Twice, Minnesota has failed to keep an NBA franchise. Now it's New Orleans' turn to prove it deserves a second chance.
A group led by Top Rank of Louisiana on Monday agreed to pay Timberwolves owners Marv Wolfenson and Harvey Ratner an NBA-record $152.5 million and plans to have the team playing in the New Orleans Superdome when the 1994-95 season tips off."It's a devastating day," said Wolfenson, who paid the NBA $32.5 million for the expansion Timberwolves to begin play in 1989. "We never thought it would come to this."
For the second time in 34 years, an NBA franchise has left Minnesota. And for the second time in 13 months, the state has lost a pro sports team.
The Minneapolis Lakers moved to Los Angeles in 1960. And the Minnesota North Stars left for Dallas after the 1992-93 NHL season, ending pro hockey's 26-year run here.
New Orleans, meanwhile, will have pro basketball for the first time since 1979, when the Jazz moved to Utah. The Timberwolves will join the NFL Saints on New Orleans' sports scene.
"I think football and basketball are the two top sports draws now," said Bob Arum, the boxing promoter who is part of Top Rank's ownership group. "You have the New Orleans Saints in football, now you'll have the New Orleans Blank-Blanks. I can't see us retaining the name Timberwolves."
By any name, the loss of an NBA franchise "is a big blow to Minnesota and the city of Minneapolis," said Gov. Arne Carlson, who earlier this month signed legislation approving a public buyout of Target Center aimed at keeping the team in the state.
Not too long ago - with its status as the smallest market to have teams in all four major pro sports leagues and with mega-events like the Super Bowl, Final Four and U.S. Open being staged here - the Twin Cities was considered the sports boom community of the '90s.
Suddenly, the area is down to two pro teams - the NFL Vikings and baseball's Twins.
"I'm afraid it's setting a dangerous precedent," said sports fan Bob Dolan of Vadnais Heights, who heard the news while at a St. Paul bar. "First the North Stars leave, then the Timberwolves. What next?"
It's the NBA's first franchise move since 1985, when the Kings went from Kansas City to Sacramento.
For the transaction to become official, it must be approved by the NBA's franchise relocation committee and, ultimately, the other owners. But fearing lawsuits, pro sports leagues have been reluctant to challenge such moves in the last decade.
Several groups, including one led by former Minnesota insurance executive Bill Sexton, expressed interest in buying the Wolves. The announcement came only hours after former NBA great Magic Johnson said he was trying to team up with musicians like Prince and Janet Jackson to buy the team.
"Marv Wolfenson and Harvey Ratner have received substantial offers to purchase the team and keep it in Minnesota," said NBA commissioner David Stern, who was working behind the scenes to help the Timberwolves find a local buyer. "Regrettably, they decided against accepting these offers."
But Wolfenson and Ratner, who became millionaires through real estate transactions, felt they couldn't wait any longer with such a lucrative offer sitting on the table. They also said that the NBA was pressing them to make a decision so next season's schedules could be drafted.
Though the Timberwolves have lost at least 60 games in four of their five seasons, the Top Rank group was willing to ante up substantially more than the $125 million that Toronto and Vancouver investors are paying for 1995-96 expansion franchises.
Earlier this month, the Minnesota Legislature thought it had taken a major step toward keeping the team here when it narrowly approved a $42 million public buyout of Target Center.
But Wolfenson and Ratner owe $76 million on the arena - which they say the NBA told them they had to build if they wanted a franchise. They said they were willing to put in $10 million of the difference but weren't willing to eat the remaining $24 million.
Wolfenson and Ratner said the team made money - it averaged 17,888 fans per game this season - but that the arena was costing them $6.25 million a year.