NBA rumors: Another suitor emerges to purchase the Timberwolves

The Straus Group, the family office of Daniel E. Straus, is exploring a purchase of the NBA’s Minnesota Timberwolves from billionaire owner Glen A. Taylor, according to people with knowledge of the matter. The firm is one of multiple suitors for the basketball franchise, said the people, who asked not to be identified because the information is private. It couldn’t immediately be learned if the group was working alone or as part of a consortium.

More on Minnesota Timberwolves Sale?

The Star Tribune spoke to a number of lawyers and the consensus was that doing so doesn’t seem as simple as baking it into a contract and tying the new owners to Minneapolis permanently. A deal likely would have to have parameters about how long such an agreement, or covenant, would last, and any financial penalty for breaking that covenant couldn’t be overly severe. The league has not responded to Star Tribune requests for comment regarding the sale of the Wolves. “You could have some contingencies … and I’m sure there could be a provision that relates to keeping the team in place,” said Eldon Ham, an author and professor of sports law at Chicago-Kent College of Law. “But I don’t think it would be able to extend forever.”
At the crux of any guarantee to keep the Wolves in Minnesota would be how long that guarantee would last or how harsh the financial penalty would be for breaking it. Ham said any kind of agreement that makes outlandish demands, like a 30-year promise to keep the team in Minnesota, might not make it past league approval, which requires a $1 million fee just to apply, he said. “The league itself has to approve all this,” Ham said. “So if you have a ridiculous contract, they’re just going to tell you: ‘We’re not approving this stuff.’ “If there’s something in there that says the applicant shall not apply to remove the team from the city or the state or whatever for a year or something like that, you might try to get that to fly. I don’t see anything in the bylaws that says you couldn’t have that in the contract, but the NBA itself might say, ‘We don’t like it.’ ”
An ownership group led by longtime NBA player Arron Afflalo is putting together an offer to buy the Minnesota Timberwolves, two people with knowledge of the bid said. The people spoke to The Associated Press on condition of anonymity Friday because the deal was still in the process of being submitted. The group will consist of two to five individuals with a net worth of more than $10 billion. According to the people, Afflalo's group will submit the bid no later than this weekend.
The people familiar with Afflalo's group said the team won't be relocated. The 34-year-old Afflalo would be the face of the group, with venture capitalist Brock Berglund spearheading the financing. The only Black primary owner in the NBA now is Michael Jordan in Charlotte. It's a diverse group seeking to place minorities in positions of power and uplift the community in the wake of the death of George Floyd, the handcuffed Black man who died after a Minneapolis police officer pressed a knee into his neck for nearly 8 minutes.
The Wilf family that owns the Minnesota Vikings has emerged as a serious candidate to buy the Minnesota Timberwolves, NFL sources told ESPN. Only recently did the Wilfs emerge as one of the groups bidding to buy the NBA team in their city from billionaire Glen Taylor, sources said. There are several bidders for the team, including metropolitan New York real estate developer Meyer Orbach, who bought a minority stake in the Timberwolves in 2016. Former Timberwolves standout Kevin Garnett also said he is forming a group to try to purchase the team.
But the Wilfs appear to be in a prime spot at this time to buy the Timberwolves, though a decision on the sale might not be made until September, sources said. Taylor has owned the team since 1994, when he bought it for about $88 million. He has retained The Raine Group to sell the franchise. He is seeking at least $1.2 billion for the team that has been valued at close to $1.4 billion.
Darren Wolfson: I talked to Glen for 15ish minutes earlier this hour. We'll have a sound byte on @KSTP at 6:55. He did mention some groups talking to him about remaining on, thus he can help protect his guys in the organization. Will post full chat when editing computer frees up. #Timberwolves
Kevin Garnett: My passion for the Minnesota Timberwolves to be a championship team is well known but I have a deeper affection for the city of Minneapolis. I once again want to see Minneapolis as the diverse and loving community that I know it is. No two people love the city more than myself and Glen Taylor and I look forward to trying to work with him to achieve my dream.
Shams Charania: For Garnett, this bid is personal because of his stature within the franchise. Garnett wants to purchase the team and keep it in Minnesota, sources said. Glen Taylor told @JonKrawczynski that keeping the franchise in Minny is a requirement.
Jon Krawczynski: Glen Taylor says he thinks the Timberwolves and Lynx will remain under one house should a sale happen. "The way I run it, it's all one thing. I would assume we would want to keep it that way and make it more efficient."

https://twitter.com/ChristopherHine/status/1285684324591964165
The Minnesota Timberwolves are for sale. Billionaire owner Glen Taylor has retained The Raine Group to sell the franchise he’s owned since 1995, according to three people with direct knowledge of the matter. There are several parties who have bid on the team, two of the people said. A deal could be completed within a month, one of the people said.
Taylor, who bought the team for about $88 million, didn’t want a public auction and instead opted to ask Raine to find a buyer without the usual fanfare that accompanies a franchise sale, said the people, who were granted anonymity because the matter is private. The sale isn’t related to financial hardship created by the COVID-19 pandemic, one of the people said.
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December 3, 2021 | 8:18 am EST Update
And Wall’s remaining money is significantly more than Walker’s was. For a Wall buyout to make any sense for the Rockets, Wall would likely have to give up even more than Walker did to the Thunder — and there’s next to no chance Wall could make that up in his next deal. At any rate, that hasn’t been seriously discussed by either side as a possibility. “It’s hard for him at this point in time, when your salary doesn’t equal what your production is,” a sympathetic front office person from another team said Wednesday. “That’s hard for him. It’s hard for a lot of guys.”
Storyline: John Wall Buyout?
But executives around the league believe Wall as an unrestricted free agent would have suitors he’d never see if his current deal remains in place. One general manager volunteered the Kyrie Irving-less Nets, in a reserve role behind James Harden, or the Bucks as viable destinations. That is, if Wall were playing for the minimum. “He’s still really good,” another GM with no current need at point guard texted. “Just not at the number he currently makes.”
New Portland Trail Blazers head coach Chauncey Billups questioned his team’s effort after a 114-83 loss to the San Antonio Spurs on Thursday night. The Blazers were without All-Star guard Damian Lillard but still put up little fight against a Spurs team which came into the contest six games below .500. “My biggest concern, I think, at the moment, is I want us to compete harder, man. I want us to compete harder,” Billups said. “I want us to be competitive in every game. And I don’t feel like every night we do that. We don’t. And it concerns me. And I’ve felt that way in a lot of our wins. This is not just after a loss, me saying this.”
“I’m still puzzled,” Wilkins said of his snub. “I remember Shaq telling me, ‘I didn’t deserve to be on this team before you. I was only in the league for a few years. I shouldn’t have been on it.’ I thought that was big of him to say that. I look at guys I competed with, and they know what I brought to the game. The biggest thing was guys like Shaq, Dr. J (Julius Erving), Jordan, Magic (Johnson) all said that it couldn’t be a 50 greatest list without me on it. That meant more to me than someone even selecting me because my peers knew what I brought. “I talked with Clyde Drexler recently, and he said, ‘Nique, you know how pissed we were when you weren’t on there? We knew what you did. You were a one-man wrecking crew and never had a great player to play with. All of us had other players.’ To hear stuff like that from great players, what more can I ask for?”
What gets lost in that story is despite Jordan going off for 61 points, the Hawks won. In the final seconds, Wilkins drained a jumper over Jordan to give the Hawks a lead. The Bulls had a chance to tie or go ahead on the final possession, but Wilkins stopped Jordan on the other end. “Last time I saw Mike I said, ‘Do you remember that happening?’ He goes, ‘I don’t recall it happening.’ I said, ‘Bullshit. Bullshit,’” Wilkins laughed. “Mike and I are good friends. We always respected each other. We lived to compete against each other. I played against a lot of great players, but one guy bought the most out of me, and that was playing against Michael. He’s going to bring it to you, and if you’re not ready to give it back, you already lost. “It was entertainment at the highest level. You’re playing against a killer who wants to win at any cost. Mike was a killer. He wanted to take your heart, but I had the same mentality. I wanted to take the heart of whoever was guarding me.”
Kemba Walker getting benched isn’t his problem, it’s his coach’s … so says Kenny “The Jet” Smith, who tells TMZ Sports the guard is a Ferrari and Tom Thibodeau doesn’t know how to drive it. The 31-year-old hooper was removed from the Knicks rotation earlier this week … as he’s been averaging career lows in almost every major category this season. Once backup Alec Burks came in and balled out with 23 points against the Hawks on Saturday, Thibs decided to pull Walker out of the starting lineup AND the rotation altogether.