Alex Rodriguez’s failed ownership bid with Marc Lore for the Timberwolves might be a home run for the teams’ fans.
In the latest update on Rodriguez’s and Lore’s simmering feud with Timberwolves and Lynx owner Glen Taylor, which revolves around their intended purchase of the two franchises, ESPN’s Adrian Wojnarowski reports that documents reveal the duo intended to make massive cuts to the Timberwolves’ payroll.
As Wojnarowski notes in his article, Minnesota is expected to be a luxury tax team with the league’s fourth-highest payroll next season.
However, “Lore and Rodriguez rendered a budget projection … that would’ve lowered the Timberwolves’ payroll to $171M beginning next season — below the $172M luxury tax threshold.”
Minnesota is in play for the No. 1 seed in the West, and on Wednesday night, it plays the Nuggets, whom it’s currently tied with for the conference’s top seed.
With Anthony Edwards, Karl-Anthony Towns and Rudy Gobert on massive contracts, Rodriguez and Lore would have needed to deconstruct the roster to get under the luxury tax.
That trio has the Timberwolves enjoying their most success in years, so fans will likely breathe a sigh of relief that the deal fell through, even if it means the wildly unpopular Taylor remains in charge.
Prior to Wojnarowski’s update, NBA commissioner Adam Silver spoke on the topic for the first time. He said the league has “no role” in the dispute while noting it could lead the league “to reassess” how it allows ownership transactions to take place in the future.
“It’s certainly not ideal to have stepped transactions like this,” Silver noted, adding, “But it’s what Glen Taylor wanted, and it’s what they were willing to agree to at the time.”
Rodriguez and Lore initially paid 20% of their $1.5B purchase agreement in July 2021 but failed to make the deadline for the most recent payment on March 27. At that point, Taylor took the team off the market.
In the aftermath, Rodriguez and Lore alleged Taylor “showed ‘complete and utter disregard for the contract,” according to Sportico.
Lore told the sports business publication, “We’re going to be the owners of the Minnesota Timberwolves. It’s just a matter of time, and how much pain Glen wants to put the fans, the players, the town and community through.”
Per Sportico, Rodriguez and Lore filed an extension on the March 2024 payment six days before it welches due and are waiting on NBA approval.
The two sides are currently in an arbitration process that “could take several months,” per Star Tribune’s Chris Hine.
In October 2023, Forbes valued the franchise at $2.5B.
