Report: Alex Rodriguez and Marc Lore planned significant payroll cuts with Timberwolves

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Though their bid to take over the Minnesota Timberwolves as majority owners has stalled, Marc Lore and Alex Rodriguez reportedly planned on a sizable cut to the team payroll — which left majority owner Glen Taylor concerned about the team’s future success, according to ESPN’s Adrian Wojnarowski.

According to financial projection documents, per the report, Lore and Rodriguez were planning to lower the Timberwolves’ payroll to $171 million starting next season. That’s below the projected $172 million luxury tax threshold, and it would have taken the team from paying about $25 million or more in the luxury tax to receiving about $6.5 million in a tax distribution.

Currently, the Timberwolves are on pace to have the fourth-highest payroll in the league next season at about $198 million. That payroll, which includes three max contract players, would be about $26 million over the luxury tax. While teams don’t have to surpass the luxury tax threshold each year — staying under that mark obviously allows teams to avoid financial penalties — it’s hard to see how the Timberwolves could keep their current roster in place at the mark that Lore and Rodriguez were trying to hit. Karl-Anthony Towns and Rudy Gobert are both set to make at least $43 million next season, and Anthony Edwards will make more than $35 million.

The Timberwolves currently hold the No. 1 spot in the Western Conference standings. They’ve clinched a third straight playoff berth this season, which is something that hasn’t happened in decades. The team has not won a playoff series since 2004, either.

Alex Rodriguez and Marc Lore reportedly planned to bring the Timberwolves below the projected luxury tax threshold next season, which left Glen Taylor very concerned. (David Berding/Getty Images)

The sale of the Timberwolves and Minnesota Lynx appeared to fall through last month after Taylor opted to halt the deal after years of negotiations and partial acquisitions. Lore and Rodriguez own 40% of the teams after they agreed to buy them for $1.5 billion in 2021. They were attempting to purchase another 40% of the team, which would have brought…

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Source link : https://sports.yahoo.com/report-alex-rodriguez-and-marc-lore-planned-significant-payroll-cuts-with-timberwolves-220649638.html

Author : Yahoo Sports

Publish date : 2024-04-10 22:06:49

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