-person arbitration panel is deliberating after last week’s hearings regarding the Timberwolves’ ownership dispute, Jon Krawczynski of The Athletic tweets. Krawczynski hears that it could take a few months before a ruling is handed down. A group led by Alex Rodriguez and Marc Lore is trying to gain majority ownership while current owner Glen Taylor is seeking to retain control.
The Timberwolves are off to a ho-hum 6-4 start and head coach Chris Finch is starting to second-guess some of his moves, Krawczynski writes. In a one-point loss to Miami, Finch pulled Nickeil Alexander-Walker for Mike Conley with his team up by three points. Conley missed all three of his shots after returning to the game and also had a turnover. “I probably should’ve stuck with Nickeil,” Finch admitted after the game. “He was playing really well.”
Zion Williamson felt discomfort in his left hamstring on Thursday, the day before the Pelicans faced the Magic, Christian Clark of the New Orleans Times Picayune reports. “We kind of pulled him out of practice,” head coach Willie Green said. “Sat him the next game. He got a scan. We found out the severity of what his injury was.” Williamson was diagnosed on Saturday with a left hamstring strain that will sideline him indefinitely.

Arbitration Hearing To Decide Timberwolves’ Ownership Dispute Begins

November 4th, 2024 at 6:38pm CST by Dana Gauruder

The arbitration hearing to decide the Timberwolves’ ownership dispute began on Monday and is expected to last most of the week. The decision by the three-person arbitration panel is expected to be announced next month, according to ESPN’s Brian Windhorst.

The dispute between minority owners Marc Lore and Alex Rodriguez and principal owner Glen Taylor moved to arbitration in July. A one-day mediation in the spring failed to make any progress, Windhorst writes.

The dispute has been ongoing since the tail end of last season. Taylor nixed the previous tiered payment agreement with Lore and Rodriguez, citing a breach of contract and a failure to meet a payment deadline. Lore and Rodriguez disputed that characterization, stating that they had the funds necessary to become majority owners but were awaiting NBA approval and should have been entitled to an extension.

The third payment in dispute would increase Lore and Rodriguez’ share from 36% to about 80% and the purchase agreement stipulates that they could buy out Taylor’s remaining 20% stake anytime before March 2025.

Windhorst and The Athletic’s Jon Krawczynski provided more details of the process:

If the arbitration panel rules in Taylor’s favor, the process essentially ends. Lore and Rodriguez could remain as limited partners or try to sell their shares. Taylor would have to approve the sale of their shares, according to Krawczynski. However, if Lore and Rodriguez get a favorable ruling. Taylor would be contractually compelled to sell them the controlling share for the previously agreed upon $1.5 billion valuation. The franchise’s value is substantially higher now, which is a major factor in Taylor’s decision to try to halt the sale. Lore and Rodriguez would still need 23 of 30 votes from the league’s owners to finalize the acquisition, since all team percentage transfers are subject to a vote, Windhorst notes.
Those transfer rules could present a sticky situation, due to Taylor’s long-standing relationships with the other owners and commissioner Adam Silver. There have been plenty of back-scene developments due to that possibility, according to Windhorst. Lore and Rodriguez have worked to meet with owners and the league office in recent months to demonstrate their position and attempt to shore up support in the event of a vote. It’s likely that Silver and BOG chairman Larry Tanenbaum will try to build a consensus in lieu of an owners’ vote.
Lore and Rodriguez have been firming up their finances by recruiting billionaires Michael Bloomberg, the former mayor of New York, and Eric Schmidt, the former CEO of Google, as well as private equity firm Dyal Homecourt Partners. They have amassed $950MM in an escrow account for not just the 40% needed to take majority control, but enough to give them 100% ownership of the team.
The team is facing a luxury tax bill of $100MM and total operating losses of more than $150MM this season, according to Krawczynski. That’s one reason why the Timberwolves moved Karl-Anthony Towns in a blockbuster trade with the Knicks.
Team president Tim Connelly could have opted out of his contract this year but agreed to defer the opt-out until the 2025 offseason. If he doesn’t like the direction the way things are going, he could choose to opt out this time around, regardless of who’s running the franchise at that time.

Wolves Notes: Lore, A-Rod, Randle, Finch, Conley, Edwards

October 23rd, 2024 at 8:35am CST by Luke Adams

With an arbitration hearing around the corner, prospective Timberwolves owners Marc Lore and Alex Rodriguez have put $942MM into an escrow account, according to reports from Eben Novy-Williams of Sportico and Shams Charania of ESPN.

As Novy-Williams explains, Lore’s and Rodriguez’s goal is to make it clear that there are no liquidity issues and that they have cash on hand to complete their purchase of the Timberwolves and the WNBA’s Minnesota Lynx if an arbitration panel rules in their favor. The group has also set aside about $300MM in working capital in the event that they’re given the go-ahead to assume control of the team, per Sportico.

ESPN’s Brian Windhorst first reported last month on Lore’s and Rodriguez’s plan to put more than $900MM in escrow in advance of November’s arbitration hearing. The $942MM in escrow would be enough to fully buy out longtime Glen Taylor based on the terms of their agreement and would give the new owners 100% control of the two teams.

Lore and Rodriguez reached an agreement back in 2021 to buy the Timberwolves from Taylor for a valuation of $1.5 billion. The plan was for Lore and A-Rod to buy in gradually over three years, first purchasing a 20% stake in the team, then increasing that stake to 40% before assuming majority control earlier this year by bumping their stake to 80%. Taylor would have retained 20% of the franchise in that scenario.

However, Taylor announced in March that he’d be retaining his majority share of the Wolves due to the fact that the prospective owners missed their deadline for that third payment deadline (which would have taken them from 40% to 80%). Lore and Rodriguez disputed that claim, stating that they had submitted the necessary financial documentation and were awaiting league approval.

The arbitration hearing is set to begin on November 4. While Lore and Rodriguez are reportedly confident about their chances to prevail, it will likely take at least a few weeks for the panel to reach a decision.

Here’s more on the Wolves:

The bond between Julius Randle and Wolves head coach Chris Finch dating back to their time together with the Pelicans was one reason why Minnesota felt comfortable with the idea of acquiring Randle when they traded away Karl-Anthony Towns. Chris Hine of The Minneapolis Star Tribune and Jon Krawczynski of The Athletic take a closer look at that bond, sharing some interesting tidbits of information and considering how the Randle/Finch dynamic will help determine the Wolves’ ceiling in 2024/25. As Krawczynski notes, Randle advocated for Finch back in 2020 when the Knicks were seeking a new head coach. “He just opened up my game and I became a really versatile player,” Randle said of his time with Finch in New Orleans, per Hine. “I always say, playing there and even still to this point, that was the easiest my game ever felt playing under Finch.”
At age 37, Mike Conley doesn’t feel as if his game is declining at all, but the Wolves will still take some extra precautions with the veteran point guard this season, Hine writes for The Star Tribune. The goal will be to reduce Conley’s playing time a little after he averaged about 29 minutes per game last season. “We feel like we could keep his minutes in the mid-20s,” Finch said. “So kind of save some miles there.”
Speaking to Jamal Collier as part of an ESPN feature story, rising Timberwolves star Anthony Edwards expressed a desire to spend his entire NBA career in Minnesota. “If I can, I’m trying to be here for my whole career,” Edwards said. “I ain’t trying to go nowhere.”
In case you missed it, the Wolves and Rudy Gobert agreed to terms on a contract extension that will keep the four-time Defensive Player of the Year under contract through at least 2027.

Northwest Notes: Towns, Westbrook, Jazz, Trail Blazers

September 28th, 2024 at 11:02pm CST by Arthur Hill

The Timberwolves were facing significant financial losses for the foreseeable future if they had kept the current roster together, league sources tell Brian Windhorst of ESPN. The need to unload Karl-Anthony Towns‘ contract is Minnesota’s primary motivation for agreeing to the trade that will send him to the Knicks.

Towns will earn $49.2MM this season as his four-year, $220MM extension kicks in. Windhorst points out that the front office gave him that deal in 2022 when it looked like he had established himself as the franchise cornerstone. That designation now belongs to Anthony Edwards, who increased the value of his own maximum-salary extension by $41MM by making the All-NBA team last season. Throw in Rudy Gobert, who will make $43.8MM this season and is almost certain to pick up his $46.7MM player option for 2025/26, and that’s already the core of a very expensive roster.

The financial uncertainties are accompanied by a dispute over who will ultimately own the team. Sources tell Windhorst that the group headed by Marc Lore and Alex Rodriguez has become confident it will prevail in the arbitration hearings set to begin November 4. They have lined up more than $900MM in escrow, Windhorst adds, with the support of former Google CEO Eric Schmidt and ex-New York City Mayor Michael Bloomberg.

Lore and Rodriguez plan to present more than $200MM in working capital, according to Windhorst’s sources, providing evidence that they can cover the final payment to current owner Glen Taylor and still handle the team’s projected deficits.

Windhorst points out that even if Lore and Rodriguez prevail in arbitration, they aren’t guaranteed to get the team. That will be decided in a vote by the NBA’s Board of Governors, many of whom may still be loyal to Taylor. Windhorst expects lawsuits to be filed no matter what the final decision is.

There’s more from the Northwest Division:

New Nuggets guard Russell Westbrook suggested to reporters that he was misused by the Clippers last season, per Bennett Durando of The Denver Post. “To be honest, it was unique,” Westbrook said. “They just didn’t put me in a position to make it unique. I was in a position where I was playing not my position. And being able to be here, and coach (Michael) Malone allowing me to be able to use my speed, use my transition skill to be able to make other guys better, makes the game easy for everybody surrounding me. That’s what I love to do best.” Malone has raved about Westbrook’s work ethic and the example he sets for his young teammates, Durando adds.
The Jazz were prepared for a major acquisition this summer, but they couldn’t find any suitable opportunities, according to Andy Larsen of The Salt Lake Tribune. “You guys have seen how things evolve in an offseason,” general manager Justin Zanik told reporters. “In this organization, we are extremely aggressive with pursuing any and all means necessary to make this a championship-caliber roster. When those opportunities come up, we’re ready for it. There weren’t any.”
The quality of Milwaukee’s picks toward the end of this decade will determine how much value the Trail Blazers got in exchange for Damian Lillard, Aaron Fentress of The Oregonian states on the one-year anniversary of the trade. Portland has swap rights for the Bucks‘ first-round selections in 2028 and 2030, and will receive the most and least favorable among their own pick, Boston’s, and Milwaukee’s in 2029.

Western Notes: Timberwolves, Beal, James, Buss, Grizzlies

September 19th, 2024 at 10:59am CST by Dana Gauruder

The arbitrators in the Timberwolves’ ownership dispute have been named.

Retired Hennepin County (Minn.) District Court Judge Thomas Fraser will serve as the neutral arbitrator in the upcoming legal proceedings, according to Sportico’s Eben Novy-Williams and Michael McCann.

Fraser is one of three people who will oversee the proceedings, which will begin the week of Nov. 4, to settle the legal battle between current Timberwolves majority owner Glen Taylor and the group headed by Alex Rodriguez and Marc Lore. The other two arbitrators will be retired Minnesota Supreme Court Justice Kathleen Blatz (appointed by Taylor) and Wilson Sonsini partner Joseph R. Slights III (appointed by Rodriguez/Lore).

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The suggestion that Bradley Beal should be the Suns’ sixth man doesn’t make a lot of sense, Gerald Bourguet of Gophnx.com opines. Despite an injury-plagued season, Beal is the team’s third-best player and removing him from the starting five in favor of Grayson Allen is a downgrade on several levels, in Bourguet’s view.
LeBron James‘ work ethic never ceases to amaze Lakers owner Jeanie Buss, she told Chuck Schilken of the Los Angeles Times. “He consistently delivers. He puts in the work. He’s not only a worldwide brand, but he is our leader,” Buss said. “He’s the captain of our team and he sets the tone, sets the pace by putting in the hard work. Nobody can complain about the work if you see somebody with his résumé and his longevity of career, nobody can complain about having to practice if he’s willing to do it. And he does. He just amazes me.”
Robinhood Markets, Inc., a financial services company, will serve as the jersey patch and official investing partner of the Grizzlies, Damichael Cole of the Memphis Commercial Appeal writes. The same company is also in a partnership with the Wizards for their jersey patch this season.The Grizzlies haven’t had a jersey patch since 2021, after a three-year deal with FedEx came to an end, Cole adds.

Western Notes: Green, Jones, Shannon Jr., Taylor

September 15th, 2024 at 9:13pm CST by Dana Gauruder

Jalen Green became extension-eligible this summer but there hasn’t been any news on that front. The Rockets guard would have to sign that rookie scale extension by the Oct. 21 deadline or else he’ll be eligible for restricted free agency next summer. Green told Jonathan Feigen of the Houston Chronicle he’d like to sign a long-term contract with the team.

“For sure,” Green said. “My main focus is the season ahead of me with the players that we have, go to the playoffs and go as far as we can. We’re building that team camaraderie, who we are. That’s the main focus right now, and everything will work itself out.”

Whether or not he reaches an extension agreement, Green is approaching the season with enthusiasm. “We went out last season with a bang,” he said. “We’re all on the same page, know what it takes to win. We know what we can do if we play hard. I think we know what we have to do going into this season from the beginning to the end, so hopefully, that leads us into the playoffs.”

We have more from the Western Conference:

The Thunder traded four second-round picks to move up into the first round and select Dillon Jones with the No. 26 pick. Does that mean the Thunder have immediate plans for him? It’s not out of the question, according to Rylan Stiles of Sports Illustrated. Stiles points out that Cason Wallace jumped right into the rotation in his rookie campaign, rather than being ticketed to the G League.
Terrence Shannon Jr. and his mother, Treanette Redding, filed a Notice of Claim to sue the Douglas County district attorney, the Lawrence (Kansas) police department and a detective for malicious prosecution, among other claims, Mitch Gilfillan tweets. Shannon, a Timberwolves rookie, was found not guilty of all charges at his criminal trial in Kansas in June. Shannon was facing felony charges of first-degree rape and sexual aggravated battery.
Timberwolves owner Glen Taylor has subpoenaed the NBA in his ongoing legal battle over control of the franchise, according to Eben Novy-Williams of Sportico. It’s an unusual move, Novy-Williams notes, and could potentially expose private league communications and financial information to a public audience. The battle between Taylor and prospective owners, Marc Lore and Alex Rodriguez, is headed for arbitration in November.

Silver: League Still Isn’t Ready To Tackle Expansion

September 10th, 2024 at 6:20pm CST by Dana Gauruder

The league isn’t quite ready to explore expansion talks, NBA commissioner Adam Silver revealed during a Tuesday press conference. Silver addressed the media after the league’s Board of Governors meeting.

“There was not a lot of discussion in this meeting about expansion, but only largely not for lack of interest, it was that we had said to them that we’re not quite ready,” Silver said, per ESPN’s Tim Bontemps. “It was something that we told our board we plan to address this season, and we’re not quite ready yet. But I think there’s certainly interest in the process, and I think that we’re not there yet in terms of having made any specific decisions about markets or even frankly to expand.”

Expansion has been put off while the league negotiated a new Collective Bargaining Agreement and reached new broadcast deals. With those items in the rear view mirror, the league could eventually discuss expansion in the coming months. The first step in that process, according to Bontemps, would be forming a committee of several owners to explore the topic and determine what the next steps would be.

Here’s more from Silver’s press conference and the BOG meeting:

The commissioner would prefer that legalized sports betting had a “federal framework,” rather than being a state competition with varying rules. “I was in favor of a federal framework for sports betting. I still am,” he said. “I still think that the hodgepodge of state by state, it makes it more difficult for the league to administer it. I think it creates competition, understandably, among states to get — just think New York, New Jersey or a situation like that where you’re both competing for the same customer, so you can compete on tax rates and other things and a regulatory framework.”
The league is essentially in wait-and-see mode regarding the potential sales of two franchises, the Timberwolves and the Celtics, according to The Associated Press’ Tim Reynolds. Minnesota’s dispute between current majority owner Glen Taylor and potential majority owners Marc Lore and Alex Rodriguez is headed to arbitration. “That’s a process that exists independent of the league that was set out in the sales agreement,” Silver said. Boston’s ownership group, led by Wyc Grousbeck, intends to sell the majority of its shares later this year or early next year, then close on a sale of the balance of remaining shares in 2028. “I think that Wyc Grousbeck and his ownership group are in the process of working through what the steps will be,” Silver said.
Raptors Governor and Chairman of Maple Leaf Sports & Entertainment Larry Tanenbaum has been re-elected as the Board’s chairman, NBA Communications tweets. Tanenbaum has served in that role since 2017.
The league could have a national streaming RSN platform as soon as the 2025/26 season, according to the Sports Business Journal’s Tom Friend. Numerous teams were affected Diamond Sports bankruptcy proceedings. Diamond is the parent company of Bally Sports. “I think coming out of this, when we look at the interest of streaming services to carry local games and all the additional functionality that will come to that, there will be a transition and transition for our viewers, as well, in terms of how they discover those games and how they watch them, that I think the end result will be a much better consumer experience,” Silver said.

Arbitration Hearing For Timberwolves’ Ownership Dispute Slated For November

July 26th, 2024 at 6:19pm CST by Dana Gauruder

The Timberwolves’ ownership dispute will stretch into next season. An arbitration hearing that would essentially settle the dispute between minority owners Marc Lore and Alex Rodriguez and principal owner Glen Taylor will begin early November, Nick Williams of the Minneapolis Star Tribune reports.

The dispute has been ongoing since the tail end of the regular season. Taylor nixed the previous tiered payment agreement with Lore and Rodriguez, citing a breach of contract. Lore and Rodriguez disputed that characterization, stating that they had the funds necessary to become majority owners but were awaiting NBA approval and should have been entitled to an extension.

The third payment in dispute would increase Lore and Rodriguez’ share from 36% to about 80% and the purchase agreement stipulates that they could buy out Taylor’s remaining 20% stake anytime before March 2025.

The arbitration hearing will last approximately one week, with the ruling from a three-member arbitration panel coming within 30 days, Williams adds. A mediation hearing on May 1 failed to resolve the dispute, automatically moving the issue to arbitration.

If the arbitration panel rules in Taylor’s favor, he’ll retain majority ownership. The panel could also rule Lore and Rodriguez qualified for a 90-day extension, and Taylor must sell them the team or pay monetary damages.

Northwest Notes: Finch, Towns, Wolves, Jazz, Caruso

June 26th, 2024 at 12:30pm CST by Dana Gauruder

Timberwolves owner Glen Taylor made stability a priority regarding the franchise’s leadership positions while his ongoing dispute with prospective majority owners Marc Lore and Alex Rodriguez plays out, Jon Krawczynski of The Athletic reports. That resulted in head coach Chris Finch signing a four-year extension, though Lore and A-Rod were also in favor of extending Finch.

“They broke open the contract and redid it,” Finch said of the Timberwolves. “That doesn’t often happen and I’m extremely grateful for that.”

We have more from the Northwest Division:

Will the Timberwolves make a blockbuster trade to alleviate some of their luxury tax issues? It doesn’t appear so, according to Zach Lowe of ESPN. Minnesota is looking to retain its most talked-about trade piece, Karl-Anthony Towns, who has been the subject of many rumors in recent years. His four-year max extension kicks in next season.
The Timberwolves hold the 27th and 37th picks in the draft and if history is a guide, they might trade one of those picks or acquire another one. Chris Hine of the Minneapolis Star Tribune notes that head of basketball operations Tim Connelly has made draft-night trades during each of the past two years.
There have been plenty of rumors about the Jazz packaging their No. 29 and 32 picks to move up the draft but could they include their lottery selections at No. 10? Kevin O’Connor of The Ringer hears Utah may be looking to move up in the lottery by consolidating those picks in a trade. The Jazz could be looking for a backcourt partner to pair with point man Keyonte George.
Jazz general manager Justin Zanik acknowledged that adding three rookies after drafting three players in the first round last year might make the roster too young, Andy Larsen of the Salt Lake Tribune writes. “If that’s the case, you want to make sure you have enough veterans on the team. They can’t raise themselves, can’t raise each other,” Zanik said. “That will factor into some of the things we do in free agency or trades.”
Alex Caruso is excited to join a contender that has other rotation players with established defensive credentials, according to Gracie Rawlings of The Oklahoman. “I mean long, athletic, competitive, tough, those are all things that we described as all-defensive caliber players and good defensive teams,” Caruso said of being traded to the Thunder. “They have a lot of that. They have active hands. They are willing to sacrifice for the team. Those are all things that are important, and I am excited to add to that. But I also know that I’m not going to be the main focus every night defensively. I think in Chicago, everyone had me as No. 1 on the radar for the defensive game plan.”

Bloomberg To Join Wolves’ Ownership Group Led By Lore, A-Rod

June 6th, 2024 at 12:37pm CST by Rory Maher

Michael Bloomberg, a billionaire businessman and former three-term mayor of New York City, is joining the Timberwolves‘ ownership group led by Marc Lore and Alex Rodriguez, sources tell Jon Krawczynski and Shams Charania of The Athletic.

Bloomberg has a net worth of over $100 billion, according to Forbes, making him one of the wealthiest people in the world.

Longtime Wolves owner Glen Taylor is currently the controlling stakeholder in the franchise after he nixed the previous tiered payment agreement with Lore and Rodriguez, citing a breach of contract. Lore and Rodriguez disputed that characterization, stating that they had the funds necessary to become majority owners but were awaiting NBA approval and should have been entitled to an extension.

The third payment that it’s in dispute would increase Lore and Rodriguez’ share from 36% to about 80%, per The Athletic, and the purchase agreement stipulates that they could buy out Taylor’s remaining 20% stake anytime before March 2025. That’s where Bloomberg fits in — his investment would help Lore and Rodriguez’s group obtain that final 20%, with Taylor no longer holding a stake.

Lore and Rodriguez have been preparing as though they will assume majority control, but the dispute is still in arbitration and a decision could take months. Bloomberg’s addition would not impact that case, which is only based on the events leading up to the contract’s deadline (March 27). However, if they emerge victorious, Bloomberg could factor into the league’s decision, Krawczynski tweets.

Krawczynski and Charania clarify that while Bloomberg is obviously very well known and a “considerable financial partner,” his investment only represents a portion of the $300MM+ needed for Lore and Rodriguez to purchase Taylor’s final 20%.

Should they emerge victorious in the dispute, Lore and Rodriguez would remain the group’s top decision-makers. According to The Athletic, the group is committed to paying the luxury tax in 2024/25 and beyond if president of basketball operations Tim Connelly makes that recommendation. Taylor has also said he’s prepared to pay the tax next season.

League sources tell The Athletic that Lore and Rodriguez are in the midst of developing plans for a new, privately funded arena to replace the Target Center, which is the second-oldest building in the league. The group believes that could transpire as early as 2031.

According to Krawczynski and Charania, Lore and Rodriguez have also had discussions with Gerry Cardinale about collaborating on a new regional sports network to broadcast Timberwolves and Lynx (WNBA) games, as well as other local teams. Cardinale, the founder of RedBird Capital, has “deep connections to the New York Yankees and played a leading role in the formation of the YES Network in New York, which would serve as a model for a potential new venture in the Twin Cities area.”