The relocation drama reached its climax on May 23, 1994, when Top Rank agreed to buy the Timberwolves for $152.5 million with the intention of moving them to New Orleans. Fred Hofheinz was identified as Top Rank's sole stockholder, with Houston attorney John O'Quinn and stockbroker Robert Higley listed as major partners. The proposed New Orleans club had no settled identity, arena, or fully demonstrated financial backing; officials were still discussing whether it would be called the Rhythm or the Angels and whether it would play in the Superdome, Lakefront Arena, Baton Rouge's Pete Maravich Assembly Center, or even Biloxi's Mississippi Coast Coliseum while a new arena was built. On June 6, Top Rank formally asked the NBA to approve the move, but the league's relocation committee unanimously blocked the transaction on June 15. The financing plan depended on $40 million from unidentified investors, as much as $76.25 million in loans from banks that had not committed to the deal, and at least $50 million tied to projected revenues from an arena that did not yet exist. The NBA sued in federal court to prevent the transfer, officially rejected the sale on June 21, and secured a ruling requiring the franchise to remain in Minneapolis through June 15, 1995. Top Rank countersued in Louisiana, seeking to force the owners to honor the purchase agreement, but the prospective buyer entered involuntary bankruptcy in 1995, effectively ending the relocation attempt.
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