The cost of running it back in Minnesota: Will Timberwolves spend to keep team together?

When last the Minnesota Timberwolves made the Western Conference finals in 2004, contentious contract negotiations with Sam Cassell and Latrell Sprewell dissolved a contender and ultimately cost them Kevin Garnett, too. A 15-year playoff drought ensued, and they did not win a round until this year.

As the Wolves stand on the precipice of elimination from their second conference finals appearance in franchise history, trailing the Dallas Mavericks, 3-0, an ownership dispute threatens to repeat history.

In 2021, billionaire entrepreneur Marc Lore and former Major League Baseball star Alex Rodriguez agreed to buy a majority ownership stake in the Timberwolves over three installments, the last of which was scheduled for this season. Only, existing team owner Glen Taylor announced in a statement on March 28 that Lore and Rodriguez had failed to meet a deadline for the final payment, and the deal was nullified.

Rumors raged each step of the way about Lore and Rodriguez’s ability to raise the $1.2 billion necessary to purchase 80% of the team. Except, they fired back in a statement: “We have fulfilled our obligations, have all necessary funding and are fully committed to closing our purchase of the team as soon as the NBA completes its approval process. Glen Taylor’s statement is an unfortunate case of seller’s remorse that is short sighted and disruptive to the team and the fans during an historic winning season.”

Will ownership spend to keep the Timberwolves together? (Photo by Tim Nwachukwu/Getty Images)

Taylor raised concerns about a proposed budget from Lore and Rodriguez that would slash Minnesota’s payroll below next season’s projected luxury tax threshold, ESPN’s Adrian Wojnarowski reported. Only five teams — the Sacramento Kings, Atlanta Hawks, Detroit Pistons, Charlotte Hornets and New Orleans Pelicans — have paid fewer luxury taxes than Taylor’s $1.5 million since 2004, according to Spotrac.

In other words, a team owner with a history of cutting costs thinks the next owner will also cut costs. Such is life in a small-market NBA city. Meanwhile, the Timberwolves hang in the balance of arbitration.

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Source link : https://sports.yahoo.com/the-cost-of-running-it-back-in-minnesota-will-timberwolves-spend-to-keep-team-together-174607735.html

Author : Yahoo Sports

Publish date : 2024-05-28 17:46:07

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