The Minnesota Timberwolves: A Team in Limbo
The Minnesota Timberwolves have been in a state of uncertainty for the past decade. With multiple failed attempts at selling the team, the Wolves have been unable to find a stable ownership. However, with the team’s recent success on the court, all eyes are on Minnesota. Led by rising superstar Anthony Edwards, the Wolves have the potential to be a contending team for years to come. But with ownership issues looming, the future of the franchise is uncertain.
The Rollercoaster of Ownership
The Wolves’ ownership saga began in 2014 when Glen Taylor, the team’s owner since 1994, first attempted to sell the team. Since then, there have been two more failed attempts with different bidders. The most recent deal, with Marc Lore and Alex Rodriguez, was announced in 2021 and valued the team at $1.5 billion. However, last week Taylor announced that he had voided the contract, citing the bidders’ failure to transfer the remaining money by the deadline.
This unconventional sale process, which allowed Taylor to gradually hand over control while retaining a piece of the franchise, turned off some potential buyers. Lore and Rodriguez, who are not billionaires, were able to secure instant equity in the team. However, with the recent rise in team valuations, the $1.5 billion price tag now seems like a bargain.
The Legal Battle
Lore and Rodriguez have stated that they did not violate the agreement and still intend to buy the team. They have hinted at legal action, but nothing has been filed yet. Taylor, a veteran of lawsuits and complex business deals, has a legal team with a record of success. The sales agreement between Taylor and Lore/Rodriguez is approximately 50 pages long and has numerous protections for Taylor.
In an interview with Sportico, Lore stated that he has never been involved in a lawsuit before. However, Taylor’s side believes they are on firm legal ground. The NBA, which has been consulted on the situation, has not taken a public stance.
The Impact on the Team
The biggest question for the rest of the NBA is how this ownership limbo will affect the Wolves this summer. With new contracts for key players like Edwards, Karl-Anthony Towns, Jaden McDaniels, and Mike Conley, the Wolves are already committed to $186 million in salary for just nine players next season. To fill out the rest of the roster, they will likely face a luxury tax bill of $40-50 million.
Taylor, who has only paid $25.5 million in luxury taxes during his time as owner, was actively involved in contract negotiations for the team’s key players. He also approved a $40 million deal to hire team president Tim Connelly and a massive trade for Rudy Gobert. With the team’s financial future in question, it remains to be seen if Taylor will continue to spend beyond his previous limits.
The Future of the Franchise
Despite the uncertainty surrounding ownership, it is likely that the Wolves will remain in Minnesota. Taylor has made it clear that he will not sell the team to owners who plan to move it. The team also has a lease with Minneapolis to play at the Target Center through the 2034-35 season, with a $50 million fee to break the lease. The NBA also requires a 23 out of 30 owner approval for any relocation.
With the possibility of expansion teams in the near future, any potential relocation would be complicated. The league has not seen a team move since the Seattle SuperSonics became the Oklahoma City Thunder in 2008. As the Wolves continue to navigate through ownership issues, the future of the franchise remains uncertain. But one thing is for sure, the Minnesota Timberwolves are a team in limbo.
