It wouldn’t be shocking to hear the Minnesota Timberwolves were one of the NBA teams losing money, even with a $54 million payroll that is 27th in the league.
But $20 million?
That’s what is suggested in Sid Hartman’s column in the Star Tribune (via Henry Abbott at TrueHoop). Hartman also says that Kurt Rambis and more may be on the hot seat. Again, this would not be a shock. We’re a little hesitant because there are no sources listed here so please read with grains of salt.
The Wolves could lose up to $20 million and are reported to have a big debt at one of the local banks. The (NHL’s Minnesota) Wild lost some money last year and will lose some more this year, but not as much as the Wolves.
Indications are that both coaches — Kurt Rambis of the Wolves and Todd Richards of the Wild — are in danger of losing their jobs.
Glen Taylor, owner of the Wolves, has refused to say that either President of Basketball Operations David Kahn or Rambis will be back next season, although each has one more year on his contract.
“We will talk about it after the season,” Taylor said other day, giving no indication about the future of either one.
Numbers can be manipulated, so while we can question the figure, but do not doubt the Wolves are in the red. Taylor is one of the NBA owners lead negotiators in the upcoming Collective Bargaining Agreement talks. He can look across the table and say he is losing money, and nobody is going to question him. Now, whether the profits that the Bulls and Lakers turn should be used to cover those losses and not a reduction of players’ salaries is another issue.