NBA Rumor: Minnesota Timberwolves Sale?
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Shams Charania: Official statement on Minnesota Timberwolves sale to Alex Rodriguez and Marc Lore: pic.twitter.com/cpoZPFHFFr
But Rodriguez and Lore appear to have succeeded where others have failed. After more than a month of negotiating, they signed documents on Thursday to make the purchase official, sources told The Athletic. The pair of close friends stayed the course even after the exclusivity agreement expired on Monday and got the deal across the finish line. The main parameters initially reported, including the $1.5 billion price tag and a succession plan that has Lore and Rodriguez joining as minority partners before eventually taking over the lead roles to start the 2023-24 season remain unchanged, sources said.
The agreement still has to be ratified by the NBA’s Board of Governors later this summer, but Rodriguez and Lore plan to attend the Hall of Fame induction ceremonies this weekend in Springfield, Mass., as their first public appearance as Wolves owners, sources said. That means it is time to look at some of the pressing questions surrounding the presumed transfer of power.
The former New York Yankees star and Lore, the former e-commerce chief at Walmart, also made headlines Wednesday when they formed their own venture capital firm, Vision/Capital/People, or VCP. VCP is launching with $50 million in funds from the duo. It could reportedly raise an additional $300 million to $500 million. “If you have a big idea, you don’t want to start with a couple hundred grand,” Lore told CNBC.
Together, Rodriguez and Lore have made some notable moves in the last six months: Successfully raised $500 million for their Slam Corp. SPAC, which intends to pursue business in sports, media, entertainment, health and wellness, and tech. Backed an air-taxi company called Archer Aviation. A-Rod joined the $650 million hospitality fund CGI Merchant Group to invest in hotels.
Marc Lore, Alex Rodriguez reach agreement to purchase Timberwolves
Shams Charania: Former MLB star Alex Rodriguez and tech entrepreneur Marc Lore have reached agreement to purchase the Minnesota Timberwolves from Glen Taylor for $1.5 billion, sources tell @TheAthletic @Stadium.
Marc Lore on Timberwolves sale: We're getting close to the finish line
Rodriguez and Lore emerged recently as the likely next owners of the NBA’s Timberwolves. The deal, which is expected to include the Minnesota Lynx WNBA team, may be valued at about $1.5 billion, ESPN has reported, with Rodriguez and Lore initially joining as limited partners.
But their 30-day exclusive negotiating window to purchase the team from Glen Taylor ended without a formal deal and the two sides continue to negotiate, ESPN reported Tuesday. Lore told Bloomberg that the talks with Taylor are “ongoing, and going well,” adding that “we’re getting close to the finish line.”
Arron Afflalo launching a renewed purchase bid to buy Timberwolves
Marc Stein: NBA veteran Arron Afflalo, who is heading an ownership group that has pursued the Minnesota Timberwolves for 10 months, told @NYTSports he plans to launch a renewed purchase bid now that Glen Taylor’s exclusive negotiating window with Marc Lore and Alex Rodriguez has expired.
Deadline passes without Timberwolves sale to Marc Lore, Alex Rodriguez
Tech entrepreneur Marc Lore and former baseball star Alex Rodriguez’s 30-day exclusive negotiating window to purchase the Minnesota Timberwolves from Glen Taylor has ended without a formal deal. Both sides are continuing to negotiate in good faith in an attempt to reach an agreement and it is possible that an extension to the window could be worked out, but one isn’t currently in place, sources told ESPN.
Taylor announced on April 10 he intended to sell the team to Lore and Rodriguez after meetings over the previous week. The purchase price was expected to be around $1.5 billion including debt, sources said, with Lore and Rodriguez becoming limited partners and buying pieces of the team in phases over the next two years and taking full control for the 2023-24 season. The Minnesota Lynx are expected to be included in the transaction.
Part of the talks over the past month have been centered on a guarantee that Taylor would transfer controlling ownership by a certain date, sources said. Lore and Rodriguez met with Wolves personnel and toured team facilities in Minneapolis last month.
If they complete the transaction in the coming days, there will still be plenty of people counting Lore out. The Timberwolves are a distressed asset, albeit one that looks a little better lately as D’Angelo Russell and Karl-Anthony Towns have spent extended time on the court together and Anthony Edwards seems poised for stardom. Lore and Rodriguez have no experience in sports ownership, so it is anybody’s guess how this would go. “I have more drive now than I’ve ever had in my life,” Lore said on Vaynerchuk’s podcast. “The fear drives you. If you’re scared to do it, and you do it, you’re going to put in the best you’ve got.”
All parties involved in Timberwolves sale confident it will be completed
Lore declined to be interviewed for this story as he and Rodriguez are still working with Taylor to finalize an agreement as their 30-day exclusive negotiating window winds down. All parties involved remain confident that a deal is on track to be completed, sources told The Athletic, which would bring the close friends on as limited partners for the next two seasons before they took over as the general partners for the 2023-24 season.
Those who know Lore well say the Timberwolves would be adding a tenacious competitor and creative thinker, one who is envisioning how to build the city of the future and reinvent capitalism and who prioritizes empathy and transparency in the businesses he has built over the last 35 years. Now he is hoping to fulfill a lifelong dream to own a professional sports team.
“He doesn’t put himself in a position to fail,” said Gary Vaynerchuk, the high-profile entrepreneur and social media maven who has been a friend and business partner to Lore. “Now he’s at an interesting part of his career where I think he’s going for bigger bets. Flying cars and sports teams. Now I think he’s probably in his ‘let my stretch myself’ mode.”
Audacious dreams only require sustained belief. And here we find Arron Afflalo, the former guard who had a solid 11-year NBA career, during which he made very good, if not max, money — and who has quickly pivoted to a dream that may seem far-fetched on the surface: putting a group together to buy an NBA team. But the 35-year-old Afflalo has spent much of the last year doing just that, working with multiple significant financial players to try to buy the Minnesota Timberwolves. That bid fell short; though Afflalo did get multiple meetings with Wolves governor Glen Taylor, who entered into a letter of intent last month with a group led by former Walmart CEO Marc Lore and retired baseball superstar Alex Rodriguez, who plan to buy the team for $1.5 billion.
Lore and Rodriguez are in the midst of their 30-day exclusive window to finalize the purchase from Taylor, and there’s nothing to indicate the agreement will fall through before a likely approval by the NBA’s Board of Governors. If, for some reason, that purchase does fail, through, Afflalo and his group would hope to re-engage. Otherwise, he’ll continue on his unlikely path of the last 10 months, identifying and partnering with people who have the kind of financial connections a just-retired grinder of a player like him doesn’t usually possess in pursuit of the next team that comes on the market.
What was it like being in the room with Glen Taylor and making your presentation? Arron Afflalo: I’ll tell you one thing: Mr. Taylor is really sharp. For 80 years old, he’s really sharp. He’s had over 80 businesses throughout his career. And he understands people. … As a person, I learned a lot from him. I was most thankful because he continuously gave me an opportunity when I came with failed investors, or failed opportunities. He literally worked with me hand in hand for nine months. He was as accessible as I needed him to be. And so, he was a normal guy. I didn’t feel pressure that I was speaking to the owner of a team. The first time we spoke, he said, ‘look, Arron – I don’t know you. I know of you. Your fighting spirit is unbelievable. And if you need anything from me when speaking to investors, please call me.’ He was very accommodating.
Why did you make a run at the Timberwolves? Arron Afflalo: That answer’s pretty easy. If this were any other team, I don’t think I would have had the equal fighting spirit. Knowing Ryan Saunders and knowing Flip Saunders very well, along with the George Floyd situation. … And then when you combine that with the space I was in with the hotel stuff, dealing with billionaire companies and billionaire people, it just created a natural synergy for Minnesota. I just felt that I could help, and be inspirational at the same time. I want to give a lot of credit to Ryan Saunders and Flip Saunders, and all that that city has been through, and Mr. Taylor, for that matter, recognizing that.
Jon Krawczynski: Marc Lore was in Sacramento for the game tonight, his first since signing the letter of intent to buy the Wolves. Met with Vivek Ranadive for a tour of the Kings arena before taking in the game.
“The real agreement is with the NBA. The NBA will make the decision if somebody’s going to move or not move,” Taylor said. “The NBA will not approve of the Timberwolves moving from here to Seattle. It’s in the NBA’s interest that in Seattle, that a new team is formed. It’s an economic decision that’s in the interest of all of the owners.” Taylor, who also owns the Star Tribune, said the money new owners could earn for the league with an expansion fee could be upwards of $2 billion. He also said the new owners “are not going to pay” $1.5 billion to buy the Wolves then another $2 billion or so to move the team.
Anthony Edwards on new Timberwolves owner A-Rod: I don't know who that is
Dane Moore: Anthony Edwards on his feelings about Alex Rodriguez being the Timberwolves new owner: “I don’t know who that is. I know he’s going to be the owner. But I don’t know anything about baseball.”
Glen Taylor: NBA won't approve moving the Timberwolves to Seattle
Owners would also have to approve vacating a media market that is ranked 14th in the country, according to the 2020-21 Nielsen rankings. People like to view the Twin Cities as some frozen outpost in the middle of nowhere, but it’s a bigger market than the likes of Detroit, Denver and Miami. Seattle is 12th. And as poorly as things have gone with attendance and competitiveness for the Wolves, sources say that the team’s financials are not in terrible shape, another sign that NBA basketball is more than viable in this market. Now the Wolves need to give fans something to cheer about. Silver told Nichols that expansion is not a “front burner” issue, but the fact that it is being openly acknowledged is notable for the Wolves’ future. And that is where the succession plan becomes important. The plan is for Taylor to remain in control for another 2 1/2 years. By the time Lore and Rodriguez are preparing to accept a transfer of power, that burner could be heating up.
Even though the plan is for Lore and Rodriguez to begin as limited partners, sources said they will still have significant influence in the operations on the basketball and business sides of the operation. Finch said before the game against the Chicago Bulls on Sunday night that he has yet to speak with Rodriguez or Lore, but did have what he deemed an encouraging conversation with Taylor on Sunday morning. “He was very assuring that the transition would be smooth and that it’s his intention to give everybody the best chance for success here,” Finch said, “and he’s excited about the opportunities that are ahead and we talked about our team and as it stands right now.”
Karl-Anthony Towns excited about Alex Rodriguez becoming Wolves owner
Jon Krawczynski: KAT very excited about the prospect of adding A-Rod to Wolves ownership. Told a story of how his mother once essentially helped him lift an A-Rod jersey from a Wal-Mart when the family had hard times financially. KAT is a huge A-Rod fan.
Christopher Hine: Karl-Anthony Towns just relayed a story about when he was younger in a Wal-Mart with his mom when he really wanted an A-Rod jersey. The family didn’t have much money, so Towns just put the jersey on, they bought a few other things … and he walked out with the jersey on.
Dane Moore: Chris Finch says he has had “no contact with the new owners” — but said he has talked with Glen Taylor about the move. Finch says, he is “excited about a dynamic, new ownership group” — and that he feels Alex Rodriguez can bring “sex appeal to the organization and city”.
Jon Krawczynski: On relocation talk: – It’s natural for it to be a concern. – My read is the league prefers expansion, not relocation. – Taylor keeping control for 2.5 more years is important. – Sources on both sides say major investments in MN are already being discussed.
Timberwolves staying in Minnesota after sale
Chris Hine: Just got off the phone with Glen Taylor. He said this deal with A-Rod and Lore happened very quickly, within the last few days. He thought all their personalities meshed and he felt good about doing a deal with them, brings him peace of mind and allows him to still be around.
Alex Rodriguez to take over as majority owner for the Wolves in 2023
Adrian Wojnarowski: Former Major Leaguer Alex Rodriguez and billionaire Marc Lore are finalizing a deal to purchase the Minnesota Timberwolves from majority owner Glen Taylor, sources tell ESPN. Taylor will continue full control of team for two years before Rodriguez and Lore take over in 2023.
Shams Charania: Alex Rodriguez and partner Marc Lore are nearing minority stakes with the Minnesota Timberwolves, with plan to take control of the franchise in two years under mentorship of Glen Taylor. Statement from A-Rod and Lore:
Jon Krawczynski: The plan for Taylor to serve as a mentor to Rodriguez and Lore through the early stages of the process, then hand the reins to them, provided the deal gets finalized.
Chris Mannix: Glen Taylor has insisted that whoever buys the Timberwolves has to commit to keeping the team in Minneapolis. And the ‘Wolves have a long term lease at the Target Center. Still — will be plenty of questions about ex-Mariner A-Rod’s interest in taking the team to Seattle.
Christopher Hine: The agreement does include the Lynx, according to team spokesperson.
Alex Rodriguez in talks to buy Timberwolves
Jon Krawczynski: 3-time MLB MVP Alex Rodriguez and close friend Marc Lore have signed a letter of intent and are negotiating with Glen Taylor to become the next owners of the Minnesota Timberwolves, sources tell @TheAthletic
Chris Hine: A team spokesperson confirms this news that A-Rod and Marc Lore have entered an exclusive letter of intent to purchase the Timberwolves. it would initially entail a limited partnership with a “pathway” to controlling ownership of the organization.
After Garnett posted on Instagram that he “just got the news that this process of trying to acquire the TWolves is over for me n my group,” Taylor said that neither he nor his representatives ever received any kind of offer from Garnett. “Kevin never contacted me at all saying that he was interested,” Taylor said in a phone call with The Athletic. “Nor was his name listed on any of the buying groups that asked for financial information to review.”
After Kevin Garnett posted on Instagram that he “just got the news that this process of trying to acquire the TWolves is over for me n my group,” Glen Taylor said that neither he nor his representatives ever received any kind of offer from Garnett. “Kevin never contacted me at all saying that he was interested,” Taylor said in a phone call with The Athletic. “Nor was his name listed on any of the buying groups that asked for financial information to review.”
Glen Taylor: More than 10 groups have inquired about Timberwolves sale
Darren Wolfson: Talked briefly w/ Taylor. “More than 10 groups have made an inquiry.” However, he wanted to make clear that KG or a group w/ KG was not among those 10. That KG post surprised him. Did say some parties are finishing their due-diligence, sale process has picked up. #Timberwolves
Kevin Garnett out of Timberwolves sale race?
Jon Krawczynski: Appears that KG has officially come to terms with not being involved in a sale of the Wolves. Short on details here so it is unclear if it was a money issue or if other things got in the way.
Sources said Glen Taylor, billionaire owner of the Minnesota Timberwolves, went to the NBA a few months ago with a pitch to sell to Arctos, a private-equity firm formed in 2019, to buy small stakes in teams. But the idea was shot down because Arctos had not been approved by the NBA, sources said. Arctos also recently filed to raise money via a blank-check company that will be used to buy stakes in basketball or baseball teams that need capital to cover losses. This is happening even though neither the NBA nor MLB has approved the controversial idea.
For most of a year, Taylor has explored a sale of the Wolves and Lynx. How’s that coming? “Well, it’s not coming is the best way to say it,” Taylor said. “I haven’t found anything that for sure says I should move ahead.” Taylor’s price tag for the Wolves and Lynx is estimated to be in the $1.5 billion range. With NBA expansion — Las Vegas and Seattle have been mentioned — current team owners could each be in for a reported $160 million expansion fee windfall. “Obviously I’m aware of that — you’ve got to pick your time,” Taylor said, adding that no definite decision for expansion has been made. “The other question: Is now a good time to sell when you don’t have fans? And it’s not a good time.”
In July, Garnett posted on social media that he and a group he was affiliated with would like to buy the team after news leaked that Glen Taylor was courting offers for the franchise. But on Thursday, Garnett had no comment about where that stands. “It’s good to be back in Minnesota,” Garnett said when asked about the potential sale. “Y’all know I can’t speak on certain things, but thank you guys for coming.”
Arron Afflalo involved in potential sale of Minnesota Timberwolves
Afflalo’s team held discussions with the Raine Group, the search firm working with Wolves owner Glen Taylor to identify candidates, on Wednesday. Afflalo is partnering with entrepreneur Jay Bloom and several other deep-pocketed investors to make a run at buying the team, which first became available at the end of July. The group has not yet met with Taylor or any representatives of the Timberwolves for advanced discussions but is confident it has the financial means and long-term vision for talks to progress to that point.
The Straus Group remains interested in completing a deal with Taylor, sources said. As the negotiating window came to a close, there were several deal points that had gone unresolved, but the Straus Group was moving forward with hopes of finalizing a purchase this month. Taylor has an offer in hand from the Straus Group, but talks have since stalled and there are no immediate plans for further in-person meetings between Taylor and Straus.
If Afflalo’s group emerges as winners in the process, there would be a desire to become pillars in the Twin Cities community, sources said. The group has observed from afar as CEO Ethan Casson, Rosas, Saunders and the rest of the organization has thrust itself into community engagement following the death of George Floyd, which sparked riots across the country and put law enforcement relations with people of color under the microscope. The group includes several people of color who have an interest in the franchise playing a role in the discussion, sources said.
Another question for any transfer of power would center on the futures of Rosas, Saunders, Casson and the rest of the Wolves leadership group. Sources say Afflalo’s group, much like Straus, believes strongly in the leadership core and would not look to make any major changes at the top of basketball or business operations. But no deal, with either group, is imminent.
Browns owner Jimmy Haslam looking into bid to own Timberwolves?
Cleveland Browns owner Jimmy Haslam is exploring a bid for the Minnesota Timberwolves, according to two people with direct knowledge of the situation.
Haslam, whom Forbes says is worth about $2.9 billion, is one of several people eyeing a purchase of the Timberwolves, the people said, adding that Straus was still in talks to acquire the team. Haslam is the chief executive officer of truck stop company Pilot Flying J, which was founded by his father in 1958. A former investor in the Pittsburgh Steelers, Haslam and his wife, Dee, acquired control of the Browns in 2012. Dee Haslam is chair of the Haslam Sports Group.
Minnesota Timberwolves sale still not imminent
Timberwolves owner Glen Taylor recently entered into an exclusivity agreement with former Grizzlies minority owner Daniel E. Straus to sell the Wolves and Lynx, according to reports from the Athletic and KSTP. That exclusivity agreement expired last week, but the Athletic reported the sides are engaged in advanced talks.
But a source told the Star Tribune that while Taylor and Straus are engaged in talks, a sale is not imminent. Information and paperwork needs to be exchanged before either side makes a decision on a deal, the source added.
Minnesota Timberwolves potentially moving closer to sale
As Minnesota Timberwolves owner Glen Taylor’s search for a successor reaches its second month, one group’s interest has stood out above the rest. An investment group led by former Memphis Grizzlies minority owner Daniel E. Straus is in advanced discussions to buy the Timberwolves and Lynx from Taylor, sources told The Athletic. The sides still have issues to resolve before any full agreement can be completed, sources said.
The Timberwolves’ availability was first reported on July 21, which is roughly the time that the Straus Group entered into an exclusive negotiating agreement with Taylor. Representatives from the Straus Group visited the Twin Cities two weeks ago for official meetings, toured the team facilities and reviewed financials as part of their due diligence. The sides had entered an exclusivity agreement that formally expired last week, and both parties have continued discussions about a deal, sources said. Those sources added that Straus would keep the Timberwolves in Minneapolis, as Taylor has mandated for his sale.
Other issues need to be addressed beyond the price point, sources said. But it is fair to say that talks with Straus represent the closest Taylor has come to selling the team since he saved the franchise from moving 26 years ago. But until handshakes have been exchanged and documents have been signed, those around the Timberwolves organization know anything can happen.
Glen Taylor unsure about selling the Timberwolves
In an exclusive interview with Sports Headliners, Timberwolves and Lynx owner Glen Taylor said it’s not definite he will sell the franchises. Reports earlier this summer had the 79-year-old Mankato billionaire pursuing a sale of his longtime franchises for $1.2 billon. When asked whether he anticipated a sale soon or not happening for an extended period, he said: “I don’t really know the answer to that right now. We have opened it up to see if people would be interested. At this point we’re trying to see what value would they put on it, and we haven’t finished that. We’re just getting that information together. …We have some people that said they are interested.”
Although not likely, Taylor said it’s possible a sale of the NBA Timberwolves would not include the WNBA Lynx. Presently, one company runs the two franchises, with some employees working for both the Wolves and Lynx. “So that’s the most logical way (of selling),” Taylor said. “If we find a buyer I guess we’ll just have to sit down with that buyer and see what their interest is. I am open to almost anything.”
In 1999 the upstart WNBA was bleeding money as it pioneered opportunities for women on the court and in other basketball positions. Taylor, a socially conscious entrepreneur, became owner of the Lynx expansion franchise and the team joined the Wolves in playing at Target Center. “It isn’t like I thought about it (a lot),” Taylor said. “It just seemed like the right thing to do (women’s pro basketball). “I am more concerned why more (NBA owners)…why they don’t do it. There is nothing wrong with taking some of the money you’ve made on the NBA…putting some of it back into the WNBA. It isn’t going to make anybody broke, or anything like that.”
For a franchise that has dealt with incredible ups and downs, this offseason has been one of a kind, and that includes the news that Taylor, who also owns the Star Tribune, is heavily considering selling the team. Rosas said he has no doubts Taylor will find the right buyer. “To be fair, you have to understand Glen’s tenure and the stage that he is at in his personal life and in his family life,” Rosas said. “We all know this is part of the business. Glen has been unbelievable to me, to my family and to this organization during his time of ownership. But it’s not realistic to think that he’s going to be the owner forever. He has been very great, very supportive, very transparent through this process. I was aware and I knew this was something that he was working on. I know he’s doing everything he can to make sure that this organization moves forward and that we have the right ownership and the resources to be successful moving forward.”
The question becomes, what can Taylor do to make sure that happens? He has always been big on handshake agreements and the strength of a person’s word. But in a deal that league observers expect to soar past $1 billion and will chart the course for the franchise for years to come, the stakes are too big. The Wolves will likely look to include steep financial penalties for moving the team in any purchase agreement, sources told The Athletic. Exactly what that would look like, or how it would be enforced, will be determined through negotiation. As the process picks up — league sources say the Timberwolves have been inundated with interest since things became public last week — there are many factors to consider when examining the franchise’s long-term health in the Twin Cities. The tales of two other cities are worth examining as well.
As difficult as things have been with the Timberwolves of late, including just one playoff appearance since 2004 and home attendance that has plummeted near the bottom of the league, one league executive didn’t see the situation in a top 15 media market to be as dire as the one the Bucks faced. “For Milwaukee, the perfect storm to move was hitting,” the source said. “That storm is not hitting Minnesota right now. You’ve got 15 years on that lease. Minnesota’s a big market. I don’t see that same worry that people in Minnesota should have that people in Milwaukee had.”
The Athletic reached out to a handful of sources at the ownership level to gauge the appetite for addressing the Seattle market, and the return was split. While most viewed the market as teeming with possibility and deserving of an NBA team, the path to getting there was not as unanimous. Several sources said a preference would be to put an expansion team in Seattle, which would presumably bring a much larger startup fee than a team would be charged to relocate. But others have insisted that expansion has not really come up in league discussions, pointing to commissioner Adam Silver’s tepid public responses and a preference to table the issue until the next television rights deal is negotiated in 2025.
Orbach’s group would likely be committed to Minneapolis given his investment around Target Center and his brief history of coming to games here. Former Timberwolf Kevin Garnett has publicly stated that he wants to buy the team and keep it right where it is and The Associated Press reported that a group fronted by former NBA player Arron Afflalo would keep the team in Minnesota as well. There are at least five other legitimate bidders, sources said, which plays into Taylor’s hands. No matter the current state of an NBA franchise, there are only 30 of them in the world. The scarcity, and the status that comes from owning one, is intoxicating. If a group wants to get the upper hand on its competitors, agreeing to stronger legal frameworks to keep the team in Minnesota could be a way to do that.
The question becomes, what can Taylor do to make sure that happens? He has always been big on handshake agreements and the strength of a person’s word. But in a deal that league observers expect to soar past $1 billion and will chart the course for the franchise for years to come, the stakes are too big. The Wolves will likely look to include steep financial penalties for moving the team in any purchase agreement, sources told The Athletic. Exactly what that would look like, or how it would be enforced, will be determined through negotiation. As the process picks up — league sources say the Timberwolves have been inundated with interest since things became public last week — there are many factors to consider when examining the franchise’s long-term health in the Twin Cities. The tales of two other cities are worth examining as well.
As difficult as things have been with the Timberwolves of late, including just one playoff appearance since 2004 and home attendance that has plummeted near the bottom of the league, one league executive didn’t see the situation in a top 15 media market to be as dire as the one the Bucks faced. “For Milwaukee, the perfect storm to move was hitting,” the source said. “That storm is not hitting Minnesota right now. You’ve got 15 years on that lease. Minnesota’s a big market. I don’t see that same worry that people in Minnesota should have that people in Milwaukee had.”
The Athletic reached out to a handful of sources at the ownership level to gauge the appetite for addressing the Seattle market, and the return was split. While most viewed the market as teeming with possibility and deserving of an NBA team, the path to getting there was not as unanimous. Several sources said a preference would be to put an expansion team in Seattle, which would presumably bring a much larger startup fee than a team would be charged to relocate. But others have insisted that expansion has not really come up in league discussions, pointing to commissioner Adam Silver’s tepid public responses and a preference to table the issue until the next television rights deal is negotiated in 2025.
Orbach’s group would likely be committed to Minneapolis given his investment around Target Center and his brief history of coming to games here. Former Timberwolf Kevin Garnett has publicly stated that he wants to buy the team and keep it right where it is and The Associated Press reported that a group fronted by former NBA player Arron Afflalo would keep the team in Minnesota as well. There are at least five other legitimate bidders, sources said, which plays into Taylor’s hands. No matter the current state of an NBA franchise, there are only 30 of them in the world. The scarcity, and the status that comes from owning one, is intoxicating. If a group wants to get the upper hand on its competitors, agreeing to stronger legal frameworks to keep the team in Minnesota could be a way to do that.
Timberwolves owner Glen Taylor has said if he is going to sell the franchise, the new owners must commit to keeping the team in Minnesota. Taylor has some help in trying to hold any potential new owner to that promise: the agreement he made in 2016 with the City of Minneapolis for the continued use of Target Center, and the financial penalty that comes with breaking that agreement.
In 2016, Taylor Corporation and the city of Minneapolis signed a second amendment to the original agreement they made when Taylor took the team over in 1995. That amendment, signed in light of renovations both parties contributed toward for Target Center, said the Wolves would agree to play there through the 2034-35 season.
Section 3 of that agreement, obtained by the Star Tribune, says Taylor Corporation agrees to pay $50 million to the city if it does not fulfill that obligation to play its home games at Target Center before the end of the 2034-35 NBA or WNBA seasons. For reference, Taylor is reportedly asking for around $1.2 billion in the sale. A $50 million penalty equates to about 4.2% of that price.
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.
Darren Wolfson: New public name in the mix to buy the #Timberwolves and #LosLynx, per Bloomberg: Daniel E. Straus. Once had double-digit percentage ownership of the #Grizzlies, and tried to become controlling owner of Memphis in 2018. Many other names/groups interested not public knowledge yet.
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.’ ”
Ownership group led by Arron Afflalo bidding to buy Wolves
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.
Jon Krawczynski: Sources tell @TheAthleticMIN that the Raine Group approached the Vikings to inquire about interest purchasing the Wolves a few months ago. There were initial discussions, but there are no active talks with the Wilfs/Vikings about the Wolves at this time
Jon Krawczynsky: Sources also tell @TheAthleticMIN that the Vikings ownership group very much wants the Wolves to stay in Minnesota. But the Vikings are not currently engaged on buying the team.
Wilf family interested in buying Timberwolves
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.
Christopher Hine: Just got off the phone with Glen Taylor. Taylor mentioned one interested family from out of state is further along in the process of buying the team than others. Said he wasn’t sure which group Kevin Garnett was attached to.
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.
May 17, 2021 | 3:16 pm EDT Update
Zion Williamson on free agent Lonzo Ball: I hope he stays with Pelicans
Scott Kushner: Zion said he has a great relationship with Ingram and Ball. “I hope he stays”
Will Guillory: Zion: “I really would want Zo to come back. He knows that… I just hope he stays.”
Andrew Lopez: Zion says he would want Zo to come back and says “he knows that.” “Zo is a grown man so he’s going to make a decision that’s best for him. Only thing I can say is I hope he stays.”
Thaddeus Young, Bulls haven't 'talked that far ahead' on whether he'll be back
Rob Schaefer: Thad Young says he and Bulls front office haven’t “talked that far ahead” on whether he’ll be back next season. Exit interview centered on reflecting on this season. Focus shifting to family for the offseason, doesn’t know what’s going to happen with contract situation yet.
