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Minnesota Timberwolves, Lynx Sale to A-Rod, Lore Approved by NBA
Minnesota Timberwolves, Lynx Sale to A-Rod, Lore Approved by NBA

Yahoo

time23-07-2025

  • Business
  • Yahoo

Minnesota Timberwolves, Lynx Sale to A-Rod, Lore Approved by NBA

The NBA Board of Governors unanimously approved the sale of the Minnesota Timberwolves and Minnesota Lynx from Glen Taylor to Marc Lore and Alex Rodriguez, according to an announcement from the NBA. Board approval required at least 23 of the 30 owners to sign off. The deal is expected to close this week. Lore will serve as Timberwolves' governor, with Rodriguez as alternate governor. They will swap roles for the Lynx. More from NBA Playoff Ratings Stay Hot as Knicks Try to Keep the Party Going Napheesa Collier Signs With Jordan Brand After 'Meaningful' MJ Pitch Edwards' NBA Fines Less Than Portis, Embiid Surrendered This Season The approval marks the end of a four-year saga that originated in 2021, when COVID-19 was still a concern. The purchase agreement called for a first payment at a valuation of $1.5 billion, and payments at 4% escalators in three subsequent payments, with Lore and Rodriguez taking control in 2024. The multi-year transaction gave Taylor a few more years to lead the team, as well as time for the buyers to raise money to finance each subsequent transaction, but things blew up in March 2024 when Taylor said the deal was off due to missed deadlines. The following day, the buyers told Sportico that Taylor had breached the terms of their contract. Taylor likely had some seller's remorse as the value of NBA teams doubled since he agreed to sell. In 2024, Minnesota reached the Western Conference finals for the first time since 2004—a 13-year playoff drought followed. The Timberwolves made the final four again in 2025. In February, a three-person arbitration panel ruled 2-1 in favor of Lore and Rodriguez to buy the NBA and WNBA teams. The arbitrators didn't rule that the teams belonged to Rodriguez and Lore. Instead, the panel ruled that the buyers should have another 90 days to continue the four-part transaction, resetting the clock back to where both sides were in early 2024. Rodriguez and Lore owe $942 million for the final two payments, and that money was put into an escrow account held by JPMorgan last October, Sportico previously reported. The purpose of that move was both to signal to the arbitrators that their financing was no longer a concern and to facilitate a smoother closing process when it came time to transfer the money. Lore and Rodriguez were approved as minority owners when the deal was signed in 2021, but the approval process for control owners is more complex and thorough, including an in-depth look at backgrounds, personal finances and fellow investors. Their cap table got a boost with the addition of former New York City mayor Mike Bloomberg and ex-Google CEO Eric Schmidt. Bloomberg is worth $105 billion, according to Forbes, while Schmidt checks in at $23 billion. One of the most pressing issues facing Lore and A-Rod is the future of the Target Center, which opened in 1990 and is the second-oldest arena in the NBA. The buyers have expressed interest in building a new venue. Taylor bought the Timberwolves in 1995 for $89 million and has owned the Lynx since they started playing in 1999. Taylor and his wife Becky posted a 'Thank you, Minnesota' letter on the team's website Tuesday and took out a full-page newspaper ad in the Minnesota Star Tribune, which he also owns, to say his time as owner had 'come to a close' and that it had 'been the honor of our lives.' In December, Sportico valued the Timberwolves at $3.29 billion, which included the 2024 Lynx value and ranked 28th overall in the NBA. In Sportico's latest WNBA team rankings, released Tuesday, the value of the Lynx jumped from $85 million to $240 million. Best of Most Expensive Sports Memorabilia and Collectibles in History The 100 Most Valuable Sports Teams in the World NFL Private Equity Ownership Rules: PE Can Now Own Stakes in Teams

Silver says NBA to study possible expansion beyond 30 teams
Silver says NBA to study possible expansion beyond 30 teams

The Sun

time16-07-2025

  • Business
  • The Sun

Silver says NBA to study possible expansion beyond 30 teams

NBA team owners authorized league officials to begin an in-depth analysis regarding expansion on Tuesday, but NBA commissioner Adam Silver said there was no timetable for any changes. The NBA Board of Governors meeting in Las Vegas on Tuesday marked the first time team owners officially discussed expanding the league beyond 30 teams, but Silver said they went no deeper than requesting more research into the possibility. 'There is a significant step now in that we're now engaging in this in-depth analysis,' Silver said. 'It's something we weren't prepared to do before. 'But beyond that, it's really day one of that analysis. In terms of price, potential timing, it's too early to say. 'That also assumes the outcome of this analysis. It's truly a complicated issue.' Silver said the NBA advisory finance committee 'would have primary jurisdiction over this issue' while the league's audit and strategy committee 'would be looking at the economics around it', with 'roughly half the principal governors in the league' on those committees. 'We have the focus and attention of our board members on this issue,' he said. 'You have the right people involved in the process.' That will be little consolation to cities such as Las Vegas or Seattle, who are most often mentioned when there is talk of adding NBA clubs. Silver said there was no indication of how many owners would be in favour of expansion. 'There was no sense in the room that people were taking sides,' said Silver. 'There was no straw poll. There was no requesting people to indicate pro or con in terms of expansion. 'There was a consensus that quickly formed that the league office should do the work,' he said, adding: 'The appetite in the room I would define more as curiosity.' Silver said prior work toward adding teams by the league was more 'obvious data' about potential markets rather than the issues they must now confront. 'The league office was tasked by our board with doing an in-depth analysis of all the issues around expansion, both economic and non-economic,' Silver said. 'Non-economic issues include dilution of talent, how it could potentially affect competition around the league if we were to expand, how you would stock those teams. 'Economic issues... they are very complex ... how you would potentially value the opportunity has a lot to do with your projections on the future growth of the league, as you are selling equity. 'For every additional team you add, you are diluting the economics of the current league.' With NBA clubs selling recently for record sums, knowing what price to charge for buying into the NBA is an issue. 'Had we expanded five years ago, we would have underpriced the market,' Silver said. 'Those are all things we're in the process of talking about. A lot of analysis still needs to be done. 'Nothing has been predetermined one way or another. And without any specific timeline. We also have this obligation to expand, if we do so, in a very deliberate fashion.' European league NBA owners received a presentation on starting an NBA-backed European league, not ruling out such a move with NBA expansion or vice versa but talent dilution was a concern. 'There's an expansion of another kind which is the European opportunity,' Silver said. 'It would be an independent league, what we're contemplating operating in Europe, but the fact we would be creating new basketball teams in Europe is related.' Silver said a concern for NBA team owners is a drop in local and regional television viewership and the league would want to solve that matter before expanding. 'We would be malpracticing if we didn't figure out how local and regional television is going to work before expanding,' he said.

Adam Silver makes revealing statement on Celtics ownership transition
Adam Silver makes revealing statement on Celtics ownership transition

Yahoo

time15-06-2025

  • Business
  • Yahoo

Adam Silver makes revealing statement on Celtics ownership transition

The Celtics record-breaking $6.1 billion sale to a group led by Bill Chisholm is set to be voted on by the NBA Board of Governors later this month. Chisholm finalized the funding for his Boston ownership group last month with Robert Hale, Bruce A. Beal Jr. and Sixth Street among the known investors in the group. Chisholm's group will take a controlling stake in the franchise in the first part of a two-part sale with 51 percent of the sale occurring this summer and with the remainder closing in 2028. Advertisement The unique arrangement led to some discussion about whether that type of two-part sale would be approved by the league after a tumultuous staged ownership transfer by the Minnesota Timberwolves over the last two years. NBA Commissioner Adam Silver said back in March that the league was still digesting the transaction. However, any concerns from a league perspective about the structure of the Celtics deal was put to rest this week when Silver was asked about the looming transaction and how it compares to the Wolves sale before the Game 1 of the NBA Finals. I'd just say that the Boston Celtics deal I don't think of as a staged deal,' Silver said. 'They're still in the process of completing it. It's really more about a phase-out of current ownership. I think there Bill Chisholm, who is the incoming owner, he's got to sort of straighten out some affairs in his life and his business. He's currently located on the West Coast. I think he's a huge admirer of Wyc Grousbeck and the way he's been running that team. Obviously their results speak for themselves.' Grousbeck is expected to remain team governor of the Celtics through 2028 as he keeps an ownership stake in the team before Chisholm takes full control. Advertisement 'What he's working out with Wyc is an opportunity for him, as I said, to learn the business from Wyc, then step in as the principal owner, the Governor of the team,' Silver added. 'There would then be no switching going forward. 'I think in the situation in Minnesota, yes, as I said before, I mean, it's not ideal to have those kinds of staged transactions. But also you learn it's nice to state these principles, but there we were in the middle of a pandemic, and Glen Taylor was in the process of selling his team. We all agreed to something that seemed to make sense in the moment.' The NBA Board of Governors will vote to give approval on the Celtics sale after the NBA Finals concludes. More Celtics content Read the original article on MassLive.

2025 NBA Play-In Tournament: Bracket, schedule, standings, rules
2025 NBA Play-In Tournament: Bracket, schedule, standings, rules

Fox News

time01-04-2025

  • Sport
  • Fox News

2025 NBA Play-In Tournament: Bracket, schedule, standings, rules

Ahead of the 2025 NBA playoffs tipping off on April 19, teams on the playoff bubble will battle it out in the play-in tournament. Four teams from each conference will compete for the final two postseason spots, adding extra drama before the main event begins. Here's everything you need to know about the 2025 NBA Play-In Tournament: The NBA Board of Governors approved the adoption of the NBA Play-In Tournament on a full-time basis back in July 2022. In the 2024-25 NBA season, the Play-In Tournament will take place April 15-18, 2025, between the last day of the regular season on April 13 and the start of the playoffs on April 19. The tournament includes the four teams with the seventh to tenth best winning percentages in the Eastern and Western Conferences. After six games, the seventh and eighth seeds in each conference will be determined for the NBA Playoffs. The 2025 NBA Play-In Tournament will take place from Tuesday, April 15 to Friday, April 18. Here's how the NBA Play-In Tournament race looks today: Check out our NBA standings for up-to-the-minute updates. Tuesday, April 15 Wednesday, April 16 Friday, April 18 The seventh and eighth seeds in each conference will play in the first play-in games on April 15, and the ninth and tenth seeds in each conference will play on April 16. The winners of the 7-8 games will advance to the playoffs as the No. 7 seed. The losers of the 7-8 games will face the winners of the 9-10 games on April 18, with the No. 8 seed on the line. The team that loses will be disqualified from playoff contention. The losers of the 9-10 games are disqualified from playoff contention. Essentially, the teams that finish seventh and eighth in their conference after the NBA season get two chances to earn a spot in the NBA playoffs. All six games of the 2025 NBA Play-In Tournament will be broadcast on ESPN and TNT.

Adam Silver says NBA 'very focused' on particular city for potential expansion
Adam Silver says NBA 'very focused' on particular city for potential expansion

USA Today

time27-03-2025

  • Business
  • USA Today

Adam Silver says NBA 'very focused' on particular city for potential expansion

Adam Silver says NBA 'very focused' on particular city for potential expansion Show Caption Hide Caption Who does Gordon Hayward think will win NBA MVP this season? Former NBA player Gordon Hayward has his choice between Nikola Jokic and Shai Gilgeous-Alexander for MVP, and make it clear who he thinks should win. Sports Seriously Although it still requires approval from the NBA Board of Governors, the recent $6.1 billion sale agreement of the Boston Celtics is paving the way for another potentially lucrative opportunity for the NBA: expansion. The league, which currently has 30 franchises, continues to study models for expansion, NBA commissioner Adam Silver said Thursday during a news conference at the conclusion of meetings with league owners. Silver acknowledged that there were 'no new developments' and no formal timeline to announce, but he did make clear that the league continues to be 'very focused' on one particular city, and one that formerly was home to the SuperSonics. 'I would just say the fact that we're not ready to make any public announcements with a specific timeline doesn't mean we don't care a lot about those fans and we aren't focused on the potential for the NBA to return to Seattle,' Silver said Thursday. It was 17 years ago that the former SuperSonics team relocated to Oklahoma City and rebranded itself as the Thunder. Originally founded in 1967, the SuperSonics played 40 seasons in Seattle before the relocation. Yet, that is just one market the NBA is considering, with Silver saying the league was assessing fair value to new and existing owners, as media rights deals would need to be split with any new ownership groups in the league's revenue sharing model. Silver said the NBA has been looking at expansion models 'over the last year or so' and pointed to the Celtics sale as a potential catalyst toward adding a 31st and 32nd franchise. 'There's no doubt that a major transaction like that becomes relevant to expansion,' Silver said. One of the complications to expansion is the uncertainty of regional sports networks that carry local broadcasts of games. Unlike the NFL, which airs most of its games on national networks like CBS, FOX and NBC and major streaming partners like Amazon and Netflix, the NBA relies on regional sports networks to carry non-national broadcasts. With cord cutting and cable subscriptions on the decline, many of these networks have faced financial difficulties. 'I'd just add the last component, which also is giving me just a bit of pause, is that we'd like to have a better sense of where we're going with local media,' Silver said. 'It's well known that we've seen some significant declines there. Virtually two-thirds of our teams are now dealing with RSNs that recently experienced bankruptcies or have shut down. 'I think while we understand the national media landscape now, to the extent we're looking at expansion domestically, I think we'd really like to understand what that opportunity for local media is, because it's a pretty critical component of our teams' economics.'

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