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RE: Timberwolves 2023 - 2024 Season

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RE: Timberwolves 2023 - 2024 Season - 3/28/2024 11:44:42 AM   
David Levine


Posts: 76784
Joined: 7/14/2007
From: Las Vegas
Status: offline 		As it stands, this appears to come down to Taylor’s interpretation of the agreement versus the view of Lore and Rodriguez, who believe that last week’s filing of financial commitment letters was enough to show that the process can move forward.

Taylor’s view, according to the statement, is that when Lore and Rodriguez exercised their option to buy the final 40 percent in the deal, that opened a 90-day window for them to complete the entirety of closing. The agreement required Lore and Rodriguez to complete several steps in that window so that when March 27th arrived, everything was finished.

But Taylor’s view of the agreement shows that the prospective owners have missed several benchmarks along the way, including not yet going under a final review from the NBA’s finance committee, not receiving a letter of approval or a vote from the board of governors. No money has been exchanged yet, either.

Taylor believes that because those obligations were not fulfilled, Lore and Rodriguez were not eligible for an extension to finish that process and the option, therefore, has expired. Assuming Taylor does retain full control of the team, he is not expected to put it back on the market, league sources told The Athletic.

Lore and Rodriguez will likely argue that they fulfilled all of their obligations and were eligible to get the final 90-day extension to go through the league approval process, the vote from the Board of Governors and ascend to controlling owners.

Whether this eventually lands in the court system, is resolved through mediation/arbitration or some other way remains to be seen.

https://theathletic.com/5375544/2024/03/28/timberwolves-lynx-lore-rodriguez-ownership/
Post #: 376
RE: Timberwolves 2023 - 2024 Season - 3/28/2024 11:55:31 AM   
TJSweens


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Status: offline 		Taylor even f***ed up selling the team. No surprise there.

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Post #: 377
RE: Timberwolves 2023 - 2024 Season - 3/28/2024 12:17:16 PM   
twinsfan


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Status: offline 		A-Rod and Lore will bolt. Why would they stick around as co-owners with someone they can't have a good working relationship with?

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Post #: 378
RE: Timberwolves 2023 - 2024 Season - 3/28/2024 12:42:13 PM   
David Levine


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quote:

ORIGINAL: TJSweens

Taylor even f***ed up selling the team. No surprise there.


This appears to be a shady, incompetent seller mixed with a shady incompetent buyer.

Lore and ARod tried to cash in on the appreciation before even having the money to buy the team.

By trying to bring in investors at a current valuation, and not what they agreed to pay, they were basically trying to buy the team for free, while cutting Glen out of the profits.
Post #: 379
RE: Timberwolves 2023 - 2024 Season - 3/28/2024 12:43:02 PM   
David Levine


Posts: 76784
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From: Las Vegas
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quote:

ORIGINAL: twinsfan

A-Rod and Lore will bolt. Why would they stick around as co-owners with someone they can't have a good working relationship with?


Its not that easy. They have 600M tied up in the team.

Nothing is going to happen until a lot of lawyers are involved.
Post #: 380
RE: Timberwolves 2023 - 2024 Season - 3/28/2024 12:47:25 PM   
twinsfan


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Status: offline 		A-Rod and Lore stated they have in fact met all the commitments. Sounds like Taylor has seller's remorse.

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Post #: 381
RE: Timberwolves 2023 - 2024 Season - 3/28/2024 1:12:00 PM   
David Levine


Posts: 76784
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From: Las Vegas
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quote:

ORIGINAL: twinsfan

A-Rod and Lore stated they have in fact met all the commitments. Sounds like Taylor has seller's remorse.


Lore and A-Rod seem to believe that the requirement was to submit the paperwork and financial documentation to the league by the deadline, while Glen Taylor is saying the deal needed to be approved by the league before the deadline.
Post #: 382
RE: Timberwolves 2023 - 2024 Season - 3/28/2024 1:18:36 PM   
Phil Riewer


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quote:

ORIGINAL: twinsfan

A-Rod and Lore stated they have in fact met all the commitments. Sounds like Taylor has seller's remorse.


?? they have been late on the last 3 payments and at least 90 days late on the final payment (where it wouldn't have been approved by the NBA board as they needed 300 million of the 600 million from an outside source).....odds are Taylor will wait until this plays out and sell it again within a year.

Doogie Wolfson has been on that sad truth for over 6 months....they just don't have the money to complete the sale.

< Message edited by Phil Riewer -- 3/28/2024 1:19:53 PM >

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Post #: 383
RE: Timberwolves 2023 - 2024 Season - 3/28/2024 1:20:31 PM   
twinsfan


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quote:

ORIGINAL: Phil Riewer

quote:

ORIGINAL: twinsfan

A-Rod and Lore stated they have in fact met all the commitments. Sounds like Taylor has seller's remorse.


?? they have been late on the last 3 payments and at least 90 days late on the final payment (where it wouldn't have been approved by the NBA board as they needed 300 million of the 600 million from an outside source).....odds are Taylor will wait until this plays out and sell it again within a year.

Doogie Wolfson has been on that sad truth for over 6 months....they just don't have the money to complete the sale.

Taylor will have to return all the money he's already received.

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Post #: 384
RE: Timberwolves 2023 - 2024 Season - 3/28/2024 1:23:31 PM   
David Levine


Posts: 76784
Joined: 7/14/2007
From: Las Vegas
Status: offline
quote:

ORIGINAL: twinsfan

quote:

ORIGINAL: Phil Riewer

quote:

ORIGINAL: twinsfan

A-Rod and Lore stated they have in fact met all the commitments. Sounds like Taylor has seller's remorse.


?? they have been late on the last 3 payments and at least 90 days late on the final payment (where it wouldn't have been approved by the NBA board as they needed 300 million of the 600 million from an outside source).....odds are Taylor will wait until this plays out and sell it again within a year.

Doogie Wolfson has been on that sad truth for over 6 months....they just don't have the money to complete the sale.

Taylor will have to return all the money he's already received.


Why?
Post #: 385
RE: Timberwolves 2023 - 2024 Season - 3/28/2024 1:27:27 PM   
Phil Riewer


Posts: 26337
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From: MN
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quote:

ORIGINAL: twinsfan

quote:

ORIGINAL: Phil Riewer

quote:

ORIGINAL: twinsfan

A-Rod and Lore stated they have in fact met all the commitments. Sounds like Taylor has seller's remorse.


?? they have been late on the last 3 payments and at least 90 days late on the final payment (where it wouldn't have been approved by the NBA board as they needed 300 million of the 600 million from an outside source).....odds are Taylor will wait until this plays out and sell it again within a year.

Doogie Wolfson has been on that sad truth for over 6 months....they just don't have the money to complete the sale.

Taylor will have to return all the money he's already received.


Umm no they sell their share if they want out....can be to Taylor or another party.

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Post #: 386
RE: Timberwolves 2023 - 2024 Season - 3/28/2024 1:40:29 PM   
David Levine


Posts: 76784
Joined: 7/14/2007
From: Las Vegas
Status: offline 		Lore and ARod did not have a deal to buy 80% of the team.

They had a deal that included 3 options, all with deadlines.

A 20% option.
A 2nd 20% option if they exercised the 1st option.
Finally a 40% option if they exercised the first 2 options.

So they outright own 40% (technically it may be 36% according to Glen). And even though they intended to make the final 40% option, they apparently missed their deadline.

If that is true, it doesn't invalidate the previous 2 options.

But I bet Glen would be more than happy to buy back their stake for the 600M they spent.
Post #: 387
RE: Timberwolves 2023 - 2024 Season - 3/28/2024 1:51:14 PM   
Phil Riewer


Posts: 26337
Joined: 8/24/2007
From: MN
Status: offline
quote:

ORIGINAL: David Levine

Lore and ARod did not have a deal to buy 80% of the team.

They had a deal that included 3 options, all with deadlines.

A 20% option.
A 2nd 20% option if they exercised the 1st option.
Finally a 40% option if they exercised the first 2 options.

So they outright own 40% (technically it may be 36% according to Glen). And even though they intended to make the final 40% option, they apparently missed their deadline.

If that is true, it doesn't invalidate the previous 2 options.

But I bet Glen would be more than happy to buy back their stake for the 600M they spent.


+1
The value of the Twolves has doubled....so that is worth 1.2 billion now...2.5 billion total.

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Post #: 388
RE: Timberwolves 2023 - 2024 Season - 3/28/2024 1:56:45 PM   
twinsfan


Posts: 62398
Joined: 12/21/2009
Status: offline
quote:

ORIGINAL: Phil Riewer

quote:

ORIGINAL: David Levine

Lore and ARod did not have a deal to buy 80% of the team.

They had a deal that included 3 options, all with deadlines.

A 20% option.
A 2nd 20% option if they exercised the 1st option.
Finally a 40% option if they exercised the first 2 options.

So they outright own 40% (technically it may be 36% according to Glen). And even though they intended to make the final 40% option, they apparently missed their deadline.

If that is true, it doesn't invalidate the previous 2 options.

But I bet Glen would be more than happy to buy back their stake for the 600M they spent.


+1
The value of the Twolves has doubled....so that is worth 1.2 billion now...2.5 billion total.

So it was a scheme by Taylor.

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Post #: 389
RE: Timberwolves 2023 - 2024 Season - 3/28/2024 1:57:23 PM   
David Levine


Posts: 76784
Joined: 7/14/2007
From: Las Vegas
Status: offline
quote:

ORIGINAL: twinsfan

quote:

ORIGINAL: Phil Riewer

quote:

ORIGINAL: David Levine

Lore and ARod did not have a deal to buy 80% of the team.

They had a deal that included 3 options, all with deadlines.

A 20% option.
A 2nd 20% option if they exercised the 1st option.
Finally a 40% option if they exercised the first 2 options.

So they outright own 40% (technically it may be 36% according to Glen). And even though they intended to make the final 40% option, they apparently missed their deadline.

If that is true, it doesn't invalidate the previous 2 options.

But I bet Glen would be more than happy to buy back their stake for the 600M they spent.


+1
The value of the Twolves has doubled....so that is worth 1.2 billion now...2.5 billion total.

So it was a scheme by Taylor.


Or a complete screw up by Lore and ARod.
Post #: 390
RE: Timberwolves 2023 - 2024 Season - 3/28/2024 2:09:33 PM   
twinsfan


Posts: 62398
Joined: 12/21/2009
Status: offline
quote:

ORIGINAL: David Levine

quote:

ORIGINAL: twinsfan

quote:

ORIGINAL: Phil Riewer

quote:

ORIGINAL: David Levine

Lore and ARod did not have a deal to buy 80% of the team.

They had a deal that included 3 options, all with deadlines.

A 20% option.
A 2nd 20% option if they exercised the 1st option.
Finally a 40% option if they exercised the first 2 options.

So they outright own 40% (technically it may be 36% according to Glen). And even though they intended to make the final 40% option, they apparently missed their deadline.

If that is true, it doesn't invalidate the previous 2 options.

But I bet Glen would be more than happy to buy back their stake for the 600M they spent.


+1
The value of the Twolves has doubled....so that is worth 1.2 billion now...2.5 billion total.

So it was a scheme by Taylor.


Or a complete screw up by Lore and ARod.

You're a Glen's Greenback Guardian.

< Message edited by twinsfan -- 3/28/2024 2:12:35 PM >

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Post #: 391
RE: Timberwolves 2023 - 2024 Season - 3/28/2024 2:18:55 PM   
David Levine


Posts: 76784
Joined: 7/14/2007
From: Las Vegas
Status: offline
quote:

ORIGINAL: twinsfan

quote:

ORIGINAL: David Levine

quote:

ORIGINAL: twinsfan

quote:

ORIGINAL: Phil Riewer

quote:

ORIGINAL: David Levine

Lore and ARod did not have a deal to buy 80% of the team.

They had a deal that included 3 options, all with deadlines.

A 20% option.
A 2nd 20% option if they exercised the 1st option.
Finally a 40% option if they exercised the first 2 options.

So they outright own 40% (technically it may be 36% according to Glen). And even though they intended to make the final 40% option, they apparently missed their deadline.

If that is true, it doesn't invalidate the previous 2 options.

But I bet Glen would be more than happy to buy back their stake for the 600M they spent.


+1
The value of the Twolves has doubled....so that is worth 1.2 billion now...2.5 billion total.

So it was a scheme by Taylor.


Or a complete screw up by Lore and ARod.

You're a Glen's Greenback Guardian.


Nah.

You just, as usual, are way out of your depth.
Post #: 392
RE: Timberwolves 2023 - 2024 Season - 3/28/2024 2:29:26 PM   
David Levine


Posts: 76784
Joined: 7/14/2007
From: Las Vegas
Status: offline 		Dan Bowling (who has been on Dane Moore's podcast a few times during all this):

“These guys came in and helped me have the best team I’ve ever had. Now I can sell for more so I’m going to do all I can to do that” - what I hear him saying.

Whole thing is odd though. They definitely have enough money. Seems to me Glen is trying to get out of his own deal.

---------

They can totally afford it. So, from what I know, he’s just trying to back out of his own deal. Either totally legal or totally 🐍- we shall see.

Always interesting with Glen.

---------

Good news is, they do own 40% and that can’t be disputed. Also, Glen isn’t young and his fam doesn’t want it.

They all need to work together so I’m sure they will figure it out.

---------

I think they still close the deal. They believe they haven’t missed a deadline and also absolutely have enough money. Lore just put $100M into Wonder.

Glen has been on the record at least twice stating things that aren’t true, like when he said they missed the deadline of March 1st, when it’s really end of Q1.

Not sure what’s going on, but likely Glen to blame. We shall see though.
Post #: 393
RE: Timberwolves 2023 - 2024 Season - 3/28/2024 2:40:46 PM   
David Levine


Posts: 76784
Joined: 7/14/2007
From: Las Vegas
Status: offline 		Seth Kaplan@Seth_Kaplan
Glen Taylor with Chad Hartman when asked if the reason for this happening is because the franchise might be worth double what he was selling it for:
"Partly so, yes. I have a responsibility to those who have been on this ride for the last 40 years."

Amazing. Crude.
Post #: 394
RE: Timberwolves 2023 - 2024 Season - 3/28/2024 3:24:16 PM   
twinsfan


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quote:

ORIGINAL: David Levine

Seth Kaplan@Seth_Kaplan
Glen Taylor with Chad Hartman when asked if the reason for this happening is because the franchise might be worth double what he was selling it for:
"Partly so, yes. I have a responsibility to those who have been on this ride for the last 40 years."

Amazing. Crude.

Signed deals mean nothing to Glen. He's the Donald Trump of the NBA.

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Post #: 395
RE: Timberwolves 2023 - 2024 Season - 3/29/2024 8:58:39 AM   
Phil Riewer


Posts: 26337
Joined: 8/24/2007
From: MN
Status: offline
quote:

ORIGINAL: twinsfan

quote:

ORIGINAL: David Levine

Seth Kaplan@Seth_Kaplan
Glen Taylor with Chad Hartman when asked if the reason for this happening is because the franchise might be worth double what he was selling it for:
"Partly so, yes. I have a responsibility to those who have been on this ride for the last 40 years."

Amazing. Crude.

Signed deals mean nothing to Glen. He's the Donald Trump of the NBA.


Signed deal is what Lore and Arod screwed up...they haven't been on time....how does that work for accounting? Do you give 90 extensions on net 30 terms w/o interest?

Only so many times he was going to allow it before getting pissed off.

< Message edited by Phil Riewer -- 3/29/2024 11:24:19 AM >

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Post #: 396
RE: Timberwolves 2023 - 2024 Season - 3/29/2024 11:22:56 AM   
Karl Juhnke


Posts: 12506
Joined: 7/28/2007
Status: online
quote:

ORIGINAL: David Levine

quote:

ORIGINAL: twinsfan

A-Rod and Lore stated they have in fact met all the commitments. Sounds like Taylor has seller's remorse.


Lore and A-Rod seem to believe that the requirement was to submit the paperwork and financial documentation to the league by the deadline, while Glen Taylor is saying the deal needed to be approved by the league before the deadline.


Let the lawyers parse that one out. They will be the true winners here.

Seems like Glen saw the value of the team rise and used ARod and Lore's not strictly abiding by the requirements as an out to hang on a while longer and sell for more down the road.

I'm not rooting for either one in this mess. As long as they stay in MN I don't care.
Post #: 397
RE: Timberwolves 2023 - 2024 Season - 3/29/2024 10:50:48 PM   
David Levine


Posts: 76784
Joined: 7/14/2007
From: Las Vegas
Status: offline 		This is really starting to look ugly for Taylor…
Post #: 398
RE: Timberwolves 2023 - 2024 Season - 3/30/2024 2:05:36 AM   
Matt Lang


Posts: 5429
Joined: 7/30/2007
Status: offline 		The reddit summary of the A-Rod/Lore podcast is interesting. 3 parts that most stuck out to me:

1) Taylor was the one who insisted on the 3 year payment plan. (I actually kind of remember this because he wanted to pass on his “knowledge” or something)

2) He was against the Gobert trade

3) He said it was a waste of time trying to get Tim Connelly
Post #: 399
RE: Timberwolves 2023 - 2024 Season - 3/30/2024 2:13:37 AM   
Matt Lang


Posts: 5429
Joined: 7/30/2007
Status: offline 		Here’s the podcast

https://youtu.be/2GcFMyyGvTM?si=35ha3OXOi03MLVyF
Post #: 400
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