Kevin Garnett

Straus Closing In On Purchase Of Timberwolves

August 24th, 2020 at 8:04pm CST by Dana Gauruder

An investment group headed by former Grizzlies minority owner Daniel Straus is in advanced talks to buy the Timberwolves, The Athletic’s Jon Krawczynski and Shams Charania report.

The WNBA’s Minnesota Lynx would also be part of the deal. However, there are still a number of issues to be resolved before the sides reach an agreement.

The initial report about Timberwolves owner Glen Taylor mulling the sale of the team surfaced on July 21.

While a group that included former Wolves superstar Kevin Garnett was reportedly interested, the Straus Group has shown serious interest from the start. Its representatives visited the Twin Cities two weeks ago for official meetings, toured the team facilities and reviewed financial documents, according to The Athletic duo.

It entered an exclusivity agreement that expired last week. That didn’t slow the talks, though a handful of other groups were also initially interested in purchasing the team.

Garnett has not had formal discussions with Taylor during the process. Their relationship deteriorated over the years. Garnett referred to Taylor as a “snake” as recently as this spring.

Taylor reportedly wanted assurances that the franchise will remain in Minneapolis and Straus has made that pledge, The Athletic duo adds.

Latest On Possibility Of Timberwolves Sale

July 28th, 2020 at 3:01pm CST by Luke Adams

The Straus Group, an investment firm founded by Daniel Straus, is exploring the possibility of purchasing the Timberwolves, people with knowledge of the matter tells Gillian Tan of Bloomberg. It’s not clear if The Straus Group is operating alone or as part of a consortium, according to Tam.

Straus has been involved in NBA team ownership in the past, having controlled shares of the Grizzlies up until 2018. Majority owner Robert Pera bought out Straus and fellow minority stakeholder Steve Kaplan two years ago after a clause in their purchase agreement was triggered — if Pera hadn’t purchased Straus’ and Kaplan’s shares in the team, he would’ve had to sell the Grizzlies to them at the same valuation.

Straus is one of just many potential bidders in the mix for the Timberwolves, per Darren Wolfson of 5 Eyewitness News, who tweets that a number of people and groups with interest have not yet been publicly identified. Former NBA players Kevin Garnett and Arron Afflalo are believed to be part of two separate groups with interest in purchasing the franchise.

According to Charley Walters of The St. Paul Pioneer Press, Garnett’s group includes a pair of billionaires from California and another one from Florida. Walters suggests that the plan would be for KG to invest $200MM and to become the head of basketball operations if his group were to buy the team. If that’s accurate, it’s not clear what it would mean for current president of basketball operations Gersson Rosas.

Walters also reports that the asking price for the Timberwolves – along with the WNBA’s Minnesota Lynx – is expected to be in the $1.2 billion range, though that’s obviously subject to change depending on how the bidding plays out.

Glen Taylor Discusses Potential Timberwolves Sale

July 22nd, 2020 at 4:04pm CST by Luke Adams

4:04pm: The Raine Group approached the Vikings owners a few months ago to gauge their interest in purchasing the Timberwolves, sources tell Jon Krawczynski of The Athletic (Twitter link). However, according to Krawczynski, while there were some initial discussions, there are no active talks with the Wilf family about the Wolves at this time.

10:12am: After word broke on Tuesday that Timberwolves owner Glen Taylor had retained The Raine Group to explore selling the franchise, Taylor spoke to Jon Krawczynski of The Athletic about the possibility of a sale.

As Taylor explained, he’s willing to get more serious about the idea at this point because he feels as if the organization is in a good place with Gersson Rosas installed as the head of basketball operations and Ryan Saunders as the head coach.

“I think I put a really good team together with the Timberwolves,” Taylor said, referring to those franchise leaders. “I feel really good about that. There’s a good team there. Both the player bunch and the business bunch. So I think I’ve done my responsibility there to have that so it can go on and become better.”

Former Timberwolves star Kevin Garnett is part of one group that has emerged as a serious suitor for the team, as we relayed on Tuesday. Garnett posted a message on Twitter on Tuesday night expressing his “passion” for the Wolves and his deep affection for the city of Minneapolis, noting that he hopes he and Taylor can work out a deal.

According to Adam Schefter of ESPN, the Wilf family – which owns the NFL’s Minnesota Vikings – is also a serious candidate to purchase the NBA franchise. The Wilfs oversaw the construction of U.S. Bank Stadium in Minnesota and are building a state-of-the-art training facility for the Vikings. Zygi Wilf, Mark Wilf, and Leonard Wilf also been active in the community, donating $5MM to COVID-19 relief and another $5MM to social justice causes this year.

Both Garnett and the Wilfs have strong local ties, which should strengthen their potential bids. As Krawczynski details, Taylor has made it clear to possible buyers that they must commit to keeping the Wolves in Minnesota in order to receive serious consideration.

“People have inquired who are interested, and very interested and have the money, but they want to move a team,” Taylor said. “They are not a candidate. We’ve made that very clear. In those terms, nothing has changed.”

Here’s more on a possible sale of the Timberwolves:

According to both Schefter and Krawczynski, New York real estate developer Meyer Orbach is one potential bidder to watch. Orbach is a current Wolves minority stakeholder who has amassed more and more shares of the franchise and is a highly visible member of the ownership group, per Krawczynski.
Sources have told The Athletic that Taylor will be seeking north of $1 billion for the team. It remains to be seen just how far north of $1 billion that price tag could go — the club was valued at $1.375 billion by Forbes earlier this year.
Brian Windhorst, Bobby Marks, and Tim Bontemps of ESPN took a closer look at the possibility of a Wolves sale, citing sources who estimated Taylor could get more than $1.5 billion for the team if he were willing to allow it to be moved. Since he’s not, the price could be closer to the $1.25 billion valuation the Grizzlies received last year when Robert Pera bought out his partners.
It’s possible that a buyer would want to purchase a smaller portion of the team before eventually taking over for Taylor as the controlling owner, like Joe Tsai did in recent years with the Nets. However, there’s a strong chance that Taylor will “hand over the keys to the castle” immediately if a sale is completed, according to Krawczynski. “I own a whole bunch of companies and my life is pretty complex,” Taylor said. “… Just another year or two have gone by. I just think as time goes on, I’m more inclined to say I should probably get my house in order here.”

Kevin Garnett Part Of Group Preparing Bid For Wolves

July 21st, 2020 at 5:24pm CST by Luke Adams

5:24pm: Garnett wants to keep the Wolves in Minnesota if his group is successful in its bid, sources tell Charania (Twitter link).

4:58pm: Former Timberwolves star Kevin Garnett is part of a group of investors preparing a bid to submit to Wolves owner Glen Taylor in the hopes of purchasing the franchise, reports Shams Charania of The Athletic (via Twitter).

As we detailed in our earlier story about Taylor exploring a possible sale of the Wolves, Charania initially reported that Garnett’s group was seriously interested in the team and was exploring the possibility of a bid. Now it sounds as if KG’s group is close to officially putting an offer on the table.

A Hall-of-Famer, Garnett didn’t win a championship until after he was traded to the Celtics, but enjoyed the most productive years of his NBA career in Minnesota. He averaged 19.8 PPG, 11.0 RPG, 4.3 APG, and 1.6 BPG in 970 games (37.3 MPG) over 14 seasons with the Wolves, including the last couple years of his career. Garnett was a 10-time All-Star, a four-time rebounding champion, and the 2004 MVP during his time with the franchise.

However, Garnett hasn’t been on good terms with Taylor for the last several years, having previously suggested that he felt there was an understanding he would join the Wolves’ front office after his retirement — and that Taylor reneged on that agreement following the death of Flip Saunders. Still, even when Garnett has criticized Taylor, he has always stressed his fondness for Minnesota and the Timberwolves.

“My years in Minnesota and in that community, I cherish,” Garnett told Charania in April when discussing why his number hadn’t been retired by the Wolves. “At this point, I don’t want any dealings with Glen Taylor or Taylor Corp. or anything that has to do with him. I love my Timberwolves, I’ll always love my guys, I’ll always love the people who f–k with me there. I’ll always have a special place for the city of Minneapolis and the state of Minnesota in my heart.”

Although Garnett made a staggering $343MM+ over the course of his 21-year NBA career, per Basketball-Reference, he probably isn’t in position to become the majority owner of a franchise valued at $1.375 billion by Forbes earlier this year. It’s not yet clear what other investors are part of Garnett’s group.

As we noted in our earlier story, Taylor has retained The Raine Group to explore a sale of the Timberwolves and has made it clear he’s not interested in selling to a group that wants to relocate the team. Presumably, given his connection with Minnesota, KG’s goal would be to keep the Wolves in their current location, though he has also talked in the past about wanting to bring the NBA back to Seattle.

Taylor also told Jon Krawczynski of The Athletic (Twitter link) today that if a sale is completed, he’d expect his WNBA team – the Minnesota Lynx – to be part of it.

“The way I run it, it’s all one thing,” Taylor said. “I would assume we would want to keep it that way and make it more efficient.”

Glen Taylor Exploring Sale Of Timberwolves

July 21st, 2020 at 4:13pm CST by Luke Adams

4:13pm: Taylor tells Jon Krawczynski of The Athletic (Twitter links) that The Raine Group approached him about a potential buyer, but it didn’t work out because the group wanted to relocate the franchise.

“People have inquired who are interested but they want to move the team,” Taylor said. “They are not a candidate. We’ve made that very clear.”

Although that offer didn’t gain traction, there are other potential options available that are being explored, Krawczynski notes.

According to Shams Charania of The Athletic (via Twitter), Kevin Garnett is part of one group of investors that has serious interest in buying the Timberwolves and is exploring a bid.

3:30pm: Timberwolves owner Glen Taylor has retained The Raine Group to explore a sale of the franchise, three people with direct knowledge of the situation tell Scott Soshnick of Sportico.

According to Soshnick, multiple parties have already bid on the team. One of Soshnick’s sources suggests that a sale agreement could even be reached within the next month.

Taylor’s decision is unrelated to the coronavirus pandemic, according to Soschnick, who adds that the Wolves’ owner didn’t want a public auction and instead asked Raine to directly seek out a buyer.

The Raine Group, a global merchant bank, has experience dealing in the sports world, having previously worked with FIFA to raise capital for the World Cup, Soshnick notes. The firm also assisted in the sale of a $500MM stake in Manchester City FC to private equity giant Silver Lake.

Taylor has owned the Timberwolves since 1994, having paid a reported $88MM for the franchise at the time. Earlier this year, Forbes estimated that the current value of the Wolves is $1.375 billion.

Although the Wolves experienced some success early in Taylor’s tenure, making the postseason eight straight times when Kevin Garnett was on the roster, the club only advanced beyond the first round once, in 2004. Minnesota didn’t make the playoffs for the next 13 years and has also missed out in each of the last two seasons following a 2018 postseason appearance.

The Wolves have struggled to build around their star players since 2004, trading away Garnett and eventually doing the same with Kevin Love. The team is now in the process of trying to find the right pieces to complement star big man Karl-Anthony Towns.

In addition to their lack of success on the court, the Wolves have had their ups and downs off the court. Most notably, Garnett – the longtime face of the franchise – has been on bad terms with Taylor for years, having suggested that, after Flip Saunders passed away, the Wolves owner reneged on an agreement to have KG join the front office. Garnett referred to Taylor as a “snake” as recently as this spring.

If Taylor, a Minnesota native and a former Minnesota State Senator, moves forward and attempts to finalize a sale, he seems likely to do so with a buyer that would be committed to keeping the team in Minnesota, as Darren Wolfson of 5 Eyewitness News tweets. The Wolves ranked last in the NBA in attendance during the 2019/20 season, so some potential suitors would likely be interested in exploring the possibility of relocation.

Photo courtesy of USA Today Sports Images.

2020 Hall Of Fame Ceremony To Be Delayed Until 2021

May 28th, 2020 at 9:14am CST by Luke Adams

The 2020 Basketball Hall of Fame enshrinement ceremony won’t take place this August, as initially planned. Due to the coronavirus pandemic, the ceremony will tentatively be pushed back to the spring of 2021, according to the chairman of the Hall’s board of governors, Jerry Colangelo (story via Jackie MacMullan of ESPN).

This year’s star-studded class of Hall of Fame inductees is headed by Tim Duncan, Kevin Garnett, and the late Kobe Bryant. Former Rockets coach Rudy Tomjanovich, former college coach Eddie Sutton, longtime WNBA star Tamika Catchings, former FIBA and IOC executive Patrick Baumann, and veteran women’s basketball coaches Kim Mulkey and Barbara Stevens are also part of the 2020 class.

The induction ceremony for the nine new members of the Hall had been scheduled for the weekend of August 28-30, with proposed alternate dates of October 10-12. However, Colangelo tells MacMullan that those dates are “just not feasible” due to COVID-19’s impact on large gatherings.

“We’re definitely canceling,” Colangelo said to ESPN. “It’s going to have to be the first quarter of next year. We’ll meet in a couple of weeks and look at the options of how and when and where.”

Despite the delay, Colangelo made it clear that the Basketball Hall of Fame doesn’t intend to eventually merge the 2020 class with its 2021 class, which figures to be announced next spring — the plan is still to hold two separate ceremonies.

“We won’t be combining them,” Colangelo said. “The Class of 2020 is a very special class and deserves its own celebration.”

And-Ones: KG, Seattle, Free Agent Wings, Broekhoff

April 10th, 2020 at 9:26am CST by Luke Adams

Speaking this week to Tim Reynolds of The Associated Press, newly-elected Hall-of-Famer Kevin Garnett said he’d love to play a part in bringing the NBA back to the city of Seattle.

“If I have a dream, I would say that I would love to be able to go and buy the Seattle SuperSonics and reactivate the Seattle Northwest and get NBA loving back going into that area,” Garnett told Reynolds. “I think it’s needed and it’s essential. Seattle was huge to our league. Not just Portland, but the whole northwest. I would love to be able to do that.”

Although Garnett earned nearly $344MM over the course of his 21-year NBA career, per Basketball-Reference, it’s not clear that he has the net worth required to be the majority owner of an NBA franchise.

Still, if the league eventually becomes open to the idea of an expansion team in Seattle, it’s not inconceivable that Garnett could get involved in an ownership group. Dwyane Wade has previously expressed a desire to get involved in such an endeavor as well.

Here are more odds and ends from around the basketball world:

In the first part of his breakdown of 2020’s free agent market for wings, Danny Leroux of The Athletic says Brandon Ingram is the most obvious candidate for a max-level deal, while Danilo Gallinari, Marcus Morris, Evan Fournier, Bogdan Bogdanovic, and Malik Beasley are among the players who should be able to sign for more than the full mid-level.
Eric Pincus of Bleacher Report examines the most pressing salary cap issue facing each of the NBA’s 30 teams during the 2020 offseason.
Following a report from Sport5 (hat tip to Sportando) suggesting that Maccabi Tel Aviv may have interest in former Mavericks sharpshooter Ryan Broekhoff, the EuroLeague club responded by shooting down the idea that it’s already targeting players for next season amidst the COVID-19 uncertainty. “It was published today that Maccabi Fox Tel Aviv is ‘working on the next season’ and ‘targeting/interested’ in players,” the team said in a tweet. “We are clarifying here that this is false. The club doesn’t do that nowadays.”

Kevin Garnett Talks Hall Of Fame, Timberwolves, More

April 7th, 2020 at 12:57pm CST by Luke Adams

The Basketball Hall of Fame officially announced over the weekend that Kevin Garnett will be part of a star-studded Hall of Fame class of 2020, joining former NBA legends Kobe Bryant and Tim Duncan in a group that also features former head coach Rudy Tomjanovich, ex-WNBA star Tamika Catchings, and four others.

In a conversation with Shams Charania of The Athletic, Garnett spoke about his election into the Hall of Fame, referring to it as “the perfect way to end a dope story.”

The former Timberwolves and Celtics big man also offered some thoughts on what it means to be inducted alongside longtime rivals Bryant and Duncan, and weighed in on a few more topics. Here are some highlights from the discussion, which is worth checking out in full:

On going into the Hall of Fame with Bryant and Duncan:

“They both are unprecedented, not only athletes, but people. I feel more than honored to go in with these two, but Kobe not being there is going to be super emotional for everybody.

“The fact that the three of us actually pushed the other two… whether it was awards, All-Stars, battles, rings — we all three pushed the lines. To go in with these two guys, I couldn’t ask for two other people to go in with. And shout out to Tamika Catchings too. I’m a huge fan of Catch; Catch has put that grind in, she’s put that work in, and it’s dope to see all of us right here.”

On his NBA career:

“If I could actually go back and change anything, I would’ve left Minnesota a little earlier, knowing that the management wasn’t as committed as I was. Or wasn’t committed at all. I probably would’ve went to Boston or changed the situation earlier. I would’ve been a little younger and that means less wear and tear on the body. Teaming up with Paul (Pierce), I should’ve done that earlier. Who knows — I’m probably sitting here with another ring or two. But, yeah.”

On why his number is being retired in Boston, but not in Minnesota:

(Timberwolves owner) Glen (Taylor) knows where I’m at, I’m not entertaining it. First of all, it’s not genuine. Two, he’s getting pressure from a lot of fans and, I guess, the community there. Glen and I had an understanding before (former Wolves coach and executive) Flip (Saunders) died, and when Flip died, that understanding went with Flip. For that, I won’t forgive Glen. I won’t forgive him for that. I thought he was a straight up person, straight up business man, and when Flip died, everything went with him.

“There’s no reason to complain. Just continue to move on. My years in Minnesota and in that community, I cherish. At this point, I don’t want any dealings with Glen Taylor or Taylor Corp. or anything that has to do with him. I love my Timberwolves, I’ll always love my guys, I’ll always love the people who f–k with me there. I’ll always have a special place for the city of Minneapolis and the state of Minnesota in my heart. But I don’t do business with snakes.”

Bryant, Garnett, Duncan Joined By Six Others In Hall Class

April 4th, 2020 at 11:13am CST by Dana Gauruder

Kobe Bryant, Kevin Garnett and Tim Duncan have officially been named to the Naismith Hall of Fame Class of 2020, Tim Bontemps of ESPN tweets. They are joined by Rudy Tomjanovich, Eddie Sutton, long-time WNBA star Tamika Catchings, Kim Mulkey, Barbara Stevens and Patrick Baumann, Bontemps adds.

In essence, every finalist for Hall of Fame consideration this year received enough votes for induction. A finalist needs 18 of 24 votes from the Honors Committee for election into the Basketball Hall of Fame.

Word leaked on Friday that Bryant, Garnett, Duncan and Tomjanovich would be inducted, though it was a foregone conclusion that the late Bryant, Garnett and Duncan — three of the game’s all-time greats — would received the required votes.

Bryant was an 18-time All-Star and five-time NBA champion, winning the MVP award in 2008 to go along with a pair of Finals MVPs. He is fourth on the league’s all-time scoring list and won scoring titles in 2006 and 2007.

Duncan won three Finals MVPs and five titles in total. Like Bryant, he was named to an All-NBA team 15 times over the course of his career. The longtime Spurs‘ big man was one of the best players of his era, ranking sixth on the NBA’s all-time rebounding list and fifth in blocked shots.

Garnett earned 15 All-Star nods, an MVP award (in 2004), a Defensive Player of the Year award (2008), and a title in 2008 with the Celtics. Garnett, who began his career with the Timberwolves, ranks in the NBA’s top 20 in career points, rebounds, blocks, and steals.

Tomjanovich is one of just three coaches to win both an NBA championship and an Olympic gold medal. He coached the Rockets to a pair of championships in the mid-1990s and had an impressive career as a Rockets player prior to his coaching days, earning five NBA All-Star nods in his 11-year career.

Sutton is a four-time National Coach of the Year and was the first coach to lead four different schools to the NCAA Tournament.

Catchings is a 10-time WNBA All-Star and four-time Olympic gold medalist. She was also named WNBA MVP in 2011. Mulkey has coached Baylor to three NCAA national championships, including last season. Stevens has coached in the collegiate ranks for over 40 years and is the fifth coach in NCAA women’s basketball history to reach 1,000 career wins. Baumann is a longtime FIBA executive.

It remains to be seen if this year’s induction ceremony will take place as scheduled on August 29 in Springfield, Massachusetts.

Kobe, Duncan, Garnett, Tomjanovich To Be Inducted Into Hall Of Fame

April 3rd, 2020 at 4:06pm CST by Luke Adams

Former NBA stars Kobe Bryant, Tim Duncan, and Kevin Garnett will be inducted into the Naismith Basketball Hall of Fame, reports Shams Charania of The Athletic (via Twitter).

This year’s Hall of Fame induction ceremony figures to be an emotional affair, with Bryant headlining the 2020 class just months after his tragic passing. The Lakers‘ legend was an 18-time All-Star and five-time NBA champion, winning the MVP award in 2008 to go along with a pair of Finals MVPs. He is fourth on the league’s all-time scoring list and won scoring titles in 2006 and 2007.

Bryant will be joined by a pair of fellow NBA champions, including Duncan, who won three Finals MVPs and five titles in total. Like Bryant, he was named to an All-NBA team 15 times over the course of his career. The longtime Spurs‘ big man was one of the best players of his era, ranking sixth on the NBA’s all-time rebounding list and fifth in blocked shots.

While Garnett’s résumé isn’t quite as decorated as that of Bryant and Duncan, he earned 15 All-Star nods, an MVP award (in 2004), a Defensive Player of the Year award (2008), and a title in 2008 with the Celtics. Garnett, who began his career with the Timberwolves, ranks in the NBA’s top 20 in career points, rebounds, blocks, and steals.

Bryant, Duncan, and Garnett may be this year’s headliners, but they aren’t the only ones being inducted into the Hall of Fame. According to Mark Berman of FOX 26 Houston (Twitter link), former Rockets head coach Rudy Tomjanovich has also been elected.

Tomjanovich is one of just three coaches to win both an NBA championship and an Olympic gold medal. He coached Houston to a pair of championships in the mid-1990s and had an impressive career as a Rockets player prior to his coaching days, earning five NBA All-Star nods in his 11-year career.

Tamika Catchings, Kim Mulkey, Eddie Sutton, and Barbara Stevens were announced as Hall of Fame finalists in February — it’s unclear if anyone from that group will be inducted into the 2020 class alongside Bryant, Duncan, Garnett, and Tomjanovich. The official announcement will happen on Saturday.

It remains to be seen what form this year’s induction ceremony will take. It’s scheduled to happen on August 29 in Springfield, Massachusetts, but there’s no guarantee that the coronavirus situation will have improved enough by then to hold large-scale gatherings.

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