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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 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.”

Timberwolves President Connelly Agrees To Restructured Contract, Will Stay With Club

June 4th, 2024 at 10:17pm CST by Dana Gauruder

The speculation regarding Tim Connelly‘s future has been pushed back for at least one season.

According to The Athletic’s Jon Krawczynski and Shams Charania (Twitter links), Connelly has agreed to a restructured contract with the Timberwolves that will keep him in charge of Minnesota’s front office for at least one more season.

Connelly had an opt-out clause in his contract that could have made a highly desirable “free agent” among NBA executives. Connelly helped build the Nuggets into a championship club and constructed a Timberwolves roster that made them a Western Conference finalist.

He’ll now be able to opt out after next season.

There has been heavy speculation that Connelly might exercise the opt-out due to the franchise’s ongoing ownership dispute. Current majority owner Glen Taylor is at odds with prospective owners Marc Lore and Alex Rodriguez over financial issues. A three-person arbitration panel has been selected to oversee the ownership dispute, but there are no signs of a quick resolution.

Connelly, the Timberwolves’ president of basketball operations, recently indicated that the ownership dispute wouldn’t be a deal-breaker for his future with the organization.

“I’ve had a blast here. Feels like we have roots here. It’s pretty special. That’s the goal. It has been a great couple years, and hopefully, we can make it a much longer couple years,” he said.

By restructuring his contract, Connelly can now focus on trying to tweak the Timberwolves’ roster and get them into next year’s Finals. If things go sour, he’ll have the option of moving on to another organization.

Connelly was on the Pistons’ radar for their president of basketball operations job before they decided to hire Pelicans GM Trajan Langdon.

Even with the ownership issues, Connelly’s preference was to stay in Minnesota. He and his family have settled into the area. He could sign another long-term deal after the ownership situation settles, Krawczynski reports.

Western Notes: Wolves, Towns, Lakers, Redick, Ingram, G. Allen

June 4th, 2024 at 2:26pm CST by Luke Adams

Discussing the Timberwolves‘ ownership situation during the latest episode of the Hoop Collective podcast (YouTube link), ESPN’s Tim MacMahon said there’s a perception around the league that if Alex Rodriguez and Marc Lore assume majority control of the franchise, “payroll’s getting slashed.” However, his colleague Brian Windhorst disagrees with that notion.

“Let me just say this: I don’t believe it’s going to get slashed,” Windhorst said (hat tip to RealGM). “I believe if (A-Rod and Lore) get the team by the fall, which I am skeptical of for various reasons, but if they get the team by the fall, I don’t think they’re cracking this team in pieces to save money. I think because one thing about the team, they have instantaneous equity, they can borrow it against it like that.”

While Windhorst doesn’t expect payroll to decline drastically if Rodriguez and Lore take over majority control from longtime owner Glen Taylor, he does think the new owners may not be attached to Karl-Anthony Towns as Taylor has been to this point.

“I do not think they would tear the team apart. However, I do think that there’s a possibility if the ownership change took place that Karl Towns’ role would be reevaluated,” Windhorst said.

After MacMahon stated more frankly that Towns would likely find himself “on the trade block” in that scenario, ESPN’s Tim Bontemps pointed out that exploring trade scenarios involving the big man doesn’t necessarily mean he’d be moved, since his super-max contract, which includes a $49MM+ cap hit for 2024/25, will make it difficult for Minnesota to find a suitable deal.

“(That’s) why I believe he’s not going anywhere,” Windhorst said. “Because trading him and getting equal return is going to be next to impossible.”

Here’s more from around the Western Conference:

In another segment of the Hoop Collective podcast, Windhorst suggested that the Lakers have been sending the message that they’re still early in the process of their head coaching search, but that the noise surrounding J.J. Redick‘s candidacy has been loud. “I have some people saying, ‘This is J.J. Redick’s job’ that I trust,” Windhorst said (hat tip to RealGM). “I have some people saying this is a process that is not complete. I suspect I know something, but I am just going to tell you that there’s multiple streams of information. James Borrego has had multiple meetings with the Lakers. I do think that he is a viable candidate for sure, but I think J.J. Redick is a very strong candidate. And he also is calling the (NBA) Finals for our network on ABC and ESPN. So it is what it is.”
While there’s a widespread belief that the Pelicans will gauge the trade market for Brandon Ingram this summer, William Guillory of The Athletic makes the case that keeping the former All-Star forward is the right move for New Orleans, arguing that it would be hard to find a deal involving Ingram that makes the team better than the 49-win version from this past season.
Having signed a contract extension in April, veteran wing Grayson Allen won’t become trade-eligible until October. But what sort of deal could the Suns make if they were willing to part with Allen in the fall or at next year’s trade deadline? Gerald Bouguet of PHNX Sports attempts to answer that question, generating 15 potential trade scenarios involving Allen.

Wolves Notes: Towns, Edwards, Ownership Fight, Connelly

May 31st, 2024 at 10:02am CST by Arthur Hill

As the Timberwolves deal with the disappointment of a Game 5 blowout that ended their playoff run, the focus now turns to the future and whether the franchise can afford to keep the core of its current team together. Karl-Anthony Towns, who has been the focus of some trade speculation because of his pricey contract, told reporters after Thursday’s game that he wants to stay in Minnesota, writes Dave McMenamin of ESPN.

“I’m confident I’ll be able to be here with my brothers and continue what I love to do here at home,” said Towns who has spent his entire nine-year NBA career with the team. “So that’s the plan. Nothing’s changed on my side. I love this city. I love this organization. I love this city. It’s given me my life, me and my family.”

Towns’ $221MM extension will take effect next season, paying him roughly $49.4MM, $53.3MM and $57.3MM over the next three years with a $61.2MM player option for 2027/28. With an expensive roster around him and an unsettled ownership situation, there’s no guarantee the Wolves will be willing to keep Towns and deal with the second tax apron restrictions that will result.

Towns refused to comment on the team’s financial situation following Game 5.

“That’s not for me to worry about,” he said. “My job is to go out there every day and do something this summer in the offseason and continue to take steps forward in my game and my mentality not only as a player but as a person too.”

There’s more from Minnesota:

Anthony Edwards wasn’t discouraged by the loss, promising that the Wolves will be ready for another long playoff run next season, McMenamin adds. Edwards, who had three 40-point games in the playoffs, believes the organization has a bright future after reaching the conference finals for the first time in 20 years. “It’s a lot of our guys’ first time being in this light, especially me. It’s my first time,” he said. “But we’ll be ready, man. We’ll be all right. First time. Took a loss. Congratulations to the Mavericks. But we’ll be back. We’ll be all right.”
A three-person arbitration panel has been selected to oversee the ownership dispute, but there are no signs of a quick resolution, according to Jon Krawczynski and Shams Charania of The Athletic. Arena sources tell the authors that the bitter feelings between current majority owner Glen Taylor and prospective owners Marc Lore and Alex Rodriguez have intensified, reporting that Taylor tried to approach the duo several times during the playoffs and even attempted to hug Rodriguez, but was turned away.
President of basketball operations Tim Connelly, who has an opt-out clause in his contract, will have to make a decision on his future before the ownership situation is settled, Krawczynski and Charania add. They note that Lore and Rodriguez led the recruiting pitch that convinced Connelly to leave Denver, and he joined the Wolves with the expectation of eventually working for them. Sources tell the authors that Minnesota was very concerned about the Pistons making a huge offer to lure Connelly away before they opted to make Trajan Langdon their new head of basketball operations.

Northwest Notes: Porter Jr., Nuggets, McDaniels, Reid, Ownership Dispute

May 21st, 2024 at 7:21pm CST by Dana Gauruder

Michael Porter Jr. pins the blame on himself for the Nuggets‘ second-round loss to Minnesota, according to Bennett Durando of the Denver Post. Porter struggled to make offensive contributions, averaging 10.7 points per game on 37.1% shooting from the field. He scored just 25 points in the last four games of the Western Conference semifinals.

“This was a terrible series,” Porter said. “I felt like I might’ve had one or two good games out of the seven we played. Part of it was the way they were guarding. Part of it was (that) my shot wasn’t falling. It’s just tough because I know if I would have played up to par with how I normally play, we would have won this series. And there’s a lot of things that could have been different as a team, but I know if I had played my part, we would have won the series. And I’ve gotta live with that.”

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A lack of quality depth led to the Nuggets’ demise, in the estimation of Kevin O’Connor of The Ringer. He notes that only rookies and journeyman veterans were added last offseason to fortify the bench, which took huge hits with the loss of Bruce Brown and Jeff Green. Salary cap issues were a primary reasons for the approach but O’Connor notes that only one bench player logged more than 10 minutes in Game 7, while five players under the age of 25 never shed their warmups.
Jaden McDaniels and Naz Reid missed last year’s playoffs due to injury but they played massive roles in the Timberwolves’ ascension to the Western Conference Finals, Chris Hine of The Star Tribune notes. McDaniels scored 44 points in the last two games of the second-round series, while Reid — the league’s Sixth Man of the Year — scored eight of his 11 points in Game 7 during the fourth quarter and blocked two Nikola Jokic shot attempts.
Alex Rodriguez and Marc Lore made an interesting proposal to Glen Taylor in the ownership dispute engulfing the Timberwolves franchise. The duo proposed last month that the loser of their battle over ownership of the franchise should cover the legal costs of the winner, Eben Novy-Williams of Sportico reports. However, Taylor’s legal team has chosen to continue with the binding arbitration, as laid out in the purchase agreement, where parties are responsible for their own fees. That process is slated to happen in the coming months, Novy-Williams adds.

Wolves Notes: Defense, McDaniels, Gobert, Morris, Ownership

May 7th, 2024 at 7:20am CST by Luke Adams

While Defensive Player of the Year favorite Rudy Gobert has earned much of the credit for anchoring a Timberwolves defense that ranked No. 1 in the NBA this season, Minnesota turned in an impressive defensive performance without Gobert available on Monday, limiting the Nuggets to just 80 points on 34.9% shooting and forcing 19 turnovers in a Game 2 blowout.

“We’ve had some really, really good defensive efforts this year, but that has to be right up there with the best of them,” Timberwolves head coach Chris Finch said, per Dave McMenamin of ESPN. “On the ball, off the ball, the physicality, the execution of the game plan. … Just really locked in on defense.”

Anthony Edwards and Karl-Anthony Towns led the offensive attack for the Wolves with 27 points apiece, but it was fellow starter Jaden McDaniels who turned in the game’s best plus-minus mark (+26) despite recording as many fouls as points (5) and making just 2-of-7 shots from the floor. McDaniels’ under-the-radar impact didn’t go unnoticed by his head coach.

“He hasn’t connected in the scoring column, but my God, he’s a +26. The other day he was a +23,” Finch said (Twitter link via Jon Krawczynski of The Athletic). “He didn’t have a bucket. He’s got five points in the series and he’s a +50. It’s not about how you score, it’s about how you help your team win.”

Here’s more on the Wolves, who will take a 2-0 lead over the defending champs back home to Minnesota:

Gobert, who missed Game 2 due to the birth of his first child, is expected to return to the lineup for Game 3, says McMenamin. That game won’t be played until Friday, giving the teams three days off this week.
Finch lauded his team after Monday’s win for its effort on defense, sharing the ball, and generally playing like a team that fans want to root for, as Chris Hine of The Star Tribune writes. Naz Reid suggested those traits are the result of a culture that has improved in recent years. “When I first got here, [the culture] wasn’t the best, it wasn’t perfect,” Reid said. “But obviously we’re all humans, and over that time we gradually got better. We got more cultured. Time to where we kind of became a unit, a team where we trust each other. We’re selling out for each other.”
The Timberwolves still need 10 more victories to win a championship, but they look like the NBA’s best team right now, contends Jim Souhan of The Star Tribune. Vincent Goodwill of Yahoo Sports makes a similar case in a column of his own, writing that Minnesota has made the Nuggets look like anything but champions.
Wolves reserve point guard Monte Morris exited Game 2 due to a right index finger sprain, the team announced (via Twitter). It’s unclear whether the injury will force him to miss additional time going forward. Morris has played just 40 total minutes across Minnesota’s six playoff games, so his possible absence wouldn’t have a significant impact on the team’s rotation.
As the Wolves continue to dominate on the court, the team’s off-the-court ownership battle between Glen Taylor and the Marc Lore/Alex Rodriguez group is headed to arbitration. Mike Vorkunov of The Athletic spoke to a handful of legal experts to get a sense of what to expect from that process. “I see this as an uphill battle for Taylor,” one sports investment banker told Vorkunov,” but something that might make sense for him to have potential asymmetric upside if he can either prevail or find a way to get a settlement or a higher number.”

Northwest Notes: Finch, Nori, Wolves, Clarkson, Thunder

May 4th, 2024 at 2:55pm CST by Tristan Tucker

There is “increased optimism” that Timberwolves head coach Chris Finch will be seated near the team’s bench when Game 1 of the Timberwolves/Nuggets series tips off on Saturday, according to The Athletic’s Jon Krawczynski and Shams Charania (Twitter link). Finch suffered a torn patellar tendon during Minnesota’s first-round series against Phoenix and underwent surgery on the knee on Wednesday.

With Finch’s mobility impacted due to the injury, assistant coach Micah Nori will take on a larger role, as expected (Twitter link via Krawczynski). But it sounds like the Wolves will at least be able to have their head coach nearby rather than watching the game from the locker room or a suite. As Chris Hine of The Star Tribune tweets, team staffers appeared to be working with Finch on Friday to figure out a spot for him to sit, with the goal to get him as close to the floor as possible.

We have more from the Northwest Division:

Nick Williams of The Star Tribune takes a closer look at the next step in the Timberwolves‘ ownership dispute after a mediation session this week was unsuccessful. As Williams details, the two sides – current majority owner Glen Taylor and minority owners Marc Lore and Alex Rodriguez – will now head to arbitration, which must take place in Minneapolis within the next six months. A three-person panel will hear the case, according to Williams, with each side choosing one arbitrator and then agreeing on a retired judge from Minnesota to serve as the third arbitrator.
There’s a chance that veteran guard Jordan Clarkson appeared in his last game for the Jazz this season, Andy Larsen of The Salt Lake Tribune writes. The oldest and longest-tenured player on the roster, Clarkson is under contract for two more seasons, but has a team-friendly deal that could make him an appealing offseason trade target. “Tomorrow’s tomorrow, I don’t really try to look too far forward,” Clarkson said. “But I love this organization, I love this state, city. I love playing for this team, [head coach Will Hardy] and everybody. If it’s the last, that just is what it is.” If the Jazz were to move him, it would be to make way for younger players on the roster. He’s due to make about $14MM in each of the next two seasons.
The Thunder followed up a week-long break at the end of the regular season with a four-game sweep of New Orleans in the first round, so it’s no surprise that head coach Mark Daigneault has no problem with another lengthy layoff before the second round begins. “If you’ve got bumps and bruises it gives you time to heal and get everybody’s tank full from a recovery standpoint,” Daigneault said, according to Joe Mussatto of The Oklahoman. “Disadvantages would just be a lot of time in between games, an amount of time we’re not used to. … But I thought we managed it pretty well in the last stretch.”

Luke Adams contributed to this post.

Timberwolves Notes: Connelly, Nori, Finch, Ownership

May 2nd, 2024 at 10:12pm CST by Alex Kirschenbaum

Timberwolves team president Tim Connelly joined the organization two years ago with a deliberate, aggressive plan in mind for returning Minnesota to contender status, writes Chip Scoggins of The Star Tribune.

With core pieces Anthony Edwards, Karl-Anthony Towns and Jaden McDaniels already all in place, Connelly opted to go for size and veteran help, ultimately rounding out his starting five with former Jazz stars Rudy Gobert and Mike Conley.

Now, Minnesota’s defense in all facets is helping guiding the club deep into the playoffs. The Timberwolves, the West’s No. 3 seed with a 56-26 regular season record, have won a playoff series for the first time in 20 years. Scoggins concedes that he did not appreciate just how good Conley still was when Minnesota acquired him in a February 2023 trade, while also noting that much of the league was critical of Connelly’s decision to obtain Gobert for major future draft equity.

There’s more out of Minnesota:

Connelly recently addressed questions about how the team will handle what could be a very pricey roster in the offseason, per Chris Hine of The Star Tribune (via Twitter). “I think we’re a contender now,” Connelly said. “We have to believe it. We’re entering the second round with an unblemished playoff record. This room certainly thinks we’re a contender. Relative to what the offseason looks like, it would be unfair to answer those questions prior to our conclusion and what we hope not to conclude for a long time.”
Connelly also had high praise for assistant coach Micah Nori, who finished out the closing minutes of team’s Game 4 win over the Suns after head coach Chris Finch left the bench due to a patellar tendon injury. Micah is gonna make a great head coach when some smart team hires him,” Connelly said, per Jon Krawczynski of The Athletic (Twitter link). “The whole staff is really connected and I think Finch empowers those guys, so it’s a collective.”
Just one day removed from a surgery on his ruptured right knee patellar tendon, Finch was back in action on Thursday with the Timberwolves, overseeing a team practice, writes Andrew Lopez of ESPN. Minnesota intends to have Finch available with the the team once its second round series against the Nuggets tips off in Denver on Saturday. “Finch is obviously a leader and a super tough guy,” Connelly reflected. “I have a ton of respect for him bouncing back so quickly… He’s really excited about the series and it’s great to have him back.”
Mediation efforts between Timberwolves minority owners Marc Lore and Alex Rodriguez and majority owner Glen Taylor did not ultimately succeed in resolving the two sides’ ownership dispute, Darren Wolfson of KSTP Sports tweets. They’ll move on to arbitration, which Wolfson believes could happen several weeks from now.