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Arron Afflalo launching a renewed purchase bid to buy Timberwolves
Marc Stein: NBA veteran Arron Afflalo, who is heading an ownership group that has pursued the Minnesota Timberwolves for 10 months, told @NYTSports he plans to launch a renewed purchase bid now that Glen Taylor's exclusive negotiating window with Marc Lore and Alex Rodriguez has expired.
Audacious dreams only require sustained belief. And here we find Arron Afflalo, the former guard who had a solid 11-year NBA career, during which he made very good, if not max, money — and who has quickly pivoted to a dream that may seem far-fetched on the surface: putting a group together to buy an NBA team. But the 35-year-old Afflalo has spent much of the last year doing just that, working with multiple significant financial players to try to buy the Minnesota Timberwolves. That bid fell short; though Afflalo did get multiple meetings with Wolves governor Glen Taylor, who entered into a letter of intent last month with a group led by former Walmart CEO Marc Lore and retired baseball superstar Alex Rodriguez, who plan to buy the team for $1.5 billion.
Lore and Rodriguez are in the midst of their 30-day exclusive window to finalize the purchase from Taylor, and there’s nothing to indicate the agreement will fall through before a likely approval by the NBA’s Board of Governors. If, for some reason, that purchase does fail, through, Afflalo and his group would hope to re-engage. Otherwise, he’ll continue on his unlikely path of the last 10 months, identifying and partnering with people who have the kind of financial connections a just-retired grinder of a player like him doesn’t usually possess in pursuit of the next team that comes on the market.
What was it like being in the room with Glen Taylor and making your presentation? Arron Afflalo: I’ll tell you one thing: Mr. Taylor is really sharp. For 80 years old, he’s really sharp. He’s had over 80 businesses throughout his career. And he understands people. … As a person, I learned a lot from him. I was most thankful because he continuously gave me an opportunity when I came with failed investors, or failed opportunities. He literally worked with me hand in hand for nine months. He was as accessible as I needed him to be. And so, he was a normal guy. I didn’t feel pressure that I was speaking to the owner of a team. The first time we spoke, he said, ‘look, Arron – I don’t know you. I know of you. Your fighting spirit is unbelievable. And if you need anything from me when speaking to investors, please call me.’ He was very accommodating.
Why did you make a run at the Timberwolves? Arron Afflalo: That answer’s pretty easy. If this were any other team, I don’t think I would have had the equal fighting spirit. Knowing Ryan Saunders and knowing Flip Saunders very well, along with the George Floyd situation. … And then when you combine that with the space I was in with the hotel stuff, dealing with billionaire companies and billionaire people, it just created a natural synergy for Minnesota. I just felt that I could help, and be inspirational at the same time. I want to give a lot of credit to Ryan Saunders and Flip Saunders, and all that that city has been through, and Mr. Taylor, for that matter, recognizing that.
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Afflalo’s team held discussions with the Raine Group, the search firm working with Wolves owner Glen Taylor to identify candidates, on Wednesday. Afflalo is partnering with entrepreneur Jay Bloom and several other deep-pocketed investors to make a run at buying the team, which first became available at the end of July. The group has not yet met with Taylor or any representatives of the Timberwolves for advanced discussions but is confident it has the financial means and long-term vision for talks to progress to that point.
The Straus Group remains interested in completing a deal with Taylor, sources said. As the negotiating window came to a close, there were several deal points that had gone unresolved, but the Straus Group was moving forward with hopes of finalizing a purchase this month. Taylor has an offer in hand from the Straus Group, but talks have since stalled and there are no immediate plans for further in-person meetings between Taylor and Straus.
If Afflalo’s group emerges as winners in the process, there would be a desire to become pillars in the Twin Cities community, sources said. The group has observed from afar as CEO Ethan Casson, Rosas, Saunders and the rest of the organization has thrust itself into community engagement following the death of George Floyd, which sparked riots across the country and put law enforcement relations with people of color under the microscope. The group includes several people of color who have an interest in the franchise playing a role in the discussion, sources said.
Another question for any transfer of power would center on the futures of Rosas, Saunders, Casson and the rest of the Wolves leadership group. Sources say Afflalo’s group, much like Straus, believes strongly in the leadership core and would not look to make any major changes at the top of basketball or business operations. But no deal, with either group, is imminent.
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Orbach’s group would likely be committed to Minneapolis given his investment around Target Center and his brief history of coming to games here. Former Timberwolf Kevin Garnett has publicly stated that he wants to buy the team and keep it right where it is and The Associated Press reported that a group fronted by former NBA player Arron Afflalo would keep the team in Minnesota as well. There are at least five other legitimate bidders, sources said, which plays into Taylor’s hands. No matter the current state of an NBA franchise, there are only 30 of them in the world. The scarcity, and the status that comes from owning one, is intoxicating. If a group wants to get the upper hand on its competitors, agreeing to stronger legal frameworks to keep the team in Minnesota could be a way to do that.
Ownership group led by Arron Afflalo bidding to buy Wolves
An ownership group led by longtime NBA player Arron Afflalo is putting together an offer to buy the Minnesota Timberwolves, two people with knowledge of the bid said. The people spoke to The Associated Press on condition of anonymity Friday because the deal was still in the process of being submitted. The group will consist of two to five individuals with a net worth of more than $10 billion. According to the people, Afflalo's group will submit the bid no later than this weekend.
The people familiar with Afflalo's group said the team won't be relocated. The 34-year-old Afflalo would be the face of the group, with venture capitalist Brock Berglund spearheading the financing. The only Black primary owner in the NBA now is Michael Jordan in Charlotte. It's a diverse group seeking to place minorities in positions of power and uplift the community in the wake of the death of George Floyd, the handcuffed Black man who died after a Minneapolis police officer pressed a knee into his neck for nearly 8 minutes.
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