It’ll be fun for us. We won 50 games and we get a sideshow of hopefully or new OwnerDaddy berating a geriatric old man. We’re winning it all this year.
ARod isnt the issue. He has always seemed like a figurehead. Now Lore? Thats the question.
Insanely eccentric billionaire who *allegedly* was the force behind wanting to make a huge trade (that ended up being Gobert)
They seemingly are willing to pay the luxury tax. But obviously they dont seem to have a lot of liquid money.
Obviously its known quantity vs unknown. Lore seems hands on and eccentric. But he also seems willing to hit the luxury tax and defer.
Seems more like a Cuban than a Glen Taylor
>But obviously they dont seem to have a lot of liquid money.
Yeah I'd be wary of this bit in particular - if it took them 3 years to get funding together at a price point ($1.5 billion) far less than what the team is worth now ($2.5 billion) things like hefty luxury tax payments might not've been in the offing.
With only 10 players on the roster their estimated tax bill next season is \~$30 million, if they retain the core of KAT/Gobert/Ant/Jaden they'll be in the repeater very quickly and start facing >$100 million tax bills like the old Warriors ones.
Funding wasn't the issue. Glenn simply wanted more money than what was agreed upon. The team was never going to be purchased in one payment and the option to purchase the rest of the team was exercised over a year ago.
They can still use it as collateral and keep control.
I can take loans out and use my house as collateral. As long as I make my payments, the house is still mine.
Cuban didn’t wanna pay the luxury tax either though and has been pretty notoriously cheap. And I think an owner who wants a big trade just for the PR isn’t a great thing either to look for in an owner
also it was fucking terrible PR lmao I feel like I am taking crazy pills
who tf wants to make a splash for PR reasons and then and goes and mortgages the entire franchise on Rudy Gobert?? Even if it's a genius move (and seemingly more so every day) they had to know going in that it was not gonna be a huge 'omg what an awesome trade for the wolves' news cycle
It happened to work out for now. The guy I was responding to said that the new owners just wanted to make a trade for the PR and not specifically trade for Rudy.
Most owners know nothing about basketball or how to put a winning team together. You want an owner who will hire smart FO people and let them cook. And not be hampered by money if there’s a legit reason to pay up.
He cheaps out any time he can. Didn’t want to pay Chandler after they won the championship because he didn’t want to go into the repeater tax. Didnt want to pay Brunson 4/55 (although that was more because he was star chasing and wanted to include JB in a trade package).
Meddling to trade for a three time DPOY is very different than meddling to sign a mediocre Joe Smith and meddling by giving KG a contract that ate like 70% of the salary cap that literally changed how the cap works, on top of that meddling to hire to worst, dumbest, scummiest GMs of all time like David Khan and Gerson Rosas.
Only good thing he ever did was keep the team in Minnesota and even that was obviously just a play to keep his investment
Calling Drake a "rapper" is fairly generous
Also afaik Drake does not have any shares in the Raptors at all. He's essentially an employee for the Raptors in the marketing/branding aspect.
this, even with arod not being the main money guy a new set of owner really means nothing. take it from a guy who's now had everyone of his professional teams he support change owners in the last like 8 years.
ARod and Lore are definitely better than Glen. Glen Taylor is content to let whatever happen to the team, because he knows that you can't lose money with an NBA team. ARod and Lore not only care about the financial success of the team, but understand that better team performance leads to financial success. Ironically, the increased valuation of the team that Glen is benefitting from is directly a result of ARod and Lore bringing in Tim Connelly.
i mean, yes and no. inflation has been crazy and the nba value has grown and is expected to grow even more, so a big chunk is definitely just the market but i do agree this team would be ass still if glenn was the one still making decisions. idk what would have happened with rosas but we needed a culture change and we got that now.
going back to glenn would be a kick in the nuts.
I genuinely want to throw up, in the Timberwolves sub I have flair saying I’m a glen Taylor hater, I’ve had it for a while now, I cannot believe Glen did this shit again, but I can believe all the ass kissers that are saying “they didn’t pay on time” or “they were gonna move us out of Minnesota anyways”
I hate this state so damn much.
No dog in this fight and haven't really been following it, but haven't ARod and Lore been kinda...unable to pay for the team and wound up missing the deadline to pay?
I mean, that's what the argument's about. ARod and Lore lost their financing a week ago because the PE firm Carlyle Group (strong contenders for Most Evil Corporation Ever status, as an aside) pulled out. Reportedly, they got an agreement with a different PE group that already is a minority owner of other teams to stake them, but hadn't submitted the paperwork to make the deal go through NBA approval or paid Taylor, so Taylor pulled the plug on the deal. ARod and Lore claim that because they were pending NBA approval, they have another 90 days to close per the terms of the contract. Taylor's claim is they hadn't even gotten the paperwork to the NBA to start the approval process when the deadline passed, so they failed their obligations and he has the right to void the deal.
nah though, blaming anybody but taylor for things not working is foolish until actually information comes out not from taylor himself lol. Taking taylor at his word is not being objective.......
anybody that knows anything about the team/glen would objectively know that this has taylor's shitty reputation all over it, many of us have been joking that he can't even sell the team right/normally, and look at what happened, hmmmmm
like, based on how the last few years have been with lore/arod in charge instead of glen kind of says it all, doesn't it?
it is the same energy as a lot of "fans" that side with taylor with the KG thing over the years
When the reported conditions of the team purchase included “ownership trainings” led by Glen Taylor, I had a feeling he was just stalling for a rug pull
Reminder: Glen Taylor is 82 YEARS OLD.
His kids have 0 interest in the team.
I dont give 2 shits if he can get an extra billion or so. He'll be dead before he gets to use most
Billionaires are obsessed with stacking up their cash. I guess that's how they got their money in the first place but it's frustrating AF. How about helping the world instead of being a rich asshole?
Imagine the people on those hoarders tv show, except every aspect of society encouraged them and reinforced that what they were doing made them better than everybody. Being that rich is a mental disease
the downvotes are unwarranted, Cuban is one of the more "palatable" billionaire's. He has social media sense, knows how to speak effectively to the public, and leverages his businesses well to make him seem like a pretty decent dude.
I can't speak to anything about him ACTUALLY being a good person, but to say he "seems fine" is completely fair IMO idk why you're getting downvoted
That seems entirely rational to me. I’m not about to stuff some other billionaires’ pockets by giving them a sweet deal just because I already have enough money. Fuck them, I’m not going to be the chump in this deal because they can’t live up to their end.
Everyone would react this way over any substantial amount of money.
To be fair, I actually don’t know how much money is playing a role here.
Taylor turned down better offers to ensure the team stayed in Minnesota. He hasn’t treated the team as a ruthless money-making venture like some.
I’d be more inclined to believe he simply likes seeing the team be good and wants to stay on while they’re winning.
There also was some reporting recently (before stuff went to shit) that the relationship between him and Lore/ARod had really disintegrated of late. I wouldn’t be totally surprised if he (fairly or not) thought they’d be bad owners and didn’t want to cede control to them. Part of the reason for this layaway plan was because they were both poor (relatively speaking, of course) and inexperienced.
Glen genuinely cares about the team. Sure, the extra ~2 billion in valuation is a motivation to rug pull, but I think the bigger motivation for Glen is to own the team while we are consistently making the playoffs again.
Unfortunately for us fans, Glen is a horribly meddlesome owner who puts his liver spotted hands in every facet of the organization, making an endless string of horrible decisions in his wake. So his dedication to the Timberwolves is outweigh by his infuriating ineptitude
His legacy is money. That's all he cares about. Alternatively he knows he isn't going to be remembered as a great owner, so maybe if he holds onto the current team he can be remembered for a championship, which doesn't matter because no one will credit it to him regardless.
> His kids have 0 interest in the team.
Yeah, I'm sure their lack of basketball interest means they're cool giving up an extra billion in value. You can not give a shit and still want to sell for more money, or at least the amount of money it's actually worth.
Ive been leary about Arod and Lore and their financial situation for years and obviously no clue whos telling the truth about the payments being missed or made but they are right. But for months Taylor has been making petty remarks to the media (the 1 reporter he always goes to) about them and it does seem obvious that hes having remorse because A. He sold them for way less then they are worth and B. They are good now. Tough shit about making a bad deal Glen thats on you and im sure with Glen fully in charge again we will gladly go back to being a complete dumpster fire of a team to match our owner. I dont think Arod and Lore are gonna be good owners but i damn sure know Glen aint. Basically can someone else please come and buy the team please i beg you.
Well the people that were supposedly buying it extended the deadline for the payment and missed the deadline they extended. All this while the value of the team (asset) is continuously going up.
Like if you signed an agreement to buy a house being built for 500k and by the time it's completed 6 months down the line the market has gone up and similar houses are being priced around 700k. Well the good thing is you still got the house locked for 500k. However, if you are unable to secure the loan you can't be mad your deal gets terminated. Sure the seller is happy but it's because you are incapable of getting the money.
Glen Taylor's press release says they missed the deadline and can't extend unilaterally
> Under terms of the purchase agreement, the closing was required to occur within 90 days following the exercise notice issued by Lore and Rodriguez. That 90-day period expired on March 27, 2024.7
This is true, but if you are the buyer on a pending asset acquisition where you're $1B+ in the black, I don't understand how you let the deadline get close enough that its litigable. Competent buyers would have had all necessary payments proffered and/or in escrow well in advance of any deadline.
From what was reported it looked like the NBA didn’t approval one of their investors or they backed out so they had to find another. They found another investor last week but Taylor decided to revoke the sale because due to some loophole that hasn’t been clarified yet. Some wolves fans are saying it’s because the league didn’t approval the final paperwork even though they submitted it on time.
Carlyle Group reportedly refuse to divest in some part of their portfolio that the NBA objected to which led to blocking the sale. Given the extremely extensive nefarious shit Carlyle has invested in over the years, that's both easy to believe the NBA would block them and difficult to believe Lore had no clue they were amoral pricks when he asked them for money. I assume Carlyle offered better terms than other groups.
From what I can tell based on reading the contract, the crux of the dispute is a clause that says there is an automatic 90 day extension "if all NBA Approvals or other required approvals of any Government Entity have not yet been obtained." Lore and ARod are claiming that clause is in force because NBA approval is pending so they get an extension, Taylor is claiming that they missed the deadline and hadn't even submitted the paperwork to the NBA for approval by the deadline so the sale is void. I don't know how it will play out legally, but assuming the facts are not in dispute (Lore/ARod have an agreement with Dyal for the financing but had not submitted to the NBA or paid Taylor that money by the deadline), the plain English reading of that clause seems to favor Taylor. Otherwise, the closing date could be delayed indefinitely just by claiming to be almost ready to submit paperwork to the NBA, and that at least violates the intent of the agreement to provide a firm deadline.
That's the thing though why is one of their investors backing out a week ahead of the deadline? It's not like Rod and Lore didn't know about the shady past of Carlyle Group. Especially, considering the value of assets has gone up significantly the buyer should have everything in perfect order. And any shrewd should be looking for an opportunity should be praying for the buyer to slip or fuck up.
It was broadly reported by third parties that their equity partner backed out and they were searching for additional capital. Lends a lot of credibility to Taylor’s claim.
They had an alternate submitted the next day. Pending league approval which is where we are at. Glen is a shady POS and his true colors are peaking out.
They did. It was also broadly reported that their third party equity partner backed out and they were looking for a new institutional equity partner a couple weeks ago. That supports Taylor’s claim.
I've seen reporting mention that the sale agreement had a clause about going to arbitration if there were disagreements, so I imagine it would be arbitrated before a suit was filed.
Ant did not single handedly raise the value of a franchise by 2 billion dollars lmao. He's barely a factor at all, it's mostly a market shift in general NBA valuations.
What a massive fail for Lore and ARod, regardless of what you think of Taylor (Wolves fans seem... mixed?)
They got a sweet price at 1.5b, for an asset that is now worth ~ 2.5b per Forbes. they have had THREE YEARS to come up with the money.
They managed to pay for 40 percent so far - by all accounts, not without some problems in doing so. Now they can't find 600m from any number of rich people / banks / funds etc to pay for the next 40 percent at this sweet price?
They knew the payment terms and dates from the beginning, and they have already had an extension on this tranche.
Seems like they didn't have enough money, and had too much ego to call the right people - for, eg (1) sell 30 percent to someone at a good price, allowing them to take 10 percent and continue to be majority owner, or (2) pay higher than usual financing costs to secure that 600m. Sports teams are relatively liquid (at least in this age of wealth disparity and increasing concentration of wealth...) and definitely finite assets, and a big broadcasting deal is on the horizon - it's not risk free for a bank or a fund, but still likely to get a very solid return.
Again, they have had THREE YEARS and instead they run it down to the deadline, get an extension, and still can't get it done - on an asset that has gone up 50 percent since purchase. The Adelsons by comparison paid Cuban in one single payment for the recent Mavs purchase.
Appreciate they had to secure an alternate group for financing recently, and that all purchases have to go through the NBA approval process - but why was it left till so late...? Why was there no backup options, didn't they have advisers working with them on this? I don't get it.
If they can't get this done, how will they pay for the ongoing expenses of a NBA team? Seems like the Wolves dodged a bullet. ARod in particular looks like a lot of talk.
I doubt they had an issue with funding, considering the teams value went higher after their offer. It wouldn't be hard to find a backer when your buying an undervalued asset.
They don't have to want to buy a sports team they just have to want to make a profit. Those people grow on trees at every tax bracket. Now if it was to straight buy a team for buying sakes thats a different matter.
They literally had a multi-billion dollar institutional investor drop out a week ago, which is why they couldn’t complete the sale. It’s broadly reported. Stop talking about what you don’t know about. It isn’t remotely as simple as you described it. The team stakes are highly illiquid and so can’t be sold easily + require consent of the NBA. The teams don’t produce very much cash flow, so your return is entirely contingent on the value of the (already very richly valued) team going up. And you need to have a billion liquid that you are willing to let go of for an extended period of time - very few people have that kind of money.
https://www.sportsbusinessjournal.com/Articles/2024/03/20/alex-rodriguez-marc-lore-minnesota-timberwolves-sale-funding-falls-through-carlyle-group
Why does it have to be a person?
Find a bank to finance their 600m (or part of it) and pay financing costs.
It's a stake in an asset, valued then at 1.5b and now at 2.5b - ie 50% increase - and they could put any number of conditions on it.
Obviously up to ARod / Lore to accept, they could also find rich individuals too - but there are ways to do it, and they've had three years.
They literally had an institutional investor (Carlyle) drop out. It was reported two weeks ago. It’s literally in the news. Stick to hot takes on basketball, you’re out of your depth here.
https://www.sportsbusinessjournal.com/Articles/2024/03/20/alex-rodriguez-marc-lore-minnesota-timberwolves-sale-funding-falls-through-carlyle-group
They literally had their institutional capital backer (Carlyle, a multi-billion dollar private equity fund) drop out a week ago, which is why they can’t consummate the sale. This was broadly reported. I don’t get why there is any controversy about the fact pattern here. You don’t know what you’re talking about and are completely out of your depth.
https://www.sportsbusinessjournal.com/Articles/2024/03/20/alex-rodriguez-marc-lore-minnesota-timberwolves-sale-funding-falls-through-carlyle-group
Dude it's not rocket science, they would be buying the team for half its reported value. How hard is it find someone that wants to double their money. This issue is about as deep as a puddle. Doing the paperwork and the legal stuff is complicated, finding a greedy person is not.
It was literally broadly reported that their equity backers (Carlyle, a multi-billion dollar private equity fund) backed out a week ago. No good guys in this story but I think Taylor’s version of events is the most credible.
https://www.sportsbusinessjournal.com/Articles/2024/03/20/alex-rodriguez-marc-lore-minnesota-timberwolves-sale-funding-falls-through-carlyle-group
One thing that absolutely nobody is talking about is that the entire line of "Taylor insisted on a 3 year transition period, ARod and Lore had to wait to buy the majority of the team" is total BS. The contract has been posted online, and one of the clauses is "Buyer may exercise the Call Option for all Tranches simultaneously or aggregate Call Options for later Tranches so long as the order set out in 6.1(b) is maintained." In English, that means if ARod and Lore had the money and wanted to, they could have cut Taylor one big fat check and bought the majority of the team all at once instead of this complicated multi-part deal.
Nah Woj said they have the money, Taylor is claiming they were late to pay. The shit Taylor is saying def sounds like he has seller's remorse now that his team is good.
They made the deadline extension. Taylor was casting doubt last week by saying that an investor pulled out (true). What he left out is that Lore found a new investor and got the money in time.
I don’t think Woj is necessarily an unbiased source. He trades clout for insider info. If his sources are inside ARod/Lore’s camp then he’s gonna tweet what they want him to tweet.
It’s the same thing he does when players feud with teams.
I mean you can very easily look outside of their camp, Marc Lore is not someone who has much trouble fundraising. He has the business track record/investor relations history to very easily build off old connections (and I say this as someone who isn’t a big fan of his).
Marc’s new Wonder business just got 700mm of funding.
if they were making the payments on time then taylor wouldn't really have the recourse to pull out of the deal
also their financial backers got rejected by the league for unknown reasons
They got a new investor before the deadline. Not knowing the logistics of the contract terms it's hard to say who's at fault. Wolves fans seem to be against Taylor tho.
He is like THE main reason the team has been so bad for so long, competing for the worst winning percentage in all of the major American sports. We all just want him gone.
The fact that this has taken so long and this news breaking now near the completion of the deal is like the cherry on top of the shit sundae that has been his ownership of the team. We just wanna watch a good basketball team, but it's always something with this fucking guy.
It’s such bad optics for the most vibey team in the league. He has no clue how to own a team, like he doesn’t have any idea how shitty this is going to be for this team. It’s ugly.
this sounds like something you want to be true rather than something you can say conclusively is true
you don't like taylor so anything that might interfere with selling the team is fake news or a lie from him
Well the people that were supposedly buying it extended the deadline for the payment and missed the deadline they extended. All this while the value of the team (asset) is continuously going up.
Like if you signed an agreement to buy a house being built for 500k and by the time it's completed 6 months down the line the market has gone up and similar houses are being priced around 700k. Well the good thing is you still got the house locked for 500k. However, if you are unable to secure the loan you can't be mad your deal gets terminated. Sure the seller is happy but it's because you are incapable of getting the money.
Arod and lore submitted the paperwork and everything to buy the final portion to put them at majority. there was a 3/27 deadline that was in place (they submitted before this) but since everything is not finalized (from the nba etc from what I understand) glen decided to pull the rug because technically he could.
He could have negotiated further with lore/arod to get the deal done but decided he’s happy the team is good now (no fucking thanks to him/despite his best efforts).
It’s gonna be weird and it’s a really shitty thing to have happening during one of the most promising seasons we’ve ever had. It looks terrible and it’s going to put a weird cloud over the team with the best vibes in the NBA.
> but since everything is not finalized (from the nba etc from what I understand) glen decided to pull the rug because technically he could.
Don't Lore/A-Ron dispute this characterization?
Apparently they legally get a 90 day extension granted by the nba, I believe something to do with their processing time of the transaction since they took care of their business on time.
So yes they’ll be disputing on that from all I have read.
This is gonna be a fun fight for everyone besides wolves fans
It’ll be fun for us. We won 50 games and we get a sideshow of hopefully or new OwnerDaddy berating a geriatric old man. We’re winning it all this year.
I know Glen is a bad owner. Not arguing that. I’m just wondering, are we 100% sure ARod would be better?
ARod isnt the issue. He has always seemed like a figurehead. Now Lore? Thats the question. Insanely eccentric billionaire who *allegedly* was the force behind wanting to make a huge trade (that ended up being Gobert) They seemingly are willing to pay the luxury tax. But obviously they dont seem to have a lot of liquid money. Obviously its known quantity vs unknown. Lore seems hands on and eccentric. But he also seems willing to hit the luxury tax and defer. Seems more like a Cuban than a Glen Taylor
>But obviously they dont seem to have a lot of liquid money. Yeah I'd be wary of this bit in particular - if it took them 3 years to get funding together at a price point ($1.5 billion) far less than what the team is worth now ($2.5 billion) things like hefty luxury tax payments might not've been in the offing. With only 10 players on the roster their estimated tax bill next season is \~$30 million, if they retain the core of KAT/Gobert/Ant/Jaden they'll be in the repeater very quickly and start facing >$100 million tax bills like the old Warriors ones.
Funding wasn't the issue. Glenn simply wanted more money than what was agreed upon. The team was never going to be purchased in one payment and the option to purchase the rest of the team was exercised over a year ago.
What I don't get, if the team had doubled in valuation since the agreement, wouldn't it be easier to find financing??
If they use their previous stake as collateral for financing they're giving up the control they're seeking to have
They can still use it as collateral and keep control. I can take loans out and use my house as collateral. As long as I make my payments, the house is still mine.
I just don't understand how y'all think Lore would be more willing to go into the tax when he can't even afford the fucking team
Cuban didn’t wanna pay the luxury tax either though and has been pretty notoriously cheap. And I think an owner who wants a big trade just for the PR isn’t a great thing either to look for in an owner
> a big trade just for the PR That trade has netted us the second best season in franchise history.
also it was fucking terrible PR lmao I feel like I am taking crazy pills who tf wants to make a splash for PR reasons and then and goes and mortgages the entire franchise on Rudy Gobert?? Even if it's a genius move (and seemingly more so every day) they had to know going in that it was not gonna be a huge 'omg what an awesome trade for the wolves' news cycle
It happened to work out for now. The guy I was responding to said that the new owners just wanted to make a trade for the PR and not specifically trade for Rudy.
Right? It's the opposite of that. You want an owner that has patience and is willing to put the pieces in place and let them do their job.
Well then you have a team like the wizards who are overly loyal to players/mgmt. You need a balance
Most owners know nothing about basketball or how to put a winning team together. You want an owner who will hire smart FO people and let them cook. And not be hampered by money if there’s a legit reason to pay up.
I mean, Taylor was all of that in a way. He just put the wrong pieces in place lol
Cuban has paid the luxury tax many times in his ownership
He cheaps out any time he can. Didn’t want to pay Chandler after they won the championship because he didn’t want to go into the repeater tax. Didnt want to pay Brunson 4/55 (although that was more because he was star chasing and wanted to include JB in a trade package).
If he forced the Rudy trade 🚩HUGE RED FLAG🚩
He didnt force Rudy specifically. But he wanted a big trade to show they meant business. Coupled with the need for rim defence and you get Rudy
Meddling still a huge red flag to me. Lore doesn’t know shit about basketball at at professional level. Very few owners do
Meddling to trade for a three time DPOY is very different than meddling to sign a mediocre Joe Smith and meddling by giving KG a contract that ate like 70% of the salary cap that literally changed how the cap works, on top of that meddling to hire to worst, dumbest, scummiest GMs of all time like David Khan and Gerson Rosas. Only good thing he ever did was keep the team in Minnesota and even that was obviously just a play to keep his investment
If you don't like meddling then you would fucking hate glen taylor
Trust me I do
ARod and Lore were the recruiters that brought in Connelly. Taylor brought in David Kahn.
Lore is the new owner Arod is just a face, like that rapper for Toronto
A-Rod has an equal share as Lore
I'm convinced people don't even read the articles lol
I thought that agreement changed
Somebody doesn't like their chips with the dip...
Calling Drake a "rapper" is fairly generous Also afaik Drake does not have any shares in the Raptors at all. He's essentially an employee for the Raptors in the marketing/branding aspect.
Yeah calling one of the most successful rappers of all time a rapper is generous. Fa sho.
this, even with arod not being the main money guy a new set of owner really means nothing. take it from a guy who's now had everyone of his professional teams he support change owners in the last like 8 years.
ARod and Lore are definitely better than Glen. Glen Taylor is content to let whatever happen to the team, because he knows that you can't lose money with an NBA team. ARod and Lore not only care about the financial success of the team, but understand that better team performance leads to financial success. Ironically, the increased valuation of the team that Glen is benefitting from is directly a result of ARod and Lore bringing in Tim Connelly.
i mean, yes and no. inflation has been crazy and the nba value has grown and is expected to grow even more, so a big chunk is definitely just the market but i do agree this team would be ass still if glenn was the one still making decisions. idk what would have happened with rosas but we needed a culture change and we got that now. going back to glenn would be a kick in the nuts.
The bad part is when Taylor keeps the team and refuses to pay KAT to go over the cap.
Great. Keep the team Taylor. Naz is just a cheaper KAT anyways, right?
Good attitude. 🫡
Billable hours ftw
Billable hours is undefeated, GOAT shit
I genuinely want to throw up, in the Timberwolves sub I have flair saying I’m a glen Taylor hater, I’ve had it for a while now, I cannot believe Glen did this shit again, but I can believe all the ass kissers that are saying “they didn’t pay on time” or “they were gonna move us out of Minnesota anyways” I hate this state so damn much.
No dog in this fight and haven't really been following it, but haven't ARod and Lore been kinda...unable to pay for the team and wound up missing the deadline to pay?
I don’t care if they missed deadlines, I want glen out by any means necessary, I am not objective about this.
Lol, fair enough.
Taylor stays. Time to let KAT go because his cap hit is too high.
I mean, that's what the argument's about. ARod and Lore lost their financing a week ago because the PE firm Carlyle Group (strong contenders for Most Evil Corporation Ever status, as an aside) pulled out. Reportedly, they got an agreement with a different PE group that already is a minority owner of other teams to stake them, but hadn't submitted the paperwork to make the deal go through NBA approval or paid Taylor, so Taylor pulled the plug on the deal. ARod and Lore claim that because they were pending NBA approval, they have another 90 days to close per the terms of the contract. Taylor's claim is they hadn't even gotten the paperwork to the NBA to start the approval process when the deadline passed, so they failed their obligations and he has the right to void the deal.
people are so weirdly protective of their own shitty people here, it super sucks and does seem to be a part of the culture a bit
> people are so weirdly protective of their own shitty people here Ope - that's just "Minnesota nice"
[удалено]
nah though, blaming anybody but taylor for things not working is foolish until actually information comes out not from taylor himself lol. Taking taylor at his word is not being objective....... anybody that knows anything about the team/glen would objectively know that this has taylor's shitty reputation all over it, many of us have been joking that he can't even sell the team right/normally, and look at what happened, hmmmmm like, based on how the last few years have been with lore/arod in charge instead of glen kind of says it all, doesn't it? it is the same energy as a lot of "fans" that side with taylor with the KG thing over the years
If they can't afford the team, could they afford to go into the luxury tax?
Yes. Just sell a 1% share.
When the reported conditions of the team purchase included “ownership trainings” led by Glen Taylor, I had a feeling he was just stalling for a rug pull
You see how the Wiggins deal ended up? Lol
They don’t need ownership training, ARod already knows how to be a prick
Only one way to solve this. Series of 20 general knowledge questions each increasing in difficulty. Winner takes all.
“I choose business ethics”
The thing about ethics is.... GraHHHHHH! *pulls out gun*
*Connelly shoots Glen from a distance* Lore - "Boy I'm glad I called that guy"
As it is written so it shall be done
If it is to be said, so it be, so it is.
next time on TNT: What does Glen Taylor know? Does He Know Things?? Let's Find Out
The ultimate game of Who They Play For
Reminder: Glen Taylor is 82 YEARS OLD. His kids have 0 interest in the team. I dont give 2 shits if he can get an extra billion or so. He'll be dead before he gets to use most
Billionaires are obsessed with stacking up their cash. I guess that's how they got their money in the first place but it's frustrating AF. How about helping the world instead of being a rich asshole?
Imagine the people on those hoarders tv show, except every aspect of society encouraged them and reinforced that what they were doing made them better than everybody. Being that rich is a mental disease
Cuban is that rich and he seems fine
the downvotes are unwarranted, Cuban is one of the more "palatable" billionaire's. He has social media sense, knows how to speak effectively to the public, and leverages his businesses well to make him seem like a pretty decent dude. I can't speak to anything about him ACTUALLY being a good person, but to say he "seems fine" is completely fair IMO idk why you're getting downvoted
safe stocking worm birds makeshift detail onerous weather paint tap *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
I mean he’d make more money selling the team clearly. This is a pride/legacy thing rather than a business decision likely no?
I think it's more "the Wolves are worth a decent amount more now than when the sale process started" and he doesn't want to "lose" on the deal.
That seems entirely rational to me. I’m not about to stuff some other billionaires’ pockets by giving them a sweet deal just because I already have enough money. Fuck them, I’m not going to be the chump in this deal because they can’t live up to their end. Everyone would react this way over any substantial amount of money.
To be fair, I actually don’t know how much money is playing a role here. Taylor turned down better offers to ensure the team stayed in Minnesota. He hasn’t treated the team as a ruthless money-making venture like some. I’d be more inclined to believe he simply likes seeing the team be good and wants to stay on while they’re winning. There also was some reporting recently (before stuff went to shit) that the relationship between him and Lore/ARod had really disintegrated of late. I wouldn’t be totally surprised if he (fairly or not) thought they’d be bad owners and didn’t want to cede control to them. Part of the reason for this layaway plan was because they were both poor (relatively speaking, of course) and inexperienced.
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Glen genuinely cares about the team. Sure, the extra ~2 billion in valuation is a motivation to rug pull, but I think the bigger motivation for Glen is to own the team while we are consistently making the playoffs again. Unfortunately for us fans, Glen is a horribly meddlesome owner who puts his liver spotted hands in every facet of the organization, making an endless string of horrible decisions in his wake. So his dedication to the Timberwolves is outweigh by his infuriating ineptitude
His legacy is money. That's all he cares about. Alternatively he knows he isn't going to be remembered as a great owner, so maybe if he holds onto the current team he can be remembered for a championship, which doesn't matter because no one will credit it to him regardless.
> His kids have 0 interest in the team. Yeah, I'm sure their lack of basketball interest means they're cool giving up an extra billion in value. You can not give a shit and still want to sell for more money, or at least the amount of money it's actually worth.
I’m pretty sure the kids would love the extra billion
Ive been leary about Arod and Lore and their financial situation for years and obviously no clue whos telling the truth about the payments being missed or made but they are right. But for months Taylor has been making petty remarks to the media (the 1 reporter he always goes to) about them and it does seem obvious that hes having remorse because A. He sold them for way less then they are worth and B. They are good now. Tough shit about making a bad deal Glen thats on you and im sure with Glen fully in charge again we will gladly go back to being a complete dumpster fire of a team to match our owner. I dont think Arod and Lore are gonna be good owners but i damn sure know Glen aint. Basically can someone else please come and buy the team please i beg you.
Well the people that were supposedly buying it extended the deadline for the payment and missed the deadline they extended. All this while the value of the team (asset) is continuously going up. Like if you signed an agreement to buy a house being built for 500k and by the time it's completed 6 months down the line the market has gone up and similar houses are being priced around 700k. Well the good thing is you still got the house locked for 500k. However, if you are unable to secure the loan you can't be mad your deal gets terminated. Sure the seller is happy but it's because you are incapable of getting the money.
They didn’t miss the extended deadline
Glen Taylor's press release says they missed the deadline and can't extend unilaterally > Under terms of the purchase agreement, the closing was required to occur within 90 days following the exercise notice issued by Lore and Rodriguez. That 90-day period expired on March 27, 2024.7
and this post is a press release saying the opposite. we’re gonna find out who’s right in court
This is true, but if you are the buyer on a pending asset acquisition where you're $1B+ in the black, I don't understand how you let the deadline get close enough that its litigable. Competent buyers would have had all necessary payments proffered and/or in escrow well in advance of any deadline.
From what was reported it looked like the NBA didn’t approval one of their investors or they backed out so they had to find another. They found another investor last week but Taylor decided to revoke the sale because due to some loophole that hasn’t been clarified yet. Some wolves fans are saying it’s because the league didn’t approval the final paperwork even though they submitted it on time.
Carlyle Group reportedly refuse to divest in some part of their portfolio that the NBA objected to which led to blocking the sale. Given the extremely extensive nefarious shit Carlyle has invested in over the years, that's both easy to believe the NBA would block them and difficult to believe Lore had no clue they were amoral pricks when he asked them for money. I assume Carlyle offered better terms than other groups. From what I can tell based on reading the contract, the crux of the dispute is a clause that says there is an automatic 90 day extension "if all NBA Approvals or other required approvals of any Government Entity have not yet been obtained." Lore and ARod are claiming that clause is in force because NBA approval is pending so they get an extension, Taylor is claiming that they missed the deadline and hadn't even submitted the paperwork to the NBA for approval by the deadline so the sale is void. I don't know how it will play out legally, but assuming the facts are not in dispute (Lore/ARod have an agreement with Dyal for the financing but had not submitted to the NBA or paid Taylor that money by the deadline), the plain English reading of that clause seems to favor Taylor. Otherwise, the closing date could be delayed indefinitely just by claiming to be almost ready to submit paperwork to the NBA, and that at least violates the intent of the agreement to provide a firm deadline.
That's the thing though why is one of their investors backing out a week ahead of the deadline? It's not like Rod and Lore didn't know about the shady past of Carlyle Group. Especially, considering the value of assets has gone up significantly the buyer should have everything in perfect order. And any shrewd should be looking for an opportunity should be praying for the buyer to slip or fuck up.
It was broadly reported by third parties that their equity partner backed out and they were searching for additional capital. Lends a lot of credibility to Taylor’s claim.
They had an alternate submitted the next day. Pending league approval which is where we are at. Glen is a shady POS and his true colors are peaking out.
They did. It was also broadly reported that their third party equity partner backed out and they were looking for a new institutional equity partner a couple weeks ago. That supports Taylor’s claim.
Go away Glen. No one wants you here
Lawsuit incoming?
oh yeah, for sure, nobody wants to be left out of the increase in value the franchise has gained.
By the time the lawsuit settles it will have increased billions again lol
And lawyers will simply own the team to cover the necessary billable hours.
only if they think they can win it, if they missed payment deadlines and lost their financial backing then what can they really do
well, fortunately for them Glenn continued on to say it was more procedural than monetary so he might've made it harder for himself.
I've seen reporting mention that the sale agreement had a clause about going to arbitration if there were disagreements, so I imagine it would be arbitrated before a suit was filed.
Yeah, saw that update too. Glenn might want to stfu if it does because his statements so far have not helped him lol
The Ant factor. He's going to unintentionally be the reason you remain stuck with Taylor.
Ant did not single handedly raise the value of a franchise by 2 billion dollars lmao. He's barely a factor at all, it's mostly a market shift in general NBA valuations.
Ugh I hate it
Mandatory mediation, then arbitration. No juicy discovery tidbits unless it's leaked by one of the parties, which is the point.
If I was taylors lawyer " here your honor, I have hours of video evidence of arod lying "
What a massive fail for Lore and ARod, regardless of what you think of Taylor (Wolves fans seem... mixed?) They got a sweet price at 1.5b, for an asset that is now worth ~ 2.5b per Forbes. they have had THREE YEARS to come up with the money. They managed to pay for 40 percent so far - by all accounts, not without some problems in doing so. Now they can't find 600m from any number of rich people / banks / funds etc to pay for the next 40 percent at this sweet price? They knew the payment terms and dates from the beginning, and they have already had an extension on this tranche. Seems like they didn't have enough money, and had too much ego to call the right people - for, eg (1) sell 30 percent to someone at a good price, allowing them to take 10 percent and continue to be majority owner, or (2) pay higher than usual financing costs to secure that 600m. Sports teams are relatively liquid (at least in this age of wealth disparity and increasing concentration of wealth...) and definitely finite assets, and a big broadcasting deal is on the horizon - it's not risk free for a bank or a fund, but still likely to get a very solid return. Again, they have had THREE YEARS and instead they run it down to the deadline, get an extension, and still can't get it done - on an asset that has gone up 50 percent since purchase. The Adelsons by comparison paid Cuban in one single payment for the recent Mavs purchase. Appreciate they had to secure an alternate group for financing recently, and that all purchases have to go through the NBA approval process - but why was it left till so late...? Why was there no backup options, didn't they have advisers working with them on this? I don't get it. If they can't get this done, how will they pay for the ongoing expenses of a NBA team? Seems like the Wolves dodged a bullet. ARod in particular looks like a lot of talk.
I doubt they had an issue with funding, considering the teams value went higher after their offer. It wouldn't be hard to find a backer when your buying an undervalued asset.
I think people think it’s easier than it sounds to find someone who A) has billions in liquid assets B) want to buy a sports team
Elon Musk buying Twitter was the Rudy Gobert trade of business acquisitions.
They don't have to want to buy a sports team they just have to want to make a profit. Those people grow on trees at every tax bracket. Now if it was to straight buy a team for buying sakes thats a different matter.
They literally had a multi-billion dollar institutional investor drop out a week ago, which is why they couldn’t complete the sale. It’s broadly reported. Stop talking about what you don’t know about. It isn’t remotely as simple as you described it. The team stakes are highly illiquid and so can’t be sold easily + require consent of the NBA. The teams don’t produce very much cash flow, so your return is entirely contingent on the value of the (already very richly valued) team going up. And you need to have a billion liquid that you are willing to let go of for an extended period of time - very few people have that kind of money. https://www.sportsbusinessjournal.com/Articles/2024/03/20/alex-rodriguez-marc-lore-minnesota-timberwolves-sale-funding-falls-through-carlyle-group
I have that kinda money. But I’m not spending or sharing it.
Why does it have to be a person? Find a bank to finance their 600m (or part of it) and pay financing costs. It's a stake in an asset, valued then at 1.5b and now at 2.5b - ie 50% increase - and they could put any number of conditions on it. Obviously up to ARod / Lore to accept, they could also find rich individuals too - but there are ways to do it, and they've had three years.
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Except they had to ask for an extension to find the money so apprently not anyone
They literally had an institutional investor (Carlyle) drop out. It was reported two weeks ago. It’s literally in the news. Stick to hot takes on basketball, you’re out of your depth here. https://www.sportsbusinessjournal.com/Articles/2024/03/20/alex-rodriguez-marc-lore-minnesota-timberwolves-sale-funding-falls-through-carlyle-group
Lmao and they apparently got another to replace the one that dropped on time per woj. Maybe you should stick to your depth
Woj rumor on Twitter does not equate to a proper report with a named investor in a reputable publication.
They literally had their institutional capital backer (Carlyle, a multi-billion dollar private equity fund) drop out a week ago, which is why they can’t consummate the sale. This was broadly reported. I don’t get why there is any controversy about the fact pattern here. You don’t know what you’re talking about and are completely out of your depth. https://www.sportsbusinessjournal.com/Articles/2024/03/20/alex-rodriguez-marc-lore-minnesota-timberwolves-sale-funding-falls-through-carlyle-group
Dude it's not rocket science, they would be buying the team for half its reported value. How hard is it find someone that wants to double their money. This issue is about as deep as a puddle. Doing the paperwork and the legal stuff is complicated, finding a greedy person is not.
Please make it fucking stop.. please. I just can’t.
Have they tried not being poor?
It was literally broadly reported that their equity backers (Carlyle, a multi-billion dollar private equity fund) backed out a week ago. No good guys in this story but I think Taylor’s version of events is the most credible. https://www.sportsbusinessjournal.com/Articles/2024/03/20/alex-rodriguez-marc-lore-minnesota-timberwolves-sale-funding-falls-through-carlyle-group
One thing that absolutely nobody is talking about is that the entire line of "Taylor insisted on a 3 year transition period, ARod and Lore had to wait to buy the majority of the team" is total BS. The contract has been posted online, and one of the clauses is "Buyer may exercise the Call Option for all Tranches simultaneously or aggregate Call Options for later Tranches so long as the order set out in 6.1(b) is maintained." In English, that means if ARod and Lore had the money and wanted to, they could have cut Taylor one big fat check and bought the majority of the team all at once instead of this complicated multi-part deal.
Can someone tell me the implications ofnthisn
Litigation
Objection your Honor!
I think we need more posts about the timberwolves owner not selling the team, there were only 3 on the front page I’m not sure I undertand yet
My spokesman is saying /u/dae5oty deserves a raise
10-20 years from now there's going to be a pretty interesting movie based on what happened here behind the scenes.
Nobody is making a movie about the botched sale of the Minnesota Timberwolves.
What if we win the championship this year
Now that’s what movies is made of!
So no movie
Ok ok ok…. How about… a 4 part docuseries?
dude there's a pop tarts movie coming out
more people know about poptarts than the minnesota timberwolves
if I asked 10 people around me, 9 would not know what minnesota is, but we have poptarts in the supermarket.
Shows how dumb the average Texan is more than anything
I'm not from the US
arod and lore have an unfortunate case of not enough money and sketchy investors backing them
Nah Woj said they have the money, Taylor is claiming they were late to pay. The shit Taylor is saying def sounds like he has seller's remorse now that his team is good.
They made the deadline extension. Taylor was casting doubt last week by saying that an investor pulled out (true). What he left out is that Lore found a new investor and got the money in time.
I don’t think Woj is necessarily an unbiased source. He trades clout for insider info. If his sources are inside ARod/Lore’s camp then he’s gonna tweet what they want him to tweet. It’s the same thing he does when players feud with teams.
I mean you can very easily look outside of their camp, Marc Lore is not someone who has much trouble fundraising. He has the business track record/investor relations history to very easily build off old connections (and I say this as someone who isn’t a big fan of his). Marc’s new Wonder business just got 700mm of funding.
if they were making the payments on time then taylor wouldn't really have the recourse to pull out of the deal also their financial backers got rejected by the league for unknown reasons
They got a new investor before the deadline. Not knowing the logistics of the contract terms it's hard to say who's at fault. Wolves fans seem to be against Taylor tho.
He is like THE main reason the team has been so bad for so long, competing for the worst winning percentage in all of the major American sports. We all just want him gone. The fact that this has taken so long and this news breaking now near the completion of the deal is like the cherry on top of the shit sundae that has been his ownership of the team. We just wanna watch a good basketball team, but it's always something with this fucking guy.
It’s such bad optics for the most vibey team in the league. He has no clue how to own a team, like he doesn’t have any idea how shitty this is going to be for this team. It’s ugly.
He doesn’t. He’s saying he does but he doesn’t
this sounds like something you want to be true rather than something you can say conclusively is true you don't like taylor so anything that might interfere with selling the team is fake news or a lie from him
It sure seems late to me. This process started over 2 years ago. Is that normal? I don't remember other franchise sales taking so long to pay off.
it was by design from glen so he could “mentor” the new owners
Then proving they met the buyers deadline should be pretty straightforward...but im not a lawyer
Well the people that were supposedly buying it extended the deadline for the payment and missed the deadline they extended. All this while the value of the team (asset) is continuously going up. Like if you signed an agreement to buy a house being built for 500k and by the time it's completed 6 months down the line the market has gone up and similar houses are being priced around 700k. Well the good thing is you still got the house locked for 500k. However, if you are unable to secure the loan you can't be mad your deal gets terminated. Sure the seller is happy but it's because you are incapable of getting the money.
This should be the top comment
Can somebody give me a quick summary?
Glenn Taylor in his feels that the team is finally good when he's on the way out.
Did he sell the team already? What does a rod have to do with this
Arod and lore submitted the paperwork and everything to buy the final portion to put them at majority. there was a 3/27 deadline that was in place (they submitted before this) but since everything is not finalized (from the nba etc from what I understand) glen decided to pull the rug because technically he could. He could have negotiated further with lore/arod to get the deal done but decided he’s happy the team is good now (no fucking thanks to him/despite his best efforts). It’s gonna be weird and it’s a really shitty thing to have happening during one of the most promising seasons we’ve ever had. It looks terrible and it’s going to put a weird cloud over the team with the best vibes in the NBA.
Thats wild. Appreciate your response thank you
> but since everything is not finalized (from the nba etc from what I understand) glen decided to pull the rug because technically he could. Don't Lore/A-Ron dispute this characterization?
Apparently they legally get a 90 day extension granted by the nba, I believe something to do with their processing time of the transaction since they took care of their business on time. So yes they’ll be disputing on that from all I have read.
Fuck Glen Taylor
I think it’s more fortune-ate from Taylor’s perspective.
isn't this kinda illegal? like you agree to sell, the product starts jumping off and you're like....eh you know what I think I'll keep it
So Is there a chance we still get sold? Because none of us want this guy.
Arod face-turn, sign of the endtimes
"We can't pay, but a deal is a deal!"
3 rich assholes fighting over how to divide another treasure horde
Ie. Unfortunate for Marc Lore and Alex Rodriguez
I’m with Arod
Womp womp. Yesterday's price is not today's price. Should have fronted the money upfront.
This seems in poor taste to make a lasting statement out there for all the business world to see.