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

[UnFadeable21]

Glen Taylor Exclusive Interview with Star Tribune

"The deal is not done. There are deadlines to be met. As always, the NBA must be satisfied with new ownership, as well as its financials."

The Lore-Rodriguez tandem already had been given an extension. That was reached on March 27 — this Wednesday.

"They missed it," Taylor said.

This was in a short phone interview with Taylor from his home in Mankato on Thursday. A couple of hours earlier, the Timberwolves sent out a news release that the NBA team and their partners, the Lynx, were no longer for sale.

"Lore and ARod now own 36 percent," Taylor said by phone. "I will work with them, as I do with my other limited."

That term is used by Taylor to describe a few other individuals who own small shares of the basketball business.

The purchase price of $1.5 billion negotiated by Lore and Rodriguez has been dwarfed by other sales of NBA teams — including in Milwaukee and Phoenix.

"We could've gotten more — we could've gotten $2.5 billion paid upfront — but that person was going to try to move the team to Las Vegas," Taylor said in February.

Litigation has been mentioned as a possibility for the Lore-ARod group, based on the claim they had lined up the financing. Response?

"It's business," Taylor said. "Everyone has the right to bring in the lawyers."

Read the full article here where he discusses Lore, Arod, Target center etc:

https://m.startribune.com/glen-taylor-majority-owner-timberwolves-lynx-after-marc-lore-alex-rodriguez-fail-to-close-sale/600354676/?clmob=y&c=n&clmob=y&c=n

[shrink]

Lore and Arod brought in Connley, who Glen didn't even know, into the fold whose moves turned the wolves in a bottom playoff team to a championship contender. Do you honestly believe the team would be where it is right now if Glen was the owner this whole time?

No. But do you believe we’d be here if a different GM drafted Wiseman instead of Ant?

We’re in a great position, but it’s the accumulation of a lot of good decisions by a lot of people.

none of which is glen taylor

Umm, you give credit to ARod and Lore for the moves their GM did, but don’t give credit to Taylor for the moves his GM did?

Step back and try to feign objectivity.

[shrink]

Glen has said that his biggest issue has been keeping the team in Minnesota. Nothing has come out saying that Lore and arod plan on moving the team. Glen has said on record that he doesn't know if they have the money or not. It's simply the fact that the team is worth a ton more and is a title contender and he wasn't a part of it. Those are the facts and to me that ethically Glen is completely wrong

Have you ever done a deal in your life? Is holding people to the deal they agreed to unethical?

------------------------------

Shrink, the thing you're kind of missing is Lo/Rod have the money and reported it to the league last week with the Dyal group. It looks to me that Taylor is welching on the deal on a technicality because the team is winning and is worth twice what it was initially. Plus, Glen has felt disrespected by Lore and their relationship has deteriated due to lack of communication. This move by Glen puts him clearly in a bad light.

My guess is this goes to an arbitrator and Lo/rod win it. Who knows how long that will take?

BTW, Lore is worth about 4 billion dollars according to Forbes.

We’ll see. ARod and Lore SAY they have the money. But if they had the money, why not pay on March 27th? Or March 26th? Or 2021?

I’m not saying Glen doesn’t have seller’s remorse. If the Wolves value had fallen to $1 mil, he wouldn’t do this (though maybe ARod and Lore would). But unlike many internet arguments, the motives of the players are not the facts of the case. The lawyers will determine what the agreement says.

[shrink]

Ok, this is confusing, so tell me what I have wrong:

Ok, as near as I can tell, when the Carlyle group pulled out of the deal with ARod and Lore last week, they went to Dyal Capital, through a subsidiary in Home Court and an Asset Managing Company called Blue Owl. Dyal was the only private equity company that the NBA had agreed could purchase shares in a team, and only to help very limited partners sell their shares. However, while the NBA approved them, they had limited their equity purchases so far to 20% of a team. Their little slice profited in the sale of the Suns and they have a piece of the Hawks. However, while ARod and Lore called them an NBA approved source of funds, which is true, it doesn't mean the NBA would allow the company to own 40%, or whatever amount of money that Lore and ARod needed to borrow,or they were approved for THIS deal.

This is a little too complicated, and I may have factual mistakes here. I think it will go down to the lawyers, and the decision of the NBA’s Board of Governors,

[shrink]

The more I think about this, the more sense it makes to me - but it’s still my speculation.

So we know that when Carlyle pulled out last minute, ARod and Lore were facing an immediate need for cash to make the deadline, so what would they do? Maybe instead of looking at this as Dyal helping them make the 40% payment, maybe this was about them SELLING some of their previous equity in the Wolves to Dyal to acquire the cash?

From their perspective, they might say “Look Glen. we have the financing lined up, we just need NBA approval!” But from Glen’s perspective, they need approval on a totally different deal to get his payment, and that doesn’t trigger his deal’s 90 days?

We’ll see. I hope we get a lot more clarification in the next few days.

[Neeva]

More and more it feels like the wolves will be the team Lebron ends up buying.

[shrink]

Thorough analysis by Hartford Whalers here:

https://forums.realgm.com/boards/viewtopic.php?f=2&t=2353927&start=1100#p112123292

[Domejandro]

Thorough analysis by Hartford Whalers here:

https://forums.realgm.com/boards/viewtopic.php?f=2&t=2353927&start=1100#p112123292

This is all largely correct, and I am perpetually baffled that people wanted these broke ass owners to take over the team. They have been a nightmare throughout this entire process, and deserve to have the rug pulled after managing to fumble the most important deadline of the entire process. The “this is an approved firm” line from the past few days always reeked, given that reapproval was always going to be needed from the league (especially due to the size of the stake). Unbelievably reckless and stupid stuff from those two, people defending their repeated failures are completely lost on “vibes”, in my opinion.

Personally glad to keep known huckster Marc Lore far away from this franchise, dude sucks. If you want to dip into the Luxury-Tax, Glen Taylor keeping the franchise is the best option.

[Guest84]

Regardless of what's going to happen, this was just poor timing and shouldn't have been made public. Especially, considering the year the wolves are having. Someone on the PR team side has failed and continues to fail, especially when it comes to Glen talking to the public.

Handle this nonsense behind closed doors. Now you have to think what it'll do to the team and anyone considering coming in. This dysfunction could run Connely, Ant, and others out of the door. It could also severely affect other players and/or executives from wanting to be part of the team. Your Minnesota Timberwolves!

[Zonarosa]

they had three years to pony up. they failed. screw em both.

and thinking this is going to effect the players is laughable.

[shrink]

Regardless of what's going to happen, this was just poor timing and shouldn't have been made public. Especially, considering the year the wolves are having. Someone on the PR team side has failed and continues to fail, especially when it comes to Glen talking to the public.

Handle this nonsense behind closed doors. Now you have to think what it'll do to the team and anyone considering coming in. This dysfunction could run Connely, Ant, and others out of the door. It could also severely affect other players and/or executives from wanting to be part of the team. Your Minnesota Timberwolves!

I agree - the public things have been … odd. Someone leaks a week ahead of the deadline that Carlyle pulls out, (True), and then almost immediately we get another leak saying that they got new financing? (True) And this financing is from an NBA approved buyer, before the NBA could meet to approve them for this sale? (False?). Then yesterday, Shams and Woj, with all their national sources, aren’t the ones to break this story? And finally someone releases pictures of the actual contract?

—-

I like Kyle Tighe much more than anyone on Flagrant Howls, but I think he was way over the top last night. I feel like an ownership fight, where both sides want custody of the children, is not going to have much effect on Ant or the team. They are all paid regardless, and are probably far more concerned with the happy season of actual basketball play than billionaires legal squabbles. Also, one part of Taylor’s announcement that went mainly unreported was this:

“I will continue to work with Marc, Alex and the rest of the ownership group to ensure our teams have the necessary resources to compete at the highest levels on and off the court.”

To me, that tells Connelly, the team, and the fans that he’s going to pay the luxury taxes, and nobody’s suddenly getting cut to save money. The organization has been functional enough to get them to this successful point, and it’s easier to ignore this cat fight if you’re getting paid.

[Guest84]

Regardless of what's going to happen, this was just poor timing and shouldn't have been made public. Especially, considering the year the wolves are having. Someone on the PR team side has failed and continues to fail, especially when it comes to Glen talking to the public.

Handle this nonsense behind closed doors. Now you have to think what it'll do to the team and anyone considering coming in. This dysfunction could run Connely, Ant, and others out of the door. It could also severely affect other players and/or executives from wanting to be part of the team. Your Minnesota Timberwolves!

I agree - the public things have been … odd. Someone leaks a week ahead of the deadline that Carlyle pulls out, (True), and then almost immediately we get another leak saying that they got new financing? (True) And this financing is from an NBA approved buyer, before the NBA could meet to approve them for this sale? (False?). Then yesterday, Shams and Woj, with all their national sources, aren’t the ones to break this story? And finally someone releases pictures of the actual contract?

—-

I like Kyle Tighe much more than anyone on Flagrant Howls, but I think he was way over the top last night. I feel like an ownership fight, where both sides want custody of the children, is not going to have much effect on Ant or the team. They are all paid regardless, and are probably far more concerned with the happy season of actual basketball play than billionaires legal squabbles. Also, one part of Taylor’s announcement that went mainly unreported was this:

“I will continue to work with Marc, Alex and the rest of the ownership group to ensure our teams have the necessary resources to compete at the highest levels on and off the court.”

To me, that tells Connelly, the team, and the fans that he’s going to pay the luxury taxes, and nobody’s suddenly getting cut to save money. The organization has been functional enough to get them to this successful point, and it’s easier to ignore this cat fight if you’re getting paid.

In terms of play on the court, I don't think it'll affect them either. My thinking is more as an organization as a whole long-term. We see how turmoil in the front office has strained the relationship w/ your one top star in KG. Players around the league also view the wolves as org they don't really want to play for. It's hard enough because of the weather and lack of things to do to get good players in.

Note - I'm not saying it will have an impact, it may not. However, ppl don't want to work for any company that seems incompetent or doesn't match their morals/values/etc.

[UnFadeable21]

https://nypost.com/2024/03/28/sports/marc-lore-depended-too-much-on-alex-rodriguez-for-timberwolves-sources/

^^^ read the entire full extensive article here. It’s like 4 pages long. I only posted half a page to share. Lots of details.

Timberwolves owner Glen Taylor on Thursday terminated the sale, ending Lore and A-Rod’s chances of buying a majority stake in the team.

Lore was willing to invest a relatively little amount of money, but wanted A-Rod, who had put in a lot less than Lore, to catch up in this new round of financing to a level much closer to what he had invested, sources with direct knowledge of the situation said.

The initial plan was Lore and A-Rod would invest roughly equally in the team.

That meant A-Rod needed to raise most of the money for this next investment round and he tried to for months.

He and Lore agreed to buy the Timberwolves in a three-step process in 2021 at a $1.5 billion valuation. They together have bought 40 percent of the team in two stages.

A-Rod, who is believed to be worth much less than Lore, needed to find the money for this next payment largely by himself, sources with direct knowledge of the situation said.

A-Rod was trying to sell interests in the new round of financing not at his $1.5 billion valuation but at a valuation of more than $2 billion, sources with close knowledge of the situation said.

A-Rod would have pocketed the difference between his buy-in price of $1.5 billion and the valuation at which he sold the stakes, sources close to the situation said.



Right now Lore is laser-focused on keeping his gourmet food delivery-company Wonder.

He has in recent months invested several hundred million in the money-losing start-up and just completed a $700 million round of financing, sources said.

The New York Times this month published a feature on Lore and his plans to make Wonder a $30 billion market cap company.

Wonder, as The Post reported exclusively, offered deep discounts to investors who bought convertible shares in the round valuing the company at $3.5 billion — the same valuation Wonder fetched when it last raised money in June 2022.

Lore owns more than half of the company, and it represents much of his net worth.

Lore, who founded Diapers.com and famously sold his grocery start-up Jet.com to Walmart in 2016 for $3.3 billion, told Fox Business last month he now spends 100 hours a week on Wonder.

[UnFadeable21]

It looks like Arod and Lore messed up.

Lore paid for the majority of the first large payment to Glen Taylor. 27% of the 36% they current own of the Minnesota Timberwolves.

Lore then used the rest of his money to finance and work on his new company Wonder which is why he hasn’t been seen or attended any games this season like he was last year when he was visable at almost every home game.

Arod was to finance the majority of the second 40% ownership of the team and couldn’t come up with the money because he was trying to charge investors a premium price to join him and lore. They paid for the wolves at a valuation or 1.5 billion but we’re charging people a valuation of 2.3 billion to join.

Glen Taylor is gonna win this in court easy because simply the young guys didn’t and couldn’t pay on time.

[jpatrick]

Glen Taylor has made some horrific decisions as owner. I think he’s always had good intentions, and I certainly don’t think he’s been cheap, just bad decisions. That said, you can’t have two owners that can’t afford to own the team. And these guys, the more you read, are just that. We can’t have resources that could go to lux tax, payroll, etc being siphoned off for other companies. Ended the sale is the best case. The problem, besides upcoming litigation, is we will eventually need a new owner that wants to keep the team in Minnesota. That’s been problematic in the past.

[Note30]

It looks like Arod and Lore messed up.

Lore paid for the majority of the first large payment to Glen Taylor. 27% of the 36% they current own of the Minnesota Timberwolves.

Lore then used the rest of his money to finance and work on his new company Wonder which is why he hasn’t been seen or attended any games this season like he was last year when he was visable at almost every home game.

Arod was to finance the majority of the second 40% ownership of the team and couldn’t come up with the money because he was trying to charge investors a premium price to join him and lore. They paid for the wolves at a valuation or 1.5 billion but we’re charging people a valuation of 2.3 billion to join.

Glen Taylor is gonna win this in court easy because simply the young guys didn’t and couldn’t pay on time.

Wait seriously? So basically ARod **** over Lore and now Lore has a huge share he can't easily sell?

[UnFadeable21]

It looks like Arod and Lore messed up.

Lore paid for the majority of the first large payment to Glen Taylor. 27% of the 36% they current own of the Minnesota Timberwolves.

Lore then used the rest of his money to finance and work on his new company Wonder which is why he hasn’t been seen or attended any games this season like he was last year when he was visable at almost every home game.

Arod was to finance the majority of the second 40% ownership of the team and couldn’t come up with the money because he was trying to charge investors a premium price to join him and lore. They paid for the wolves at a valuation or 1.5 billion but we’re charging people a valuation of 2.3 billion to join.

Glen Taylor is gonna win this in court easy because simply the young guys didn’t and couldn’t pay on time.

Wait seriously? So basically ARod **** over Lore and now Lore has a huge share he can't easily sell?

Yup Lore owns 27%, Arod owns 9%, Glen owns 60% then minority owners own 4% of the wolves

[Note30]

It looks like Arod and Lore messed up.

Lore paid for the majority of the first large payment to Glen Taylor. 27% of the 36% they current own of the Minnesota Timberwolves.

Lore then used the rest of his money to finance and work on his new company Wonder which is why he hasn’t been seen or attended any games this season like he was last year when he was visable at almost every home game.

Arod was to finance the majority of the second 40% ownership of the team and couldn’t come up with the money because he was trying to charge investors a premium price to join him and lore. They paid for the wolves at a valuation or 1.5 billion but we’re charging people a valuation of 2.3 billion to join.

Glen Taylor is gonna win this in court easy because simply the young guys didn’t and couldn’t pay on time.

Wait seriously? So basically ARod **** over Lore and now Lore has a huge share he can't easily sell?

Yup Lore owns 27%, Arod owns 9%, Glen owns 60% then minority owners own 4% of the wolves

LOL.

[guest81]

No. But do you believe we’d be here if a different GM drafted Wiseman instead of Ant?

We’re in a great position, but it’s the accumulation of a lot of good decisions by a lot of people.

none of which is glen taylor

Umm, you give credit to ARod and Lore for the moves their GM did, but don’t give credit to Taylor for the moves his GM did?

Step back and try to feign objectivity.

Glens gms? Which one? The one that signed Joe Smith under the table? The one that drafted Flynn over curry? The one who drafted Shabazz over giannis? Or did you just become a timberwolves fan the past two years?

[shrink]

none of which is glen taylor

Umm, you give credit to ARod and Lore for the moves their GM did, but don’t give credit to Taylor for the moves his GM did?

Step back and try to feign objectivity.

Glens gms? Which one? The one that signed Joe Smith under the table? The one that drafted Flynn over curry? The one who drafted Shabazz over giannis? Or did you just become a timberwolves fan the past two years?

Have you watched the last two years? Ant is pretty good, and he was selected by Taylor’s GM. Taylor’s GM drafted Jaden, and Taylor’s GM picked Finch, even when there was a public outcry against it.

Yes, Taylor has made many mistakes, but if you only give your side credit for wins, you aren’t fairly accessing the situation. No credit for Ant? “None?”

Dude! Come back to earth. Your hate is making you irrational, and it’s embarrassing.