CREATED BY SPORTS BETTORS FOR SPORTS BETTORS
LET’S HEAR YOUR STORY
The sale of the Minnesota Timberwolves and WNBA Lynx from long-time owner Glen Taylor to Alex Rodriguez and Marc Lore has been a unique one — a gradual installment plan that Taylor reportedly wanted (allegedly to ensure a smooth handoff, but he kept his hand on the wheel longer as well). However, it has reached a tipping point.
Rodriguez and Lorwillto exercise their option by Dec. 31 to buy and take a controlling percentage of the franchise, reports Adrian Wojnarowski of ESPN.
Lore and Rodriguez, who have a Dec. 31 deadline, will be formalizing an intent to purchase a final 40% of the NBA and WNBA franchises from Glen Taylor -- giving Lore and Rodriguez 80% total of the two teams by early 2024, sources said. Lore and Rodriguez still have more time to raise the necessary money to complete the majority purchase, which will be subject to NBA board of governors approval.
Part of this deal is that the Timberwolves stay in Minnesota, and Rodriguez has said they have no plans or intention to move the franchise.
It's an interesting time for Rodrigues and Lore to take control. The Timberwolves are 22-7, sit in first place in the Western Conference, and are having one of the best seasons in franchise history, bringing back memories of the Kevin Garnett era. This is a team poised to make a deep run in the playoffs and improve in future years as Anthony Edwards evolves into one of the game's elite cornerstone players (if he's not that already).
However, this also is a roster hurtling toward a financial cliff. Next season the max contract extensions for both Karl-Anthony Towns and Edwards kick in, Jaden McDaniels' extension (five years, $131 million) also starts, and that's on top of the massive money owed Rudy Gobert. Then there is point guard Mike Conley, who is the glue for this starting five and will be an unrestricted free agent. Before re-signing Conley and rounding out the rest of the roster, the Timberwolves are more than $13 million into the luxury tax, with the punitive second apron hitting at $17 million over the tax line. How much tax are Rodriguez and Lore willing to pay next season? This is what sparks Towns trade rumors. Rodriguez and Lore might be willing to bite the bullet for one season if they believe the Timberwolves have a legitimate championship chance (something easy for fans and media to say, it's not our money). Still, within two years, the roster will get too expensive for any owner not a co-founder of Microsoft. The second apron restrictions on the front office will make it difficult to round out the roster in a way that can compete at the highest level.
Those are not easy decisions, and they now fall to Rodriguez and Lore.
Daniel Weinman was crowned winner of the 2023 World Series of Poker (WSOP) Main Event on Monday, taking home a record breaking $12.1 million in winnings. Weinman had to outlast the other 10,043 entrants to take home the prize and get his hands on his share of live poker’s largest ever prize pool – a staggering $93,399,900. As well as taking home the prize money, 35-year-old Weinman also got his hands on the WSOP Main Event bracelet. The huge bracelet contains 500 grams of 10-karat yellow gold, as well as 2,352 various precious gemstones.
Daniel Weinman won the World Series of Poker's main event world championship on Monday in Las Vegas, earning $12.1 million along the way. Playing in the tournament for a 16th year, Weinman was tops in a deep pool of 10,043 players vying for $93.39 million. His victory came after just 164 hands at the final table. "I was honestly on the fence about even coming back and playing this tournament," the 35-year-old Atlanta native told reporters afterward. Weinman's final table featured Jan-Peter Jachtmann, who landed in fourth place and took home $3 million, as well as Toby Lewis, who finished seventh and secured $1.42 million. According to the Las Vegas Review-Journal, the main event's entry pool far outpaced the previous record of 8,773 set in 2006. "I've always kind of felt that poker was kind of going in a dying direction, but to see the numbers at the World Series this year has been incredible," Weinman said. "And to win this main event, it doesn't feel real. I mean, [there's] so much luck in a poker tournament. I thought I played very well." Steven Jones finished second, securing $6.5 million. And Adam Walton settled for third and a $4 million prize.
Your experience on this site will be improved by allowing cookies.
