The deal is a five-year, $40 million contract plus a kicker for equity, multiple sources told The Athletic, a rare package for an executive. Connelly met with Timberwolves minority owners Marc Lore and Alex Rodriguez in recent days and then flew to Minnesota on Saturday to meet majority owner Glen Taylor for the final step toward becoming the new president of basketball operations for the Wolves.
Tag: Marc Lore
Darren Wolfson: Interesting tentacle to …
Denver Nuggets president of basketball …
Denver Nuggets president of basketball operations Tim Connelly is traveling to meet with Minnesota Timberwolves owner Glen Taylor this weekend in the next step in the team’s pursuit to hire Connelly and make him one of the NBA’s highest-compensated executives, sources told ESPN. Connelly has discussed the job extensively with Timberwolves minority owners Marc Lore and Alex Rodriguez in the past week, and meeting with Taylor is next in the process, sources said.
Chris Hine: Connelly and Timberwolves …
Chris Hine: Connelly and Timberwolves inching closer to a deal. Marc Lore and Alex Rodriguez have had significant influence over the process, but Glen Taylor as current controlling owner still has the final sign off on any deal.
Alex Rodriguez invests in mixed martial arts company
Alex Rodriguez is betting on the growth of mixed martial arts. The former MLB star is now a partial owner of the Professional Fighters League after he contributed to a $30 million funding round, the company said Thursday. Rodriguez joined media investment firm Waverley Capital in the raise and will have a seat on PFL’s board of directors. Terms of the investment were not disclosed. This marks the second recent pro sports investment for Rodriguez. He became a co-owner of the NBA’s Minnesota Timberwolves in April 2021, joining former Walmart e-commerce executive Marc Lore to buy the franchise for a reported $1.5 billion. Through his A-Rod Corp. firm, he invests in UFC-branded gyms.
Dane Moore: Marc Lore and Alex …
Dane Moore: Marc Lore and Alex Rodriguez put together a list of five POBOs to target shortly after purchasing the Timberwolves, sources say. Originally Pat Riley was on that list. These are the most recent five names, sources say: Tim Connelly Masai Ujiri Daryl Morey Bob Myers Sam Presti
Owner Glen Taylor, along with new …
Owner Glen Taylor, along with new limited partners Marc Lore and Alex Rodriguez, told Gupta when he took over for the fired Gersson Rosas before training camp that they would evaluate him over the course of the season before making a decision on what they would do at the top of the basketball operations department. In the meantime, Gupta has been empowered to run the front office how he sees fit, league sources told The Athletic, and he has started to reshape the staff as the Wolves prepare to convene with the rest of the league in Chicago next week for the NBA Draft Combine.
The organization recently filed a …
The organization recently filed a complaint to local and state authorities in Iowa, alleging that Rembrandt’s conduct violated state law. It demands that Taylor expedite the pending sale of the team to Marc Lore and Alex Rodriguez, who have agreed to terms. Direct Action Everywhere also insists that Taylor Corporation, parent company of Rembrandt, donate all $11.3 million received in federal funds to aid in a 2015 outbreak to public health and animal welfare organizations. The Timberwolves, nor representatives of Taylor, have not commented at the time of publication.
Baseball great Alex Rodriguez and his …
Baseball great Alex Rodriguez and his business partner, Marc Lore, are investing in a new company aiming to be a “stock market’’ for professional athletes, allowing fans to buy and sell players whose values rise and fall based on their performances on the field. Mojo, as the new business is called, plans to debut by the end of the year, with football as its first sport. The company has raised $75 million in a funding round led by Joshua Kushner’s venture firm Thrive Capital. Tiger Global Management also participated.
Mojo executives are trying to build a …
Mojo executives are trying to build a product that feels like the trading apps users are familiar with, such as Robinhood or Coinbase. “I’ve always thought the idea of a sports stock market was the holy grail — the vision could transform sports, and fandom as a whole,” Lore said in an email. “For years, I’ve heard people throw around the idea — but nobody has been able to do it. For the concept to truly work, you need underlying principles like intrinsic value and instant liquidity.”