NBA News August 22: DeRozan-Nuggets and Thompson-Heat
DeRozan chooses Jokic and signs with the Nuggets, Klay Thompson starts over with the Miami Heat. Meanwhile, the Timberwolves change ownership in a $4.5 billion deal
Another round, another two big names changing teams. DeMar DeRozan is joining Nikola Jokic in Denver, while Klay Thompson is leaving the Mavericks and heading to the Miami Heat: the NBA offseason still has a few stories left to tell.
Meanwhile, off the court, another massive transaction has taken place: the Minnesota Timberwolves are changing ownership at a $4.5 billion valuation.
DeRozan signs with Denver: Jokic has a new weapon
In the end, Denver got its man. DeMar DeRozan agreed to a one-year, $3.9 million deal with the Denver Nuggets, choosing to play alongside Nikola Jokic after being waived by the Sacramento Kings. What makes the move particularly interesting is the price: DeRozan is 37 years old, but he is coming off a season in which he averaged 18.4 points, 4.1 assists and 2.9 rebounds in 77 games. He is no longer the 25-points-per-game scorer we saw during his best years, but Denver isn’t asking him to be that player.
With Jokic and Jamal Murray ahead of him in the pecking order, DeRozan can primarily become an additional scorer capable of creating his own shot when the offense slows down. The fit isn’t perfect, because 3-point shooting has never been his specialty and he doesn’t solve all of the Nuggets’ defensive issues, but we’re still talking about a six-time All-Star acquired for essentially the minimum salary. For a team looking to make another deep title run, it’s difficult to find a better risk-reward bet.
Klay Thompson leaves the Mavs and chooses the Miami Heat
A few hours earlier, another huge name had arrived on the scene. Klay Thompson and the Dallas Mavericks reached an agreement on a buyout and, once he clears waivers, the four-time NBA champion is expected to join the Miami Heat. It’s a destination that makes plenty of sense: Thompson wanted to continue playing for a team with serious championship ambitions, and Miami needed exactly the skill that made him one of the most important players of the Warriors dynasty – 3-point shooting.
He is no longer the player capable of dominating on both ends of the floor that we saw during his best years in Golden State, but he remains a shooter opposing defenses cannot afford to ignore. Putting him alongside Giannis Antetokounmpo and Bam Adebayo means creating even more space around two players who can do tremendous damage in the paint. Miami built a completely different team over the summer, and now adds experience, shooting and four NBA championships.
Timberwolves sold for $4.5 billion
The NBA market isn’t only about players. Marc Stad has completed the purchase of the controlling stake in the Minnesota Timberwolves and Minnesota Lynx, acquiring the majority of Marc Lore’s ownership interest based on an overall valuation of $4.5 billion. Stad becomes the controlling owner and primary shareholder of the two franchises, while Alex Rodriguez will remain part of the ownership group with a minority stake.
The most interesting part is how quickly NBA team valuations are rising. Just over a year ago, the franchise’s lengthy transition from Glen Taylor to the group led by Lore and Rodriguez was completed; now another multibillion-dollar transaction has once again changed the ownership landscape. In recent months, we’ve seen increasingly higher figures for stakes in NBA franchises, and the $4.5 billion valuation attributed to the Timberwolves and Lynx once again confirms just how much the economics of American basketball have changed.
The richest sales in NBA history have all taken place within the last 17 months, with figures reaching unprecedented levels.
- Los Angeles Lakers: $12.5 billion
- Los Angeles Lakers: $10 billion
- Boston Celtics: $6.1 billion
- Minnesota Timberwolves/Lynx: $4.5 billion
Whitmore cut by the Cavs?
The most unusual situation involves Cam Whitmore, who just arrived at the Cleveland Cavaliers as part of the blockbuster trade that also brought Peyton Watson to Ohio. His stay, however, could be extremely short: Cleveland is considering waiving Whitmore using the stretch provision on his $5.4 million salary, spreading its impact on the salary cap across multiple seasons.
The reason is primarily tied to the Cavaliers’ other moves. Watson’s arrival via sign-and-trade imposed additional salary restrictions on the franchise, which simultaneously has to fit James Harden’s three-year, $97 million contract onto its books. Cutting Whitmore would therefore allow Cleveland to regain some flexibility and complete the Harden deal without further complicating its finances. It would be a rather curious ending for a player acquired just a few days ago, but it illustrates just how aggressively the Cavs have decided to push forward in an attempt to win now.
The NBA offseason seemed almost over, but DeRozan to Denver, Klay to Miami and another franchise valued at several billion dollars reminded us that it’s still far too early to consider the market closed.
NBA News by Dunkest returns tomorrow with all the latest news from around the NBA.