Marc Lore Rumors | Hoops Rumors

Northwest Notes: Clarkson, Sexton, Lillard, J. Williams, More

March 17th, 2023 at 4:00pm CST by Luke Adams

Jazz guard Jordan Clarkson, who has missed the team’s last four games due to a finger injury, was a partial participant in Thursday’s practice and participated fully in Friday’s practice (Twitter links via Eric Walden and Andy Larsen of The Salt Lake Tribune). It remains to be seen whether or not Clarkson will be active when Utah hosts the Celtics on Saturday, but it appears he’s nearing a return.

The news isn’t as promising for Collin Sexton, who hasn’t played since February 15 due to a left hamstring strain. According to Walden, Sexton is progressing, but won’t be reevaluated until next week, so he’ll miss at least a few more games.

Here’s more from around the Northwest:

Chris Haynes said in the latest episode of the #thisleague UNCUT podcast that he believes the Trail Blazers may shut down Damian Lillard for the rest of the season if they don’t make up ground in the standings over the next five or six games (hat tip to RealGM). While that sounds like speculation, Haynes is pretty plugged-in on Lillard-related matters.
Thunder wing Jalen Williams has climbed to second place in The Athetic’s rookie rankings and is showing legitimate star potential, according to Sam Vecenie. Williams has helped keep Oklahoma City in the playoff race by averaging 19.9 PPG, 5.6 RPG, 4.4 APG, and 2.2 SPG on .563/.467/.873 shooting in his last 15 contests (33.5 MPG).
A spokesperson for Alex Rodriguez and Marc Lore told Josh Kosman of The New York Post this week that the duo is prepared to buy another 20% of the Timberwolves. “The money is in the bank and ready to be funded today,” the spokesperson said. 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 it remains on track. When they officially make this month’s payment, Rodriguez and Lore will control 40% of the Wolves — the plan is for them to exercise their option to increase their stake in the franchise to 80% by the end of 2023.
Nuggets rookie Christian Braun saw his minutes reduced during a stretch of games in late February and early March, but has been back in the rotation this week. Head coach Michael Malone said it’s been hard to keep Braun off the floor, since he has a knack for making “winning play after winning play,” writes Mike Singer of The Denver Post. “He’s playing with confidence,” Malone said. “He’s running the floor, rebounding, making the most of his opportunity, not getting frustrated when he’s out of the game. We need him to continue to do that and be ready for the playoffs.”

Lore, A-Rod On Track To Buy Next 20% Stake In Timberwolves

December 30th, 2022 at 9:11am CST by Luke Adams

The plan for Marc Lore and Alex Rodriguez to succeed Glen Taylor as the controlling owners of the Timberwolves continues to move forward, according to Jon Krawczynski and Shams Charania of The Athletic, who report that Lore and Rodriguez have exercised their option to buy another 20% of the team.

When Lore and Rodriguez reached an agreement with Taylor in the spring of 2021, the succession plan called for the new owners to initially come aboard as minority stakeholders with a 20% share of the franchise. The duo had until the end of 2022 to exercise an option to purchase another 20%, bringing their total stake in the club to 40%.

Now that Lore and A-Rod have exercised that option, they’ll have until March 15 to formally close on their second 20%, according to Krawczynski and Charania.

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. Assuming that happens, the duo would then control 80% of the Timberwolves. Sources tell The Athletic that the plan is for Taylor to retain a 20% stake after giving up majority control of the team.

A report in August raised questions about whether Rodriguez had the liquidity necessary to contribute his half of the purchasing price and suggested that the deal could be in jeopardy, but it appears it’s still moving forward as planned.

As Krawczynski and Charania point out, Taylor would have the right to nix the succession plan and retain Lore and Rodriguez as limited shareholders if they miss either of the next two payments. However, the buyers have expressed confidence that those payments remain on track to be completed, per The Athletic’s report.

According to Krawczynski and Charania, Lore and Rodriguez have recruited other investors to join their Purple Buyers Holdings LLC, and should be in good position to bring in more if they need to do so. The recent $4 billion valuation the Suns received as part of their sale to Mat Ishbia was good news for Lore and A-Rod, since the Wolves – who are selling at a $1.5 billion valuation – look like a bargain by comparison.

Once they control 40% of the franchise, Lore and A-Rod will have invested $600MM in the Wolves, with another $600MM to come. The duo has already been involved in front office and personnel decisions in preparation of assuming majority control in another year.

Northwest Notes: A-Rod, Garnett, Nuggets, Mitchell

September 3rd, 2022 at 9:36pm CST by Arthur Hill

The sale of the Timberwolves shouldn’t be considered in jeopardy because of Alex Rodriguez’s reported financial situation, according to Jon Krawczynski of The Athletic. Krawczynski talked to multiple sources who still expect the transaction to be completed as originally drawn up, even though a New York Post story this week questioned whether Rodriguez will have the money for his share of the next payment.

Rodriguez and Marc Lore have a unique arrangement with current owner Glen Taylor in which they are taking over full ownership on an installment plan. The next payment is due at the end of this year and the final one must be made by December 31, 2023. Krawczynski says there has been skepticism in some parts of the league about Lore and Rodriguez since the deal was announced, but there’s no immediate reason to believe they’ll miss either payment.

Krawczynski also notes that the duo has earned Taylor’s trust, as he empowered them to recruit president of basketball operations Tim Connelly away from Denver and gave them a voice on the Rudy Gobert trade.

There’s more from the Northwest Division:

The Timberwolves, including Lore and Rodriguez, want to fix their relationship with Kevin Garnett and eventually retire his jersey, Krawczynski adds. The former All-Star may get the chance to buy a small piece of the team, although Krawczynski hasn’t heard of any “substantive discussions” toward that end. Garnett has also discussed being part of an ownership group for an expansion team in Seattle.
The Nuggets traded for Kentavious Caldwell-Pope and signed Bruce Brown this offseason because of their projected fit alongside Nikola Jokic, assistant general manager Tommy Balcetis said in an interview with Fastbreak on Fan Nation. “Getting Kentavious Caldwell-Pope and Bruce Brown are both moves that really stand out for us because they are two players who understand their roles and are tailor-made to play with someone like Nikola,” Balcetis said. “… With Kentavious, his abilities to shoot and defend at a high level are what separate him from others who play his position. Bruce is a versatile guy on both ends of the floor that will fit into any role we need him in as well.”
The Jazz offered a farewell message to Donovan Mitchell after his trade to the Cavaliers became official today (Twitter link). “We got to watch you light up the league as a rookie and cheer you on as you became a perennial All-Star,” it read. “We witnessed you embrace and serve our community while standing for what’s right and uniting Jazz fans everywhere. Thank you for all the good you did here @spidadmitchell.”

Alex Rodriguez’s Financial Situation Puts Timberwolves Deal In Jeopardy

August 30th, 2022 at 11:58am CST by Arthur Hill

Alex Rodriguez is struggling to come up with his share of the money to buy the Timberwolves, according to business writer Josh Kosman of The New York Post.

Rodriguez and Marc Lore were originally supposed to be equal partners in the $1.5 billion purchase, which included a $250MM down payment made in July of 2021. However, three sources tell Kosman that Rodriguez wasn’t able to pay 50% of that cost and Lore had to cover the balance. That leaves Lore with about a 13% share of the team, while Rodriguez is at 7%.

Under the purchase agreement, the prospective owners are required to make their next 20% payment by the end of the year. Kosman’s sources said Rodriguez continues to have difficulty raising his share, and Lore may eventually become the team’s majority owner. “I wouldn’t be surprised if A-Rod becomes a subservient No. 2 to Lore,” one of the sources said.

Lore refused to confirm or deny the report, telling Kosman that he and Rodriguez still work together on all their decisions.

“I couldn’t imagine having a better partner. He is one of my best friends,” Lore said. “There is no one else I would rather be partners with than Alex.”

A source familiar with both investors said Lore teamed up with Rodriguez in a failed attempt to buy the New York Mets in 2020 because he was “completely mesmerized” by Jennifer Lopez, whom Rodriguez was engaged to at the time. The star quality of Lopez created a lot of financial opportunities for Rodriguez, but those have disappeared since their breakup last year.

“His ability to raise capital went from strong to meaningfully weaker,” one of Kosman’s sources said. “J.Lo validated him.”

Rodriguez is reportedly worth about $500MM, but sources say most of his assets aren’t liquid and can’t be easily transferred to cash that could be used to buy the Wolves. Kosman notes that NBA rules won’t allow Rodriguez to become a partial owner unless he can cover at least 15% of the total purchase price without help from co-investors. That figure would be nearly $200MM with the team’s debt factored in.

If Rodriguez and Lore make their next payment on time, they’ll have the opportunity to buy an additional 40% from current owner Glen Taylor and take over control of the team by the end of next year. But a league source tells Kosman that Taylor won’t be disappointed if the current arrangement falls through because he believes the franchise is now worth more than $2 billion and he can make more by selling it to someone else.

Timberwolves Notes: Nuggets Rivalry, Lore, A-Rod, Lloyd, Jovic

June 7th, 2022 at 8:47pm CST by Alex Kirschenbaum

The comments that Nuggets governor Josh Kroenke‘s made to the press last week about the Timberwolves‘ pursuit of longtime Denver executive Tim Connelly will fuel a rivalry between the two division rivals going forward, opines Michael Rand of The Star Tribune. Kroenke spoke about Minnesota coming through the “side door” to land Connelly and suggested that it was a “desperate” move.

“Ultimately when you go to a stratosphere that some clubs, you say some desperate clubs, are willing to go to, there’s a tier out there that just kind of doesn’t make sense,” Kroenke said of the Nuggets’ decision not to match Connelly’s offer from the Wolves, per Mike Singer of the Denver Post.

Rand notes that Denver has now decided to let its lead decision-maker walk twice in the last decade, first with Masai Ujiri, who left for the Raptors in 2013 and won a title with the team in 2019, and now with Connelly.

There’s more out of Minnesota:

Incoming Timberwolves owners Alex Rodriguez and Marc Lore seem intent on using their money to improve the Minnesota front office, a ploy that Jim Souhan of the Star Tribune applauds. In addition to luring Connelly away from Denver, Minnesota has added Matt Lloyd and retained Sachin Gupta to the team’s decision-making brain trust.
The widely-respected Lloyd learned under a variety of scouting styles while with the Bulls and Magic, write Jon Krawczynski and Josh Robbins of The Athletic. He worked with Chicago from 1999-2012, and started with the Magic as an assistant GM in 2012 before becoming the team’s VP of basketball operations for the 2021/22 season.
18-year-old NBA prospect Nikola Jovic, currently playing for Mega Mozzart of the ABA League, recently worked out for the Timberwolves, according to Darren Wolfson of 5 Eyewitness News (Twitter link). Wolfson is skeptical that the 6’10” wing will still be on the board in time for Minnesota to draft him with the No. 19 pick in the 2022 draft. He is currently listed as the No. 24 top prospect on the latest ESPN big board.

Wolves Notes: Connelly, Towns, Russell, A-Rod, Lore

June 3rd, 2022 at 3:57pm CST by Luke Adams

New Timberwolves president of basketball operations Tim Connelly will make some additions to the team’s front office, starting with longtime Magic executive Matt Lloyd.

However, Connelly made it clear during his introductory press conference on Tuesday that he’s certainly not looking to clean house or make any major, immediate changes to the way the franchise is run, joking that his plan is to “get out of the way (and) hope I don’t mess it up too much,” according to Jon Krawczynski of The Athletic and Chris Hine of The Star Tribune.

“I’m not joining a team that’s broken,” Connelly said. “This is a team that’s trending in the right direction. It’s made a ton of really, really smart decisions, most recently extending (head coach) Chris (Finch) and getting Pat Beverley on the additional one-year (contract). So I’m not here to impede progress, I’m here to promote it, and I’m hopeful that I can learn a ton from the people in the building, and hopefully I can add a little bit of my knowledge to what’s already a very strong core of people.”

Connelly acknowledged that it was a difficult decision to leave Denver for Minnesota, suggesting there were “a lot of sleepless nights” as he weighed the decision. But he believes the Timberwolves have a have a chance to “do something special,” which helped sell him on the move.

Of course, the financial aspect of the Wolves’ offer was also a major selling point, though sources confirmed to The Athletic that Connelly doesn’t technically have a stake in the team’s ownership. His deal calls for him to “benefit financially” if the value of the franchise increases over the life of his contract, per Krawczynski.

“Basically he’s on a bonus program, just like a lot of people are,” majority owner Glen Taylor said when asked about the equity aspect of Connelly’s contract. “If the team does well, he does better.”

Here’s more on the Wolves:

Giving Karl-Anthony Towns a super-max extension this offseason should be a no-brainer decision for Connelly, but determining what to do with D’Angelo Russell will be a trickier call, Chip Scoggins of The Star Tribune contends. Russell is also extension-eligible as he enters the final year of his current contract, and looks like a possible trade candidate. “I don’t know how or what our roster is going to look like on draft night or into free agency, but certainly this team doesn’t win 46 games without the contributions of them both,” Connelly said during his first media session, per Hine. “It’ll be fun to get to know both guys.”
Hiring Connelly away from Denver is part of a push by incoming Timberwolves owners Alex Rodriguez and Marc Lore to make the club a “world-class” organization, writes La Velle E. Neal III of The Star Tribune. “We want to be first in class in every category,” Rodriguez said this week. “From an arena, to personnel to players, to medical staff, to physical therapy and everything in between. The Minnesota people deserve that. They are starving for a winner and we are going to bring them that.”
Michael Rand of The Star Tribune takes a look at three paths Connelly could take with the Timberwolves’ roster this offseason and beyond.

Northwest Notes: Taylor, Lore, A-Rod, Kroenke, Jazz

May 26th, 2022 at 9:15pm CST by Dana Gauruder

Timberwolves owner Glen Taylor has forged a sound working relationship with minority owners Marc Lore and Alex Rodriguez, proven by their successful recruitment of Denver’s Tim Connelly to head up their front office, The Athletic’s Jon Krawczynski writes. Taylor, who allowed the duo to design an offer that would be very difficult for the Nuggets to match, enjoys the ambition and energy of Lore and A-Rod and has gained confidence in their ability to complete a major transaction.

We have more from the Northwest Division:

The press conference involving Nuggets president/governor Josh Kroenke has been postponed after he recently tested positive for COVID-19. He is one of several members of the organization to test positive this week, according to the team. The press conference, scheduled for today, has been tentatively moved to Tuesday, according to the Denver Post’s Mike Singer (Twitter links).
What are the Jazz seeking to upgrade their roster? A long, rangy wing player who is solid offensively and can defend on the perimeter and switch 1-to-5, Tony Jones of The Athletic writes. However, those players are in high demand throughout the league, which makes the Jazz’s task of finding such a player quite difficult.
The Jazz’s draft workout on Thursday included R.J. Cole (UConn), Tyson Etienne (Wichita State), Johnny Juzang (UCLA), Jared Rhoden (Seton Hall), Akoldah Gak (Australia) and Trevion Williams (Purdue), Eric Walden of the Salt Lake Tribune tweets. Williams (No. 50 on ESPN’s Best Available list) is the highest-rated among that group of second-round prospects.

Nuggets’ Connelly To Meet This Weekend With Wolves Owner

May 21st, 2022 at 10:06am CST by Dana Gauruder

Nuggets president Tim Connelly will meet with Timberwolves majority owner Glen Taylor regarding the top executive position within Minnesota’s organization, according to ESPN’s Adrian Wojnarowski.

Connelly has already discussed the position extensively with minority owners Marc Lore and Alex Rodriguez and an in-person meeting with Taylor is next in the process, Wojnarowski adds (Twitter links).

As Chris Hine of the Minneapolis Star Tribune tweets, Lore and Rodriguez have significant influence over the process, but Taylor has to sign off on any deal.

Reports regarding Minnesota’s interest in Connelly surfaced on Wednesday. He has been the head of Denver’s basketball operations since 2013, when he was named vice president of basketball operations and general manager. He was promoted to president in 2017.

Connelly is the first external candidate to be officially linked to the lead basketball job in Minnesota’s front office. Executive vice president of basketball operations Sachin Gupta, who has been serving as the head of the basketball operations department on an interim basis following the dismissal of Gersson Rosas in September, remains a candidate for the position.

Lore and Rodriguez have pushed to have a proven, prominent exec take over the basketball operations, regardless of the cost. The Nuggets have been aware of Minnesota’s interest in Connelly for some time and don’t appear poised to make a major counter-offer, Mike Singer of the Denver Post tweets.

Wolves Notes: Cauley-Stein, Edwards, Beverley, Ownership

March 8th, 2022 at 4:03pm CST by Luke Adams

In an appearance on Darren Wolfson’s The Scoop podcast at SKOR North, Timberwolves owner Glen Taylor said that Minnesota is considering adding a free agent who could help improve the team’s rebounding numbers.

Asked specifically if the Wolves could bring back veteran center Greg Monroe, who was on a 10-day deal with the club earlier this season, Taylor responded, “We’re looking at a number of possibilities.”

According to Wolfson, one possible target the Wolves have discussed internally is Willie Cauley-Stein, who recently spent time in Philadelphia on a 10-day deal. Cody Zeller, who was waived last month while recovering from a procedure on his knee, isn’t currently considered an option, Wolfson adds.

Here’s more out of Minnesota:

Anthony Edwards has missed the Timberwolves’ last four games due to knee soreness, but Taylor is confident the injury is not a major issue. “We’re dealing with some swelling and some pain,” Taylor told Wolfson. “We just want to buy a little time, but it’s nothing major or anything that will keep him from being out there soon.”
Taylor doesn’t anticipate a significant offseason roster shakeup in Minnesota. “Most players are already signed for next year, so there won’t be major changes,” he told Wolfson.
One player who had been on track for unrestricted free agency this summer was guard Patrick Beverley, but he signed a one-year, $13MM extension with the Wolves in February. Taylor said that was a fairly straightforward negotiation, since both sides had interest in continuing the relationship, and that the main issue was deciding on the length of the contract. Beverley “preferred to add something longer,” according to Taylor, who said the team wanted to maintain some flexibility beyond 2022/23.
Asked by Wolfson if the plan is still for Alex Rodriguez and Marc Lore to assume majority control of the Timberwolves in December 2023, Taylor replied, “Probably.” Pressed on whether it could happen sooner than next December or later than that, Taylor said that both scenarios are possible, indicating that nothing is set in stone yet.

Timberwolves Fined $250K For Violating NBA Rules On Offseason Workouts

November 15th, 2021 at 3:04pm CST by Luke Adams

The Timberwolves have been hit with a $250K fine by the NBA, the league announced on Monday (Twitter link).

According to the NBA, the Wolves violated league rules prohibiting teams from arranging or paying for offseason practices or group workout sessions outside the team’s home market.

New incoming Timberwolves owners Marc Lore and Alex Rodriguez reportedly hosted the club’s players for scrimmages and practices in Miami for a week in early September, culminating in a dinner at Rodriguez’s house. Those team activities came in the final days of Gersson Rosas‘ tenure as president of basketball operations.

As Bobby Marks of ESPN observes (via Twitter), the NBA’s rule prohibiting teams from arranging and/or financing out-of-market offseason workouts is actually the very first one listed in the NBA’s 786-page operations manual.

Given that Lore and Rodriguez are reportedly paying $1.5 billion to take over the Timberwolves from Glen Taylor, a $250K fine will be a drop in the bucket for them.

Still, the penalty may compel the duo to pay closer attention to the NBA’s rule book going forward, or at least to be more discreet about arranging offseason workouts — Minnesota probably isn’t the only team to violate that rule in recent years, but the fact that management and ownership were in attendance and photos were all over social media meant the NBA couldn’t ignore it, as Adrian Wojnarowski of ESPN tweets.