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Lore, Rodriguez Move Closer To Finalizing Purchase Of Wolves

March 20th, 2024 at 5:09pm CST by Arthur Hill

Marc Lore and Alex Rodriguez have submitted the financial documentation necessary to complete the purchase of a majority stake in the Timberwolves, sources tell Shams Charania of The Athletic.

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.

Timberwolves Notes: A-Rod, Lore, Garza, Edwards

March 20th, 2024 at 9:07am CST by Dana Gauruder

Former baseball star Alex Rodriguez and business partner Marc Lore must find new financial backers to gain majority ownership of the Timberwolves franchise, according to ESPN News Services.

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:

With Karl-Anthony Towns, Rudy Gobert and Naz Reid sidelined on Tuesday, two-way player Luka Garza received extended playing time. He posted 11 points and six rebounds in 22 minutes during the 115-112 loss to Denver. “I’ve just been working this entire year to help this team when I’m out there,” Garza told Chris Hine of the Minneapolis Star Tribune. “I still feel like there’s another level I can get to. All I know is I did everything I could. I played hard.”
Despite being shorthanded and one the second night of a back-to-back, Minnesota pushed the Nuggets to the limit on Tuesday. Anthony Edwards, who dislocated a finger the previous night, missed a 3-point attempt that could have sent the game to overtime. “They’re really well-coached. They execute really well. They have Ant, who is one of the best players, most talented players, in the NBA right now,” Nuggets superstar Nikola Jokic told Bennett Durando of the Denver Post. “You have Mike Conley, who’s a really good veteran. They just play really well. They play hard. They run their plays with purpose. That’s why they’re good. Even from the (2023) playoffs — they missed a couple guys in the playoffs, too, but they still had really good fight.”
Having appeared in his 65th game this season, Edwards is now eligible for postseason awards, ESPN’s Bobby Marks tweets. That could lead to a bump in his salary. Edwards signed a five-year maximum-salary rookie extension last summer, which could rise in value from $204MM (25% of next season’s cap) to $245MM (30% of the cap) if he’s named All-NBA this season. The former No. 1 overall pick is averaging 26.7 points, 5.4 rebounds and 5.1 assists per game.

Wolves Notes: Sale, Conley, Gobert, Edwards

March 19th, 2024 at 10:55am CST by Arthur Hill

There may be a new snag in the sale of the Timberwolves with the deadline a little more than a week away, according to Minnesota sports reporter David Shama. Appearing Monday on Shama’s Sports Headliners show, current owner Glen Taylor shared news about a financing challenge facing buyers Marc Lore and Alex Rodriguez.

“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:

Veteran point guard Mike Conley provides a calming effect for the Wolves as they try to establish themselves as one of the NBA’s elite teams, writes Tony Jones of The Athletic. With nearly two decades in the NBA, Conley has been through the experience of being part of teams that fell short in the playoffs after a strong regular season. “I’ve been on really good teams that have been close but haven’t gotten quite to where we want to go,” he said. “And it’s been the little things here and there. So, we want to take advantage of our opportunity. We want to strike while it’s hot, but at the same time, we want to be grateful for the position we are in.”
Rudy Gobert sat out again Monday with a sprained rib, but he’s hoping to return soon, tweets Chris Hine of The Star Tribune. “I just want to be able to make sure I can help the team when I’m back,” Gobert said. “Right now, the level of pain is getting better every day, but still not good enough for me to be able to be myself and help the team, which is never fun. Hopefully it’s just a matter of days.”
Anthony Edwards thrilled his teammates, the Delta Center crowd and social media with one of the best dunks of the season (video link) on Monday at Utah, per Jon Krawczynski of The Athletic. Edwards dislocated the middle finger on his left hand on the play, but he was able to shoot a free throw after running to the locker room to get it popped back into place.

Timberwolves Notes: Edwards, Sale Process, Anderson

March 5th, 2024 at 2:51pm CST by Luke Adams

The Timberwolves got off to an inauspicious start on Monday night vs. Portland, as star guard Anthony Edwards didn’t report to the court on time for the opening tip. According to reports from Jerry Zgoda of The Star Tribune and ESPN, Edwards – who does resistance band work outside the team locker room before each game – said he lost track of the time.

The Timberwolves were hit with a delay of game violation as Nickeil Alexander-Walker ended up starting in Edwards’ place and playing the first 35 seconds before the All-Star checked in.

“Sixth Man of the Year,” Edwards joked after the game, per Zgoda.

As Zgoda details, the Wolves weren’t exactly firing on all cylinders for much of the night against a Trail Blazers team missing several key players due to injuries, but they did just enough to come away with a five-point win, avoiding a third consecutive loss. Rudy Gobert led the way with 25 points and 16 rebounds on a near-perfect shooting night. He went 9-of-10 from the floor and 7-of-7 from the foul line.

Here’s more on the Wolves:

Following up on a pair of tweets over the weekend discussing the situation, Jon Krawczynski of The Athletic takes a more in-depth look at the Timberwolves’ unconventional sale process, which remains on track to be finalized in the coming weeks. As Krawczynski explains, the incoming group led by Marc Lore and Alex Rodriguez already controls 40% of the franchise and exercised its option in late December to purchase another 40%. That option pick-up opened a 90-day window to complete the transaction, so it should be completed by the end of March. Longtime team owner Glen Taylor will retain 20% of the franchise even after Lore and Rodiguez assume majority control.
There have been some questions throughout the process about whether Lore and Rodriguez have the money to complete their purchase of the Wolves, but sources tell Krawczynski that “everything is in order.” The new ownership group, which recruited some minority investors along the way to help with financing, will have to be approved by the NBA’s Board of Governors as majority stakeholders.
Second play-maker Kyle Anderson got off to a slow start in his second season in Minnesota, but has looked more comfortable as of late, per Chris Hine of The Star Tribune. Anderson has three assists or more in 14 straight games, the longest streak of his career, and has shot 50.0% from the field during that time, bumping his season-long mark to 46.9%. “He understands that he needs to be a play-maker for us at all costs. He’s a guy we can trust with the ball, a guy who makes the right decisions whether it’s scoring the ball, posting up or finding guys in the right spots,” teammate Mike Conley said of Anderson. “Defensively he’s a guy who can switch onto different guys, guard other guys and give Jaden (McDaniels) a break, give Ant a break. He has been those things so far. He’s just confident in that role.”
In a separate story for The Star Tribune, Hine says there’s not a specific playoff matchup that Minnesota fears, since the Wolves believe they’re capable of beating any team in the West if both clubs are playing their best basketball.

Northwest Notes: Knox, J. Williams, Wolves, McDaniels

March 2nd, 2024 at 1:31pm CST by Luke Adams

Free agent forward Kevin Knox has returned to the G League, having reported back to the Rip City Remix, according to a tweet from the Trail Blazers‘ G League affiliate.

Knox was with the Remix in the fall, but signed with the Pistons in early November and was in the NBA for three months before being sent to Utah at February’s trade deadline. The Jazz immediately waived him, and with no NBA opportunities immediately presenting themselves, the former No. 9 overall pick eventually decide to head back to the G League.

Knox racked up 26 points and 11 rebounds and was a +23 in a 15-point victory over Iowa in his return to Rip City on Friday. A few more performances like that could help earn him another shot at the NBA level. For what it’s worth, since he was waived before March 1, he’ll be playoff-eligible if he signs a rest-of-season contract with an NBA club.

Here are a few more notes from around the Northwest:

Thunder center Jaylin Williams has been diagnosed with a sprained left knee, head coach Mark Daigneault said on Friday (Twitter link via Rylan Stiles of Locked on Thunder). There’s no word yet on the severity of the sprain, but it’s often a week-to-week injury, so one of the team’s recent frontcourt additions – Bismack Biyombo and Mike Muscala – may get an opportunity to claim a rotation role.
Jon Krawczynski of The Athletic (Twitter links) clarifies that incoming Timberwolves owners Marc Lore and Alex Rodriguez have until the end of March to make their final payment to assume majority control of the franchise. Sources close to the Lore/Rodriguez group say they remain on track to make that payment, per Krawczynski. Current majority owner Glen Taylor said in a recent conversation with Darren Wolfson of 5 Eyewitness News that he was told Lore and Rodriguez planned to close the sale at the end of February, which didn’t happen. However, it doesn’t sound like the new ownership group has missed any deadlines.
Chris Hine of The Star Tribune explores Jaden McDaniels‘ importance to the Timberwolves and notes that the club will need an “even-keeled” version of the young forward in order to reach its ceiling. McDaniels memorably broke his hand when he punched a wall on the final day of the 2022/23 regular season and missed Minnesota’s play-in loss.

Wolves Notes: Edwards, Anderson, Finances, Sale Date

February 29th, 2024 at 10:11am CST by Arthur Hill

After Anthony Edwards helped the Timberwolves beat Memphis by shutting down Jaren Jackson Jr. on Wednesday night, he told reporters he deserves a spot on the All-Defensive Team, writes Chris Hine of The Star Tribune. Jackson had 29 points midway through the third quarter when Edwards volunteered to guard him, even though he’s about six inches shorter than his World Cup teammate from last summer. Jackson was limited to four points the rest of the way as Minnesota rallied for the victory.

“They just got to watch the games because this is not my first time doing this,” Edwards said, referring to media members who will vote for All-Defensive honors. “I have nights like this all the time where somebody gets hot, their best player gets hot and I go shut ’em down the rest of the game.”

Edwards also sparked the offense with 17 points in the third quarter, Hine adds, bringing some energy on a night when the Wolves were mostly lifeless in a matchup with a sub-.500 team. Edwards, who played nearly 40 minutes despite turning his ankle in Tuesday’s game, said every victory is important to him.

“I come from winning 20 games my rookie year, so I don’t care how we win,” he said. “… If we win the game, I’m happy. I have nothing bad to say.”

There’s more from Minnesota:

Kyle Anderson sat out Wednesday’s contest with a sprained left knee, but coach Chris Finch is optimistic that it won’t be a long-term concern, tweets Jon Krawczynski of The Athletic. “I don’t know. It’s, I would say, more day to day,” Finch said. “I don’t think it’s super long, but you never know how these things respond over 48 hours.”
Success will be expensive for the Wolves, who are facing heavy tax bills and second-apron restrictions if they keep the current roster together, Keith Smith of Spotrac states in an overview of the team’s finances. They currently have nine players under contract for next season at a combined $183.7MM. Filling out the roster with five minimum-salary signings brings the total to $189.5MM, which is right at the second apron and $18.2MM above the tax line. If free agents Anderson and Monte Morris both re-sign for $10MM per season, Smith adds, the team salary will balloon past $207MM, which is higher than the Warriors or Clippers. Smith notes that the payroll will get even more expensive if Edwards receives All-NBA honors, which would increase of the first year of his new extension from 25% to 30% of the cap max, bumping it from $35.25MM to $42.3MM.
Owner Glen Taylor tells Darren Wolfson of 5 Eyewitness News (Twitter link) that the sale of the franchise to Marc Lore and Alex Rodriguez won’t be finalized today, which was originally the target date. Taylor said a new closing date will be set.

Lore, A-Rod To Acquire Controlling Ownership Of Timberwolves

December 28th, 2023 at 10:59am CST by Arthur Hill

Marc Lore and Alex Rodriguez will exercise their option to become controlling owners of the Timberwolves, tweets ESPN’s Adrian Wojnarowski. They have a December 31 deadline to make the move, but sources tell Wojnarowski it could happen by today.

The option will give Lore and Rodriguez an additional 40% of the franchise, making them majority owners with an 80% stake by the early part of 2024, Woj adds (Twitter link). The purchase, which still must be approved by the NBA’s Board of Governors, values the team at $1.5 billion.

This will mark the third payment for the new owners, who made their second installment in March. They currently own 40% in their succession plan to take over the Wolves and the WNBA’s Minnesota Lynx from current owner Glen Taylor.

Gore and Rodriguez began buying into the Timberwolves in 2021, making their first payment that summer. There have been rumors throughout the process that they might not have the financial equity to complete the deal, but they have made every payment according to schedule.

A report last month said the duo was negotiating with the Carlyle Group, a private equity firm, to provide help with financing.

Wolves Notes: Edwards, Finch, Reid, Ownership

November 23rd, 2023 at 11:01am CST by Arthur Hill

Anthony Edwards is already one of the NBA’s top players, but he suggested this week that he might want to see how he could fare in the NFL, according to an ESPN report. Appearing with comedian Marco Summers on his “Open Thoughts” talk show, Edwards said “I might be the first one” to succeed in both leagues.

It’s unlikely the Timberwolves would agree to let Edwards risk his future by playing football after signing him to an extension that could be worth more than $205MM over five years. However, it would be intriguing in theory to watch Edwards give the NFL a try after being one of the nation’s best Pop Warner running backs as a youth. While speculating about a football career, Edwards emphasized to Summers that his priority is to “handle his business in the NBA.”

“As a team, [the] Minnesota [Timberwolves] organization, we want to win a championship,” he said. “After that, we’ll figure that out.”

There’s more from Minnesota:

The Wolves will eventually face salary decisions and second-apron concerns, but fans should enjoy a team that has become one of the NBA’s best rather than worrying about what might happen in 2024 or 2025, writes Jon Krawczynski of The Athletic. Holding the top spot in the West at 11-3, Minnesota is off to its best start ever and may be a legitimate contender for the first time in the franchise’s 35-year history. There’s a stronger focus, Krawczynski notes, as players who may have overlooked some opponents last season are now locked in every night. “I think it’s very much a serious tone,” coach Chris Finch said. “There’s a conversation about what needs to be done, what they hadn’t done.”
Part of the increased focus comes from resolving financial situations during the offseason, Krawczynski adds. Mike Conley and Kyle Anderson are the only rotation members with expiring contracts, and Krawczyski believes they’re mature enough that it won’t affect their performance. “Everybody’s here to win. Everybody has one goal. Everybody’s got their money situation out of the way,” said Naz Reid, who signed a three-year, $42MM contract extension this summer. “Now we’re here to play basketball and win the game. We’re not really too much worried about anything other than that.”
New owners Alex Rodriguez and Marc Lore are negotiating with the Carlyle Group, a private equity firm, to invest in the Timberwolves and the WNBA’s Minnesota Lynx, sources tell Dan Primack of Axios. Primack believes the move will help to quell rumors that Rodriguez and Lore might not have the funding to complete the remainder of the sale from Glen Taylor.

Northwest Notes: Reid, Lillard, Wallace, Holmgren

June 26th, 2023 at 11:02am CST by Arthur Hill

The Timberwolves‘ decision to re-sign Naz Reid before the start of free agency stemmed from an edict by owner Glen Taylor, according to Jon Krawczynski of The Athletic. “Get it done,” Taylor reportedly told his front office after meeting with partners and eventual owners Marc Lore and Alex Rodriguez. They also talked to president of basketball operations Tim Connelly and head coach Chris Finch, who agreed there was too much risk in letting Reid reach the open market.

The 23-year-old center is one of the team’s best developmental projects and has become a valuable member of the reserve unit. Krawczynski notes that Reid was given a player option in the third year of his $42MM contract in case he becomes dissatisfied with his progress and playing time with Karl-Anthony Towns and Rudy Gobert on the roster. Krawczynski adds that the Spurs and Kings could have been threats to sign Reid because of their available cap space and their ability to offer him a larger role.

Negotiations with Reid began shortly after Connelly joined the front office last summer, Krawczynski states. Reid worked out in Minnesota during the offseason and reported to camp with an improved perimeter game that enabled him to be effective alongside either Towns or Gobert.

The Wolves agreed to pay Reid more than they had originally expected, which Krawczynski notes will lead to difficult decisions in the future. Anthony Edwards and Jaden McDaniels are both likely to receive extensions this summer, which will make it tough to keep three high-salaried centers on the roster for the long term.

There’s more from the Northwest Division:

If the Heat acquire Damian Lillard, it will probably be the last significant move the team can make for a while, Kevin O’Connor of The Ringer writes in an examination of the trade market for the Trail Blazers star. A deal with Portland would likely require Miami to give up most of its remaining assets, which include first-round picks in 2028 and 2030 and pick swaps in 2027 and 2029, along with Tyler Herro, Nikola Jovic and Jaime Jaquez. Either Kyle Lowry or Duncan Robinson will have to be involved if a trade happens after July 1, O’Connor adds. O’Connor also looks at a potential deal with the Nets, but states that there aren’t many other teams in need of a point guard who have the assets to make a serious offer for Lillard.
The Thunder were attracted to Cason Wallace because of his unselfish approach to the game, according to Jenni Carlson of The Oklahoman. General manager Sam Presti said he noticed that quality even when Wallace was playing in all-star contests. “He plays no-agenda basketball,” Presti said. “… All players have stories, and I think his story is a great one because in today’s world in, basketball, there’s so many people saying, ‘You’ve got to get more shots, you’ve got to do this, you’ve got to be more out in front, you’ve got to draw more attention to yourself.’ This guy got drafted in the top 10 by just being an incredible team player.”
Presti said Chet Holmgren continues to make progress in his recovery from foot surgery and there’s hope that he’ll be able to play for the Thunder during Summer League, according to Cody Taylor of The Rookie Wire.

Lore, A-Rod Make Second Payment, Now Own 40% Of Timberwolves

March 28th, 2023 at 6:17pm CST by Rory Maher

The plan for Marc Lore and Alex Rodriguez to succeed Glen Taylor as the controlling owners of the Timberwolves continues to move forward, as they have officially made their second payment and now own 40% of the team, sources tell Shams Charania and Jon Krawczynski of The Athletic (all Twitter links).

Lore and Rodriguez made a combined $290MM payment this time around and have now paid out more than $500MM in total, according to Charania and Krawczynski. Both owners have committed more than $200MM individually and have invested more than the required amount to this point in their agreement to buy the Wolves and the WNBA’s Minnesota Lynx.

The incoming owners exercised their option to buy another 20% of the team back in December. A spokesperson for the duo confirmed a couple weeks ago that a second payment would be made on time.

The final stage of the ownership change would see Lore and A-Rod exercise an option to buy another 40% of the team by December 31, 2023. The last payment is on track for March 2024, per The Athletic’s duo — assuming that happens, Lore and Rodriguez would then control 80% of the team, while Taylor would be a minority owner with a 20% stake.

Lore and A-Rod released a statement confirming the news, writes Chris Hine of The Star Tribune.

“We are very excited to enter this next phase of ownership. We very much appreciate Glen’s partnership and guidance and will continue to work tirelessly alongside him to bring success to the fans of Minnesota.”

Rodriguez — a former MLB star — has now invested more cash than any former athlete purchasing a professional sports team, according to The Athletic. He has surpassed Michael Jordan, who paid $180MM to buy the Hornets in 2010.

There were reportedly some concerns in 2022 about A-Rod’s liquidity and some speculation that the plan for Rodriguez and Lore to assume majority control of the Wolves could be in trouble, but clearly it remains on track. Lore is a tech entrepreneur who made his fortune in eCommerce.