Marc Lore and Alex Rodriguez’s bid for majority ownership of the Minnesota Timberwolves included plans for significant payroll reduction. However, majority owner Glen Taylor rejected their proposal, citing concerns about its impact on the team’s competitiveness.
Their plan aimed to lower the Timberwolves’ payroll to $171 million, below the projected $172 million luxury tax threshold for the upcoming season. This would have shifted the team from paying over $25 million in taxes to receiving a tax distribution of approximately $6.5 million.
Taylor terminated the sale contract due to Lore and Rodriguez’s failure to meet deadlines. As a result, the team’s payroll is set to exceed the luxury tax by $27 million, surpassing the second apron when free agency commences in July. Taylor, who has previously paid the luxury tax, remains the owner.
Marc Lore, Alex Rodriguez Reportedly Planned To Reduce Wolves' Payroll Below Luxury Tax https://t.co/TEt0naOQ1y
— RealGM (@RealGM) April 10, 2024
