As part of their final option to purchase a majority stake, Timberwolves minority owners Marc Lore and Alex Rodriguez projected a team payroll of $171MM for the 2024/25 season in documents shared with current majority stakeholder Glen Taylor, the NBA, and The Carlyle Group, a private equity firm, sources tell Adrian Wojnarowski of ESPN.
As Wojnarowski writes, the Wolves currently project to have a payroll of about $198MM in ’24/25. $171MM is obviously a significant reduction from that figure. It’s also just shy of the projected $171.3MM luxury tax line.
Lore and Rodriguez are currently in a contractual dispute with Taylor for majority ownership of the Wolves. Both sides declined to comment for the story, which isn’t surprising, as Wojnarowski hears the NBA asked those involved not to discuss the matter publicly. All three owners gave several interviews a couple weeks ago after Taylor announced he was retaining majority ownership of the Wolves and WNBA’s Lynx.
According to Wojnarowski, the reduced payroll for next season was one factor that led Taylor to void the contract with Lore and A-Rod. Taylor was concerned that such a cut “would jeopardize the franchise’s ability to compete for a championship,” Woj adds.
Of course, there’s some irony there, since Taylor isn’t exactly known for being a big spender. Since he bought the Wolves in 1994, he has only paid a total of $25MM in luxury tax penalties, with less than $2MM coming since 2005. The Wolves project to be above the second tax apron next season, with a tax bill exceeding $25MM.
“I just think (we) built this team,” Taylor told The Athletic in explaining why he’s not putting the team back on the market. “We’ve got the players now. And it appears to me that we should have a very positive run for a number of years, and I want to be a part of that.”
While there have been rumors about Lore and Rodriguez’s ability to spend on the team going forward, since neither is a billionaire, they did approve of the contract extensions for Jaden McDaniels and Mike Conley as minority owners, sources tell Wojnarowski. Those deals increased Minnesota’s projected tax bill for ’24/25.
Lore and Rodriguez were also reportedly instrumental in hiring president of basketball operations Tim Connelly, who made the blockbuster trade for Defensive Player of the Year frontrunner Rudy Gobert. That move was quite controversial at the time, but it has paid off thus far in ’23/24, with the Wolves currently 55-24, the No. 1 seed in the West.
Shots fired. Lore would be telling the truth of course.
Ah the Wolves never fail to be dysfunctional…
I hate it as a wolves fan but it’s like an abusive relationship it’s comforting somehow lol
I don’t think this is any shocking news. These two buffoons couldn’t even get the money together to buy the team that had to basically buy the franchise on layaway. If they can’t even get the money to complete the purchase how are they supposed to afford tens of millions of luxury taxes? Just look at the other teams that have sold. Balmer had the money for the Clippers immediately. So did Ishbia with the Suns and Haslem with part of the Bucks. Lore and Aroids should go away.
They wanted to buy it flat out but Glenn wanted to stay on board for a few years. That’s why they got it for the price they did.
I don’t trust ARod & Lore. A pretty lazy story leaked. They could have obviously said that Kat would be traded. That’s the only way they could have cut that much money.
That wouldn’t even work unless someone like Philly(maybe, but nothing to trade back), Detroit(I hope not for their sake)or Utah(ehh) wanted KAT.
Why would they say that right before the playoffs?
Cheap owners are never really great owners.
Can’t win being cheap in the NBA.
Top 3 team in the NBA and of course ownership wants to cut salary this is the dysfunctional wolves I know and love.
Taylor worried about a pay roll under the tax line. Now I’ve seen it all.
Did you read the article? It’s Lore & Arod wanting to cut payroll
Yes, unlike you I have read the article.
It states “Taylor was concerned that such a cut “would jeopardize the franchise’s ability to compete for a championship,” Woj adds.”
So Taylor is worried about pay roll cuts that would send the pay roll under the tx line. Just like I said.
What has Glen Taylor done for the Wolves? Absolutely nothing! Just by decreasing payroll doesn’t mean lack of winning. Look what the Tampa Bay Rays have done. I know the Minnesota fans are hungry for a championship in ANY sport. I’ll have more faith in an A-Rod and Lore ownership group than a Glen Taylor ownership group. I would immediately sell off the remaining stake and find another team if I were them. I remember seeing Wolves fans saying Glen Taylor is a crook and by this I have to agree.
Baseball is the one sport you can win being cheap. It is always a match up base and pitchers getting hot…it is way more about strategy over the best players.
I don’t watch a lot of Hockey but you can win cheap in that since expansion team Vegas won. Kraken were in the finals too.
NBA is all about paying and having the best players.
Look at the last champs
Nuggets- Jokic, Murray, MPJ all max, Gordon and KCP good chunk of money
GSW way over tax limit
Bucks- had Giannis, Middleton, Jrue all on big contracts along with Brook
Lakers- Bron & AD were max along with a bunch of other well priced guys Kuz
Cavs had Bron, Kyrie, Love all were maxed
don’t forget about the Nets w Durant, Kyrie and Harden….oh wait you said Champs.:)
Please explain how the wolves are going to cut $25 mill in salary and also improve.
Also please point out the last time the rays won a championship.
Pretty clear what happened, and it wasn’t ARod and Lore discovering their thrifty side. These guys were buying the team as a vanity asset, and were clearly looking to spend big at every turn. They encouraged all the obligations the organization incurred over the contract period. Problem is that it was never intended that it be primarily their money. Carlyle was their money partner, and they dropped out of the deal. Supposedly, they got a new one, but likely on different, more restrictive, terms.
In any event, ARod and Lore are clowns, but its also clear that MIN’s financial outlook with their current obligations is problematic. If so, that’s the case regardless of who the owner is. There are a handful of owners in sports who, at least for a time, would just fund over the problem, but it’s still a problem.