Top Rank
After months of speculation, on May 23, 1994, Top Rank successfully purchased the franchise for $152.5 million with the intention of relocating it to New Orleans. The purchase occurred following an agreement between Top Rank and Timberwolves ownership that allowed Top Rank to purchase the franchise if no local ownership groups were found by May 20, 1994. On June 6, 1994, Top Rank officially filed the paperwork to the NBA seeking to relocate the Timberwolves to New Orleans for the 1994–95 NBA season. The filings also identified Fred Hofheinz as the sole Top Rank stockholder, with Houston lawyer John O'Quinn and stockbroker Robert Higley serving as the team's major partners.