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

[UnFadeable21]

Lore's apparently got some of the best attorneys in the world

"Wachtell, Lipton, Rosen & Katz is an American law firm in New York & considered to be the top firm in the United States for major
mergers and acquisitions."

Glens got his work cut out for himself.

[KGdaBom]

Glen Taylor has now kicked Lore and Arod out of Target Center lmao

As soon as he issued his statement Thursday, Taylor’s attorney also informed Rodriguez and Lore that they were no longer allowed to be in the back hallways of Target Center where that owners’ suite is located, and that they were not to communicate with president of basketball operations Tim Connelly, CEO Ethan Casson or any of the principal leaders of the basketball and business departments.

“It feels very much like a slap in the face and much more personal than even just about the money,” Lore said.

Neither side appears ready to back down.

“It is now personal,” Rodriguez said. “We can be in this (fight) for five years, 10 years, whatever. We’re not going to let go.”

Added Lore: “We will use every ounce of effort here to enforce the contract that Glen broke. So that means time, capital, whatever means necessary.”

This right here is what shows to me Glen's true colors.

Whether or not this final payment was made on time or whatever, Lore and Rodriguez are bought in as minority owners of the franchise.

Glen's words yesterday: "I will work with them, as I do with my other limited [partners].''

So this is how Glen treats his limited partners?! By barring them from the arena and from communicating with team employees?!

He barred them because they refused to work with him. They are suing him instead.

[Nick K]

Glen Taylor has now kicked Lore and Arod out of Target Center lmao

As soon as he issued his statement Thursday, Taylor’s attorney also informed Rodriguez and Lore that they were no longer allowed to be in the back hallways of Target Center where that owners’ suite is located, and that they were not to communicate with president of basketball operations Tim Connelly, CEO Ethan Casson or any of the principal leaders of the basketball and business departments.

“It feels very much like a slap in the face and much more personal than even just about the money,” Lore said.

Neither side appears ready to back down.

“It is now personal,” Rodriguez said. “We can be in this (fight) for five years, 10 years, whatever. We’re not going to let go.”

Added Lore: “We will use every ounce of effort here to enforce the contract that Glen broke. So that means time, capital, whatever means necessary.”

Glen is looking worse by the moment, if true. He probably doesn't realize how bad. Kicking them out is childish. It's time for Glen to take his money and run.

[Klomp]

He barred them because they refused to work with him. They are suing him instead.

When did they refuse to work with him?

[Klomp]

Read on Twitter

[thinktank]

I hope the NBA is paying attention.

It worries me that Taylor ran the owners group, or whatever.

Those owners are powerful.

[Klomp]

Read on Twitter

[Klomp]

I hope the NBA is paying attention.

It worries me that Taylor ran the owners group, or whatever.

Those owners are powerful.

I was thinking about that....however, I feel like it was a different NBA and largely a different group of owners. I would be more worried if the late David Stern was still running things. But I feel like Silver is more likely to side with Lore and Rodriguez.

[guest81]

Read on Twitter

Glen has to go. You can't win with him as owner

[thinktank]

I hope the NBA is paying attention.

It worries me that Taylor ran the owners group, or whatever.

Those owners are powerful.

I was thinking about that....however, I feel like it was a different NBA and largely a different group of owners. I would be more worried if the late David Stern was still running things. But I feel like Silver is more likely to side with Lore and Rodriguez.

I wonder how that works.

So the owners all vote on things like this?

If so, ****.

[Worm Guts]

Well this is turning out to be awesome. Ugh

[KGdaBom]

He barred them because they refused to work with him. They are suing him instead.

When did they refuse to work with him?

I take their acrimony and talking about 10 years of legal battles as not working with him.

[Klomp]

Read on Twitter

[KGdaBom]

Read on Twitter

I think Lore and A Rod can get an injunction against being barred while the issues are being resolved. If I were a judge I would side with them on that.

[younggunsmn]

The more I read into this, the more apparent it becomes that Lore and Rodriguez do not have the money to be the owners of a pro sports team. From Reusse article today, Lore was trying to get Taylor to invest in another of his ventures this summer.
Lore on paper worth 4 billion but really only 1 billion of that is his.

The most concerning thing that I read was that the equity groups they are trying to bring in were going to have to make half of the last payment, amounting to 300 million dollars.

Those were more high-interest loans than investments, with 25-30 million coming out of operating revenue each year to pay the interest on those bonds. That should concern the hell out of every wolves fan when we are looking at enormous luxury tax bills and likely large operating losses the next few years.

Lore and Rodriguez were going to have to use the money they made from selling off minority stakes at a ~70% markup from what they paid for them to finance the operation of the team. They are not personally wealthy enough to do it out of pocket.
And there is nothing to stop them from putting that money in their pocket or into another of their businesses.

This deal smelled bad from the beginning, and Glen Taylor was a fool to deal with these guys.
The drawn out structure, the multiple extensions, the begging for investors.

As much as I can't stand Glen Taylor, he has the money to fund the team in perpetuity.
Even were he not a billionaire, he owns an asset worth 2.5+ billion that he paid 94 million dollars for.
He can run losses for the next 50 years and any banker would still back him.

I don't like the question of succession with him, we know next to nothing about his kids other than he bought a paper for his daughter to turn into her own personal Huffington Post.

But If Lore and Rodriguez win out on this, I fear it's likely the team will either be bankrupt or moved in short order.
Fortunately, the way things look, there is little chance the NBA board of Governers approve a hedge fund taking such a big stake in a team. If the courts don't kill this for Lore and Rodriguez, the NBA likely will.

[younggunsmn]

Read on Twitter

I think Lore and A Rod can get an injunction against being barred while the issues are being resolved. If I were a judge I would side with them on that.

Locking them out is the right move.

Possession is 9/10 of the law and right now Glen has possession.

The last thing this team needs is for this crap to play out in public on the floor of the arena.

[Klomp]

The last thing this team needs is for this crap to play out in public on the floor of the arena.

And yet, that's exactly what Glen chose to do by putting out that press release yesterday.

[younggunsmn]

The last thing this team needs is for this crap to play out in public on the floor of the arena.

And yet, that's exactly what Glen chose to do by putting out that press release yesterday.

As opposed to just letting it leak to the public?
The decision was made. Better to rip the band-aid off.

[Nick K]

The more I read into this, the more apparent it becomes that Lore and Rodriguez do not have the money to be the owners of a pro sports team. From Reusse article today, Lore was trying to get Taylor to invest in another of his ventures this summer.
Lore on paper worth 4 billion but really only 1 billion of that is his.

The most concerning thing that I read was that the equity groups they are trying to bring in were going to have to make half of the last payment, amounting to 300 million dollars.

Those were more high-interest loans than investments, with 25-30 million coming out of operating revenue each year to pay the interest on those bonds. That should concern the hell out of every wolves fan when we are looking at enormous luxury tax bills and likely large operating losses the next few years.

Lore and Rodriguez were going to have to use the money they made from selling off minority stakes at a ~70% markup from what they paid for them to finance the operation of the team. They are not personally wealthy enough to do it out of pocket.
And there is nothing to stop them from putting that money in their pocket or into another of their businesses.

This deal smelled bad from the beginning, and Glen Taylor was a fool to deal with these guys.
The drawn out structure, the multiple extensions, the begging for investors.

As much as I can't stand Glen Taylor, he has the money to fund the team in perpetuity.
Even were he not a billionaire, he owns an asset worth 2.5+ billion that he paid 94 million dollars for.
He can run losses for the next 50 years and any banker would still back him.

I don't like the question of succession with him, we know next to nothing about his kids other than he bought a paper for his daughter to turn into her own personal Huffington Post.

But If Lore and Rodriguez win out on this, I fear it's likely the team will either be bankrupt or moved in short order.
Fortunately, the way things look, there is little chance the NBA board of Governers approve a hedge fund taking such a big stake in a team. If the courts don't kill this for Lore and Rodriguez, the NBA likely will.

I think your financial facts on LO/ROD are faulty. They have plenty of money to run this franchise. Plus they have additional financial backing from their recently acquired limited partner. In fact they say they will break even on the team this year and turn a small profit next year.

[guest81]

The last thing this team needs is for this crap to play out in public on the floor of the arena.

And yet, that's exactly what Glen chose to do by putting out that press release yesterday.

As opposed to just letting it leak to the public?
The decision was made. Better to rip the band-aid off.

Do you think they'll glue themselves to the floor or what?