That would leave Taylor with about a 60% stake in the Wolves and WNBA’s Lynx, with Lore and Rodriguez controlling approximately 40%. The final option would have seen Lore and Rodriguez become the majority owners with an 80% stake, while Taylor would have retained 20%.
In Taylor’s press release, he also said the Wolves and Lynx are no longer for sale.
However, in their own statement this afternoon, Lore and Rodriguez disputed Taylor’s claim to ownership, and they believe they should — and will — become majority owners, per Jon Krawczynski of The Athletic (Twitter link).
“We are disappointed with Glen Taylor’s public statement today. We have fulfilled our obligations, have all necessary funding and are fully committed to closing our purchase of the team as soon as the NBA completes its approval process.
“Glen Taylor’s statement is an unfortunate case of seller’s remorse that is short sighted and disruptive to the team and the fans during a historic winning season.”
Sources tell ESPN’s Adrian Wojnarowski (Twitter link) that the relationship between Taylor and Lore and Rodriguez has “disintegrated over the past two-plus years.” That reporting certainly seems to align with today’s contentious news.
As Krawczynski writes in a full story for The Athletic, the next steps aren’t immediately clear. A week ago, Lore and Rodriguez submitted the financial documentation they believed was necessary to complete the purchase. But Taylor says the duo failed to reach several key benchmarks in the purchase agreement.
According to Krawcyznski, the purchase agreement calls for third-party mediation and arbitration to resolve disputes like the one currently unfolding. Whatever happens next, it doesn’t seem like the situation will be resolved anytime soon.
There’s no indication the dispute has disrupted Minnesota’s play on the court — the Wolves are in the midst of their first 50-win season in two decades. The timing is certainly unfortunate though, with only 10 regular season games remaining before the playoffs get underway next month.
Since 2021, Lore and Rodriguez have been involved in the purchase of the Wolves for $1.5 billion on a multi-phase payment plan. They were reportedly instrumental in recruiting president of basketball operations Tim Connelly away from the Nuggets in 2022.
]]>Glen Taylor says he will remain the majority owner of the Timberwolves as well as the WNBA’s Lynx, the team announced in a press release.
Taylor confirmed the expiration of the option of Marc Lore and former baseball star Alex Rodriguez to purchase controlling interest in the team. Under terms of the purchase agreement, the closing was required to occur within 90 days following the exercise notice issued by Lore and Rodriguez. That 90-day period expired on Wednesday, according to the statement.
Under certain circumstances, the buyer could have been entitled to a limited extension. However, those circumstances did not occur, the statement adds.
Taylor will retain approximately 60% of the franchises, while Lore and Rodriguez will hold an approximate 40% stake.
“I will continue to work with Marc, Alex and the rest of the ownership group to ensure our teams have the necessary resources to compete at the highest levels on and off the court,” Taylor said in the statement. “The Timberwolves and Lynx are no longer for sale.”
Last week, Lore and Rodriguez reportedly had found new financial backing to complete the purchase. A previous report indicated that the sale proceedings were disrupted when the Carlyle Group chose to withdraw. Lore and Rodriguez were supposedly able to replace the firm with Dyal Capital Partners but apparently that was not enough to finish the sale.
Since 2021, Lore and Rodriguez have been involved in the purchase of the Wolves for $1.5 billion on a multi-phase payment plan. They have made two payments so far — giving them a 20% stake each time, for a total of 40%.
They exercised their option in December for the final 40% of the purchase. That began a 90-day window to submit the required documents and commitment letters to finalize the deal.
MARCH 26: The Timberwolves have agreed to sign forward T.J. Warren to a contract for the rest of the 2023/24 season, according to a report from Shams Charania and Jon Krawczynski of The Athletic (Twitter link).
Warren’s second 10-day deal with Minnesota expired on Monday night, so he can be re-signed at any time. The new agreement will presumably be formally finalized at some point before the Wolves face Detroit on Wednesday.
A free agent for most of the 2023/24 season, Warren initially signed with the Timberwolves on March 6. During his first 20 days with the club, he appeared in seven of nine possible games, averaging 4.1 points and 2.3 rebounds in 14.1 minutes per night, with a shooting line of .382/.182/.500.
Those numbers obviously don’t jump off the page, especially for an accomplished player who had a career scoring average of 14.6 PPG on .506/.354/.780 shooting entering this year. However, the Wolves trusted Warren enough to thrust him immediately into a rotation role, and the club had a pair of open spots on its 15-man roster, so it makes sense to fill one of them with a veteran who has postseason experience.
Assuming Warren officially signs his new contract on Tuesday, it will cover the final 20 days of the season, meaning it will likely be worth $334,007, the same prorated minimum salary that he earned during his first 20 days with the Wolves. Signing on Wednesday would result in a rest-of-season salary worth $317,307.
Warren will be eligible to participate in the playoffs, since he hasn’t been waived since March 1.
After re-adding Warren, Minnesota will have one open spot remaining on its roster. The club must fill that opening by the final day of the regular season in order to carry a 15th man on its playoff roster.
]]>Known more for their star frontcourt duo of Karl-Anthony Towns and Rudy Gobert, the Wolves have been forced to play smaller lately due to injuries to those big men and it has been working for the club, which also occasionally uses Nickeil Alexander-Walker in a ball-handling role.
“We’re spoiled for choice right there,” head coach Chris Finch said of his point guards. “And I love the fact they all like to play together and they can play together.”
Minnesota acquired Morris at the trade deadline in order to fortify its depth behind Conley at the point, but McLaughlin – who had shared backup duties with Alexander-Walker until that point – has made the case with his recent play that the addition of Morris was more of a luxury than a necessity.
“J-Mac is just playing otherworldly right now,” Finch said. “He has come in and changed the game for us. He’s shooting with so much confidence, making all the normal J-Mac plays, getting all the 50-50 balls, competing for the ball in the air, flying around, getting his hands on stuff.”
Here’s more out of Minnesota:
The move comes after a report this morning that sale proceedings were disrupted when the Carlyle Group chose to withdraw. Lore and Rodriguez were able to replace the firm with Dyal Capital Partners, according to Charania’s sources.
Lore and Rodriguez have a March 27 deadline to make the final payment for a 40% share of equity that will enable them to replace Glen Taylor as lead owners of the franchise as well as the WNBA’s Minnesota Lynx. Taylor will retain a minority share in both teams, while the group led by Lore and Rodriguez controls 80% of the franchises.
The NBA still must give its approval to the new ownership structure, and Charania says it’s uncertain how long that might take.
Since 2021, Lore and Rodriguez have been involved in the purchase of the Wolves for $1.5 billion on a multi-phase payment plan. They have made two payments so far — giving them a 20% stake each time, for a total of 40%.
They exercised their option in December for the final 40% of the purchase, Charania adds. That began a 90-day window to submit the required documents and commitment letters to finalize the deal.
The Carlyle Group had planned to commit $300MM before pulling out of the sale, per Charania’s sources. The private equity firm couldn’t adhere to some NBA requirements for investors, so there was a mutual agreement for Carlyle to withdraw.
Lore and Rodriguez were quickly able to reach out to Dyal to take the firm’s place, notes Charania, who adds that the company’s ownership group includes Google CEO Eric Schmidt.
Charania points out that Lore and Rodriguez have already made an impact on the Wolves during their time as minority owners and played a significant role in recruiting Tim Connelly away from Denver to serve as Minnesota’s president of basketball operations.
]]>They’ve lost the financial backing of the Carlyle Group with one payment left to claim majority ownership from current owner Glen Taylor. That payment would complete a process that began in April 2021 for Lore and Rodriguez to purchase the Timberwolves in installments. Lore and Rodriguez previously purchased two installments of 20% at a $1.5 billion valuation for the franchise.
They exercised their rights to buy an additional 40% of the franchise earlier this year. The final installment is due on March 27.
We have more on the Timberwolves:
“They had an equity group that was going to come in and put in $300 million, and that equity group has either withdrawn or the NBA has denied them,” Taylor said. “They have to go out and find new revenue. That I do know. I don’t know if they found it or what they’re going to do. We haven’t seen the schedule of ownership yet.”
Since 2021, Lore and Rodriguez have been involved in a multi-phase payment plan to purchase the team for $1.5 billion. Their final payment, which is due March 27, will give them majority control of the team, with Taylor keeping a minority stake. Next Wednesday’s deadline is already an extension of a previous date, and Taylor said about $600MM is due.
The NBA will have the final decision on whether to approve the sale even if Lore and Rodriguez make the payment on time. Shama suggests approval may be in question if league officials are skeptical that the new owners have enough money on hand to meet operating obligations.
There’s more from Minnesota:
The Jazz played a video tribute to the current Timberwolves floor leader prior to the contest. “There was a little bit [of extra motivation]. Not gonna lie,” Conley said. “But at the same time, man, I was trying to have fun. … Just trying to soak up the moment. You get a video played and that doesn’t happen very often and it just shows so much gratitude.”
]]>[RELATED: 2023/24 NBA Roster Counts]
That leaves 10 clubs that have one or more roster spots, or whose 14th and/or 15th roster spots are occupied by players on 10-day contracts that will expire before the end of the month.
If recent history is any indication, it’s a safe bet that all 10 teams will, sooner or later, sign a player – or players – to rest-of-season or multiyear contracts in order to fill out their 15-man rosters. There were no open 15-man roster spots available by the final day of the 2022/23 regular season. The same is true of the ’21/22 season.
Even if a team has no intention of using a 15th man down the stretch or in the postseason, using that final roster spot to sign a prospect to a multiyear contract that includes no guaranteed money beyond this season is good business, increasing that club’s roster flexibility heading into the offseason.
Here are the teams likely to fill their open roster spots in the coming weeks:
Teams with 14 players on full-season contracts:
(Note: An asterisk denotes a player on a 10-day contract.)
The Raptors currently have a player on a 10-day contract (Jahmi’us Ramsey) occupying their 15th roster spot. The Cavaliers and Suns will soon follow suit, with Marcus Morris and Isaiah Thomas, respectively.
It’s possible that all three teams will ultimately turn to another player for a rest-of-season contract, but Ramsey is the only player to get two 10-day deals from Toronto this season, and Morris and Thomas are the types of veterans that contending teams often add to their roster down the stretch. A Saturday report indicated that Thomas is likely to stick with Phoenix beyond his upcoming 10-day contract.
I’d still view two-way player Neemias Queta as the most likely player to fill the Celtics‘ final roster spot, but that could change if Boston has to deal with some injuries in the backcourt or on the wing and wants to add some depth there. Pelicans sharpshooter Matt Ryan is another player on a two-way deal who’s a candidate to be promoted.
The Pistons and Warriors don’t have any obvious candidates for a promotion on two-way contracts, so both clubs may end up turning to the G League or free agency to add a 15th man.
Teams with 13 players on full-season contracts:
(Note: An asterisk denotes a player on a 10-day contract.)
While the seven teams listed above are good bets to sign one player before the end of the season, these three teams will likely sign two.
T.J. Warren, who immediately stepped into a rotation role after signing his first 10-day contract and is currently on his second 10-day deal, is an obvious candidate to fill one of the Timberwolves‘ two openings. It’s unclear which direction Minnesota go with its other spot.
I had expected Taj Gibson to eventually find his way back to New York, but he has signed for the rest of the season with the Pistons, so the Knicks will go in another direction with their final two roster spots.
DaQuan Jeffries and Mamadi Diakite are currently on 10-day deals and could receive consideration for rest-of-season contracts. For what it’s worth, like fellow Tom Thibodeau favorite Gibson, Ryan Arcidiacono won’t claim one of these openings, since he’s ineligible to re-sign with the Knicks this season.
If the Sixers like what they see from Kai Jones during his 10-day contract, it wouldn’t surprise me to see if they can lock him up to a multiyear deal. If not, they may look elsewhere for frontcourt help, since adding one more center to their roster makes sense with Joel Embiid‘s health still a question mark. The 15th man could be a wing — Philadelphia is ineligible to re-sign Danuel House, but could bring back Danny Green if there’s interest in a reunion.
]]>1:02pm: The Timberwolves are bringing back forward T.J. Warren on a second 10-day contract, reports Shams Charania of The Athletic (Twitter link). Warren’s first 10-day deal with the club came to an end on Friday night.
Warren, who had been out of the NBA for the entire 2023/24 season before signing with Minnesota earlier this month, was thrust into an immediate rotation role for the team due to Karl-Anthony Towns‘ injury absence.
In four games, Warren averaged 4.8 points, 2.0 rebounds, and 0.8 assists in 16.0 minutes per game during his first 10 days from the team. He made just 1-of-7 three-pointers (14.3%), but was 8-of-12 (66.7%) from inside the arc.
Warren, who is now 30 years old, isn’t quite as effective a scorer as he was earlier in his career since a left foot injury cost him nearly two full seasons from 2020-22. However, he still has a scoring average of 14.5 PPG on .506/.352/.780 shooting in 378 career regular season contests.
Given that Warren played regular minutes on his first 10-day contract and Minnesota only has 13 players on standard, full-season contracts, a second 10-day deal doesn’t come as a real surprise. Once this second contract expires, the Wolves will have to decide whether or not to sign him for the rest of the season.
Warren will earn $167,004 on his 10-day deal, while Minnesota carries a cap hit of $116,075. The club will still have an open spot on its 15-man standard roster with Warren back under contract.
]]>“Slower pace, style of play, competitive intensity, officiating focus have been contributing factors identified so far,” the NBA said.
According to Woj, the league also stated one focus area for the meeting was centered on offensive players “hunting for fouls and veering off paths into defenders.” That has also been a point of emphasis for officials — and a “contributing factor” in the reduced scoring output of late.
Here’s more from around the basketball world:
Responding in French to a reporter from his homeland on Thursday, Wembanyama said that Gobert has earned the Defensive Player of the Year award in 2024, but suggested he intends to supplant his fellow Frenchman as the favorite in future seasons, according to Tom Orsborn of The San Antonio Express-News (subscription required).
“I know that Rudy has a very good chance of winning it this year, and it would be deserved,” Wembanyama said. “Let him win it now, because after that, it’s no longer his turn.”
Wembanyama is one of the most talented rim protectors to enter the NBA in years. Besides racking up blocked shots, he frequently uses his 7’4″ frame and eight-foot wingspan to force opposing players to alter their shots.
“He makes guys think about shooting layups that are usually just gimmes, easy shots, little bunnies around the rim,” teammate Tre Jones said. “He’s making guys question it, dribble out. And it’s been some of the best players in the league. We all see his dominance on the defensive end and it’s only going to get better.”
Here’s more from around the Southwest: