Gaylord Entertainment Corp. and the city of Nashville have offered to put up $ 100 million to buy and move the Minnesota Timberwolves basketball team to Tennessee.
The bid, if successful, would bring Nashville its first major professional sports team and elevate Gaylord’s profile nationally as it broadens its holdings to include more tourism and sports operations.
The acquisition would fit “perfectly with the entertainment offerings we own here,” said E.W. Wendell, Gaylord prexy/CEO.
TV out
The company, based in Nashville, owns the Opryland USA theme park, the Nashville Network and Country Music Television cable channels as well as several television and radio stations. A company spokesman said Gaylord wouldn’t use an NBA team as a future source of programming for its networks.
The offer has Gaylord paying $ 80 million to purchase the Timberwolves while Nashville would contribute $ 20 million to cover relocation expenses for the team.
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On Friday, Harvey Ratner and Marvin Wolfenson, owners of the Timberwolves, filed an intent-to-move letter with the National Basketball Assn. in New York City. But NBA officials wouldn’t say if the letter named Nashville as a proposed site.
Ratner and Wolfenson had no comment.
