[Krawczynski] Alex Rodriguez and Marc Lore in serious talks to become the next owners of the Minnesota Timberwolves

[Calinks]

This is a terrible look and this also is possibly a disaster for this teams future. Lore and Arod were building something great and they might be out. This is looking like Gerson Rosas 2.0, where just as we get something going some crazy situation will get them out of here. I doubt we will bounce back half as fortunately as we did with that. Always got to be some crap with this team.

[winforlose]

https://www.youtube.com/live/opseZinc9pA?si=7fPXU1lyJFtqtSIj

Good discussion of the situation.

[BlacJacMac]

Canis comment:

Reports are that there's an arbitration clause in the contract, so whatever legal proceedings that occur are likely to be private.

There's no way to know which side's spin is correct without reference to the actual language of the contract. That is, what exactly were the conditions which Lore and Arod allegedly did or did not meet. Unless someone leaks it, those terms not going to be known publicly.

I'm a lawyer - and without the actual text of the contract I'm just guessing like everybody else.

[winforlose]

Canis comment:

Reports are that there's an arbitration clause in the contract, so whatever legal proceedings that occur are likely to be private.

There's no way to know which side's spin is correct without reference to the actual language of the contract. That is, what exactly were the conditions which Lore and Arod allegedly did or did not meet. Unless someone leaks it, those terms not going to be known publicly.

I'm a lawyer - and without the actual text of the contract I'm just guessing like everybody else.

He is correct. The actual language of the contract is really all that matters here.

[Calinks]

This is tragic because, at the very least, this sours attitudes. Either Arod and Lore find some miraculous way to buy the team ASAP (doesn't seem likely because Glen will probably jack the price to fit its value and not screw himself out of a much bigger profit) or Glen just keeps the team, Arod and Lore get pissed, sell their stake (probably for a profit) and move on.

All the good work they have put in the last two years, cultivating relationships, putting this franchise together, and making key hires, will dwindle fast. You think everyone they brought in or made plans with will be happy to see them go? You think all the players will be confident to see them go? You think Glen will be able to keep the energy they brought in? Nope, we lose all of that.

Now we have to find new owners and who knows how the hell they will be. And like most new owners, I am sure they will want to leave THEIR MARK on their new franchise and that means we will for sure see some big changes. They will want their guys running things.

[bluethunder0005]

Read on Twitter

?s=20

A-Rod calling out Glen here. Gonna be a wild few months.

[shrink]

At worst, ARod and Lore own 40% of a $3 Bil team ($1.2 equity), that they paid $0.6 for, so hard to feel bad for them. [EDIT: Or do they?]. They claimed time and again that they could make these financial benchmarks to get to 80%.

Watch on YouTube

[shrink]

Canis comment:

Reports are that there's an arbitration clause in the contract, so whatever legal proceedings that occur are likely to be private.

There's no way to know which side's spin is correct without reference to the actual language of the contract. That is, what exactly were the conditions which Lore and Arod allegedly did or did not meet. Unless someone leaks it, those terms not going to be known publicly.

I'm a lawyer - and without the actual text of the contract I'm just guessing like everybody else.

He is correct. The actual language of the contract is really all that matters here.

Agreed, and I hope we find out.

We don’t know if there is language in the deal to pay Taylor on a date, or be on the road to pay him on a date.

And unlike my previous post, now I’m curious if there was anything in the deal that gives Taylor the right to buy back those shares (at the price they paid), to divest them both from ownership?

Neither seems like an unreasonable thing to put in the initial deal, but I doubt we will ever know the truth.

[winforlose]

Read on Twitter

?s=20

A-Rod calling out Glen here. Gonna be a wild few months.

This is the other shoe. One side says you broke the deal so I am not selling. The other side says we held up our end so now you have to sell. Hopefully this stuff stays behind closed doors until after the season. Either Glen is gonna own 60% with very angry minority owners, or Lore and AROD will own 80% with a very angry 20% minority owner.

[shrink]

Read on Twitter

?s=20

A-Rod calling out Glen here. Gonna be a wild few months.

This is the other shoe. One side says you broke the deal so I am not selling. The other side says we held up our end so now you have to sell. Hopefully this stuff stays behind closed doors until after the season.

Agreed. And publicly saying “but OUR SIDE represents the team and the fans,” is just as selfish and disruptive.

This reminds me of the start of the Dan Sterling scandal, which is a lot more personal for black NBA players. To their credit, the Clippers did not let it bother them, and told media “we’ve come too far together to not just focus on winning games.” Hopefully, our team can do the same.

[guest81]

Why can't anything with this franchise just be simple and not problematic? Every single thing that happens is just clown behavior. We'll never be able to rid the stench of dufus..it's like it's destined to be this way.

Why? One person. Same as it's always been. Glen Taylor

[jpatrick]

As others have said, the language of the agreement is going to control. But if Lore/ARod truly only missed this last payment by days, it’s really hard for me to see this as the type of substantial breach that would allow Glen to not fulfill his end of the contract. It’s been a long long time since contracts law though, so I could be completely off base.

What I’m more worried about is timing. This will take awhile to sort out. In the meantime, we go into an offseason where we may be going deep I to the luxury tax. Who is playing that? Lore? Glen? The Arbitrator in the meantime? Or do we default into no lux tax or increase in current expenditures?

[Movics]

Read on Twitter

?s=20

A-Rod calling out Glen here. Gonna be a wild few months.

This is the other shoe. One side says you broke the deal so I am not selling. The other side says we held up our end so now you have to sell. Hopefully this stuff stays behind closed doors until after the season.

Agreed. And publicly saying “but OUR SIDE represents the team and the fans,” is just as selfish and disruptive.

It certainly is not a good look and could be a cause for some divide in a toxic environment… however, they’re right. The fans experienced the change first hand, we got to see what a well run organization looks like. I’m sure 90% of the fans are not happy about this situation and want Taylor gone asap.

[BlacJacMac]

Seller's remorse:

Read on Twitter

[shrink]

As others have said, the language of the agreement is going to control. But if Lore/ARod truly only missed this last payment by days, it’s really hard for me to see this as the type of substantial breach that would allow Glen to not fulfill his end of the contract. It’s been a long long time since contracts law though, so I could be completely off base.

Weren’t they late on the previous payments too? I can’t remember.

And I have to wonder about their previous financing pulling out at the last minute. We were told that another group that was already okayed by the NBA would step in, and now ARod is saying that the NBA has to approve?

And ESPN is now saying the relationship has deteriorated for two years, which I never heard a peep about during that two years.

I don’t think we’re getting the truth here.

[jpatrick]

Seller's remorse:

Read on Twitter

Glen needs to stop talking. This reads 100% like sellers remorse. I sold when we were bad. We turned it around and now I want to keep it.

No mention that it was Lore/ARod that cleaned out the front office and the nonsense that was going on and hired Connelly who had been a huge part of this turnaround.

[winforlose]

Seller's remorse:

Read on Twitter

If it’s true that Arod and Lore have been driving the decision making since 2022, then it is ironic. The very success that allowed them to raise the value is the success that might cost them ownership and thus loses them value.

[shrink]

So say you’re selling your car. Two guys say they will buy it, but they can’t afford the full price today.

You offer them an installment plan, they give you 20% of the money, and let them drive it

When the time comes for the second payment of 20%, they don’t have that either. You give them another extension for a loan, and you get your 20% more.

When the third payment comes for 40%, they still can’t afford it. The bank refuses to give them a loan, and they say they will get some other financing, but you have to wait again, and maybe you’ll get paid.

Still selling your car to these guys?

[UnFadeable21]

Read on Twitter

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Update

“ Over the last three years, Rodriguez and Lore purchased 40 percent of the team in two 20 percent installments. They were supposed to acquire the final 40 percent in early 2024 and Taylor was to keep 20 percent.”

However Taylor says they missed the deadline yesterday and has canceled the sale and voided their agreement this morning.

Taylor says he’s gonna run the team as majority owner and that they can keep their 37% they paid for so far.

Arod and Lore are going to file an appeal to the NBA and their legal representation.

Arod and Lore gonna sue Glen Taylor and fight for ownership of the team now

Can Arod and Lore’s lawyers beat Glen’s?

Probably not. Glen is the richest guy in MN and has tons of friends in business and politics.

[wolves_89]

From what I've seen the whole issue comes down to the interpretation of what the contract required by March 27. Lore and A-Rod seem to believe that the requirement was to submit the paperwork and financial documentation to the league by that deadline, while Glen Taylor is saying the deal needed to be approved by the league before the deadline. This looks like it will go arbitration and/or an extended legal fight, pretty much the opposite of what the team needs going into a critical offseason.