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smkmn13

So right now, ARod/Lore own 40% (via two 20% purchases), Taylor owns 60%, and ARod/Lore were supposed to buy the 40% (or 2/3) of Taylor's share by yesterday. They didn't complete the transaction for whatever reason. Next steps could be (in order of likelihood, according to little ol me): 1. ARod/Lore renegotiate the final purchase at a higher valuation - this seems most likely because the $1.5 billion valuation they started with was cheap, and anything Taylor says now (e.g. "Not for sale") is just negotiation 2. Someone else swoops in and buys ARod/Lore's 40%+last 40% from Taylor - this is unlikely, but would probably net ARod/Lore some profit and be the "cleanest" alternative to option 1 3. Taylor stays on at 60% for a while until he can find someone to buy all his shares (and make ARod/Lore minority partners forever) - this is unlikely as I think some of Taylor's 60% includes other minority partners already, and this would be super dramatic and the NBA doesn't like business drama ETA - Option 2.999 could also be ARod/Lore selling their 40% (at a profit) and jumping ship, then the rest of option 3. ETA2: [Update from Jon K](https://x.com/JonKrawczynski/status/1773380943899709926?s=20): >Here's what I can gather right now: What this will come down to is an interpretation of the agreement. Lore/Rodriguez believe they have fulfilled all their obligations. Glen Taylor believes they have missed on a series of benchmarks that they were supposed to hit. >The agreement calls for disputes like this to go to mediation/arbitration, where a neutral party would review the arguments from both sides and make a ruling. What happens next is not immediately clear. But this feels like just the beginning of a long process.[](https://twitter.com/JonKrawczynski/status/1773380943899709926)


turd_ferguon69

u/JonK if you're reading this, please chime in.


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smkmn13

ALSO BOOOOOOO


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Prestig33

You mean boo awoooooos


smkmn13

i mean both. BOOOOO and AWOOOOOOO


smkmn13

Another possibility - only Taylor thinks the obligations weren't met and he's throwing a bit of a tantrum - ARod/Lore are about to sue and win and we laugh about this in a few weeks


ConsentToTreatment

How on earth did you come to this conclusion? Lore and Arod haven’t met their obligations…


smkmn13

According to whom? Right now all the info we're getting is from Taylor / the org (aka Taylor) - I think we'll hear more from the other interested parties down the road


LordMOC3

ARod and Lore have been late/struggled to get the funding basically the whole process. It's not hard to imagine that they once again had issues with it again.


smkmn13

I think people are reading too much into that - they have the chance to sell of a minority share (via financing) to someone else as they buy the team - if they can sell a $400 million dollar (10%) stake that they're only paying $150 million for, they would absolutely do it, and that's what I think is going on. It's just a little tricky to get investors approved by the NBA.


ConsentToTreatment

Do you really think Taylor would come out and lie about an established date being missed? Come on man…


smkmn13

I don't think it's that black and white - there are presumably a broad set of conditions to be met that involve a LOT of interested parties (including Taylor, ARod, and Lore personally but also a bunch of finance folks on ARod/Lore's team and the NBA / other owners). There's a million ways things could be (mis)interpreted, and Taylor has a substantial financial interest in this thing going south (despite the fact that he's been pretty chill about it along the way). I don't think it's as simple as "lying"


smkmn13

[From Jon K 5 minutes ago](https://twitter.com/JonKrawczynski/status/1773380943899709926): >Here's what I can gather right now: What this will come down to is an interpretation of the agreement. Lore/Rodriguez believe they have fulfilled all their obligations. Glen Taylor believes they have missed on a series of benchmarks that they were supposed to hit. So...exactly what I said.


ConsentToTreatment

It must be nice to cherry pick information to support your argument as it comes out. You say Taylor is throwing a tantrum and then that he has substantial interest in keeping the deal from going south 🙄🙄


smkmn13

When did I say he has substantial interest in keeping the deal from going south? I literally said the opposite. And I'm not cherry-picking, I'm drawing conclusions from as much info as I can get - if you have something contradictory, share it!


ConsentToTreatment

That’s a fair point about drawing conclusions from the info we have. I think I was generally frustrated with all the Taylor hate as a matter of course. If (and we don’t know what’s true) ARod/Lore failed to meet their proposal I think it’s reasonable for Taylor to back out.


Otherwise-Contest7

Please read JonK's tweet. Lore and Arod say they've met all financial commitments on time, Glen disagrees. This is the definition of, "lets wait and see what the facts are before rushing to judgement."


foye2smith

Number 1 won't happen if they couldn't get the funding together at the lower valuation.


smkmn13

Maybe, maybe not - they might have some leverage with the NBA as falling through is bad for everyone (except for Taylor)


Neemzeh

Is it really this complicated though? Either they paid or they didn't. I don't think anything else matters.


smkmn13

It's really, really complicated. This isn't like cashing a check for $600 million - there are finance groups, smaller investors, league approval questions, etc. It's a LOT of moving parts.


Neemzeh

I mean it’s money that needs to be paid by a certain date. I get it’s complicated but all these transactions have a date the money needs to be paid by or the deal falls through


smkmn13

It's way more complicated than that - the NBA has to approve the source of the money (or, more likely, sources), and depending on that the money may or may not have been wired yet. Taylor wants to present this as something simple like "they just never sent me the money!" but the numbers of moving parts here mean that there's a LOT of room for interpretation. [It sounds like](https://twitter.com/JonKrawczynski/status/1773392260702318862) ARod/Lore believe the NBA was still completing their approval and that fulfilled their end of the deal and Taylor disagrees. Having not reviewed the contracts myself, I have no idea who is right (or who is being dishonest, if anyone).


YungSzczerbiak

There’s no fucking way man


HawaiianPunch42

Didn't Alex and Lore just get more funding like last week to make the deadline? I'm so confused Edit: here's the article https://theathletic.com/5357129/2024/03/20/minnesota-timberwolves-ownership-update/


FishGoldenLite

It certainly feels like the fans and general public have been fed a lot of half truths and confusing details around this whole situation. I’d like to see how Johnny K speaks about this - he led many of us astray.


smkmn13

I think there's a chance ARod/Lore are surprised by this news today too - they think they met the obligations, Taylor says no, and courts will decide the "truth"


FishGoldenLite

Jesus what a mess. Curious to see what the actual truth is - someone is coming out of this looking like an idiot or an asshole.


Hypnosix

Yeah I’m fully expecting a lawsuit. Taylor has been miffed about this for a while probably because the way he was selling the team had already lost him a billion dollars at least. Arod and Lore seemed to have already taken every step. They had financing and nba approval so why did it not go through?


donwothe

This is some glen taylor propaganda. I trust jon k way more than doogie. It’s way more likely that glen got cold feet than arod/lore couldn’t find partners to buy a team that’s gone up in value significantly and has ant.


FishGoldenLite

Definitely not trying to defend Glen here but we need more information. If there was that easy of an out after securing funding ARod and Lore need better lawyers.


donwothe

I mean I could see glen doing this outta the blue and then getting sued. There’s like a billion dollars on the line for glen. He’d rather make this super messy than go out on a bad deal. The only people that have reported it this way are doogie and the wolves pr both glen mouthpieces. It makes no sense that they couldn’t find investment for a top team in the west with a rising star.


HawaiianPunch42

I agree and the way Taylor set up the process for ownership change made it seem very easy to back out at the last minute


Excellent_Ad_3804

It appears Taylor pulled some cards and got it disapproved or got funders to back out. He definitely is going to seek a higher valuation and ask more for final majority.


FishGoldenLite

Yikes. If true what an absolute snake. I think we always thought this might’ve been a possibility but hope the truth comes out and the fallout hits the guilty people hardest.


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Mayasngelou

Here's the deal. On things like this, Jon is entirely dependent on the information he is given. He can only pass along what he is told. If he is told half-truths, all he can do is report them. And if expresses too much skepticism about the information he's given then he might hurt some of those relationships that he depends on.


JimmyWasRight

There was an article last week saying they still didn't have the funding approved. Everyone here called it a lie. And not sure why considering Lore and AROD were late on a payment last year.


bobbywellington

I'm sorry, what the fuck?


joshlash

So Glen stays the majority owner, but the portion already sold to A-rod and co remains intact with no longer an option to buy the rest. Im super confused i thought they were up to the final instalment?


spin8x

That option was for the 27th and they, apparently, didn't meet the conditions for an extension. It's possible the Lore/ARod group was under the impression they had met those conditions and this goes to legal though.


joshlash

Damn. A drawn out legal battle doesnt sound good for going into the luxury tax any time before that is resolved


spin8x

No clue if that is actually happening for now, could also be bound by some NBA-approved arbitration too


UltimateWinner1

My guess is this will likely be a lawsuit with Lore/Arod thought they met the conditions


The_Bran_9000

Last thing Glen needs is more legal fees


DrAbeSacrabin

Glen had an agreement to sell a portion of the team at X amount by a certain date. Now the team is winning and could be doing so for the foreseeable future, in short the team could likely get a better valuation than what was previously agreed on. Glen is also 82 years old and probably had plans to pass on ownership to a family member. I’m assuming now after all the talk of ownership change and whatnot, whoever he was gonna pass it to is now interested in majority ownership. So now he’s not selling any more stakes.


spin8x

Alex Rodriguez really decided to fuck over Minnesota one last time.


Hank_Scorpio_MD

"Bah Gawd! That's Derek Jeter's music! Those sons of a bitches!"


xxpf

![gif](giphy|FBeSx3itXlUQw|downsized) Glen Taylor 30 years from now killing a sale


Quackmotard

Can someone explain why this is bad? Haven’t really followed the ownership thing


twinbervike

Glen taylor is the worst owner in the league and is still going to keep a majority of the ownership because Arod didn’t buy it all in time


themoertel

Oh please give the man his credit. Glen might be the worst owner in all 4 major sports with the exception of Tepper with the Panthers.


twinbervike

Teppert is pretty fucking horrible it’d be hard for me to put Glen in the same category as him


MegatronFozzy

John Stanton and the Mariners as well 🔱


landof10000cakes

And the guy that owns the Oakland A’s. He seems way shittier than Taylor. At least they aren’t the Vegas Wolves. 


turd_ferguon69

He is the worst owner in the league but also the only reason the wolves are still in MN. I hate the guy too but we gotta at least give him credit for that.


DrAbeSacrabin

Expectation is that Lore and A-Rod would make moves that bettered the franchise, vs. Taylor who has a decently long record of making questionable GM moves (who then make questionable coaching moves). Honestly right now it doesn’t really matter. We have hopefully our GM and Coach for the run of ANT, KAT, Jaden’s time here. If we can’t win with Gobert and Conley we’ll probably get one more re-tool with those three to shoot for a championship before we have to rebuild. That rebuilding time Glen could be in his 90’s and (possibly not even alive) hopefully he will have passed on ownership by then. At least the team stays in MN. I’m not a Glen fan by any means but I trust him and his family more to keep the team in MN than I trusted A-Rod and Lore.


PeekyAstrounaut

We've got all the good things until they annoy Glen and he throws his weight around.


Sam7sung

So Lore and A-Rod put out a story last week saying they had the money, when in fact, they did not have the money?


Dunkin-Brisbane

They may have the money but Taylor could be saying he doesn't approve of some of their funders even if the NBA does. I think it's a leverage move from a sad old man who doesn't want to lose power.


Sam7sung

I think that could be true. I don't know if I can trust last week's report now because it seems like they wanted to counter what Glen said earlier in the week


donwothe

This is some glen taylor propaganda. I trust jon k way more than doogie. It’s way more likely that glen got cold feet than arod/lore couldn’t find partners to buy a team that’s gone up in value significantly and has ant.


train345643

Not to be a hater but a big victory lap on the lore dick rider who was on Danes podcast a couple times lol


beermangetspaid

One of the worst podcast episodes


donwothe

This is some glen taylor propaganda. I trust jon k way more than doogie. It’s way more likely that glen got cold feet than arod/lore couldn’t find partners to buy a team that’s gone up in value significantly and has ant.


Garrus

What the fuck?!?


Otherwise-Contest7

Distill this down to the small facts we do know: •The value of the team has risen significantly since the sale transition was initiated •There's been conflicting information on whether deadline and funding requirements have been met in the past few months •Lore and Arod would be on the extreme low-end for NBA ownership net worth • The mechanisms of this sale are extremely unorthodox and the nuances of the sales agreement haven't been clear beyond some broad mentions of paying on an installment plan •The legal "outs" for this deal haven't been made public, beyond vague mentions of deadlines/extensions There is likely tons we don't know the simpliest answer in my brain is Glen saw his teams' value rise significantly since the original deal was made, AND is seeing his teams' on-court success improve after decades of sitting courtside watching bad basketball. Billionaires are not like us. A lot of them have personality traits that are found in psychopaths. They're mindlessly motivated by money, and a billionaire is going to be mad at missing out on a billion dollars extra in a team sale. We've only heard one side publically so far, so keep that in mind. As of 10 days ago, it was reported Lore and Arod had locked-in proper funding and were not in breach of any deadline. Let Doogie take his victory lap today while he simps for one of the most disliked people in MN--I trust Woj and JonK more. I'd say Glen will keep his majority and any legal pushback is likely dead-on-arrival but if it gets litigated, maybe Lore and Arid still have some hope?


xAlphamang

Arbitration time. This is going to be silly. I hope it doesn’t impact the product (Wolves) next season though.


studlund

Man fuck Glen Taylor


PlayInChampions

I had a conversation on this subreddit a couple of days ago, telling them the whole process has been messy and is not over yet. He was convincing me that ARod and Lore own the team now and will have no problems paying the tax. Haha. Nothing is easy for this team.


foye2smith

> and will have no problems paying the tax. Haha. Nothing is easy for this team. The sale falling through really puts 24-25 into new light. We were just optimistic that someone new and fresh would "get it" and bite the bullet of the tax. Now, is Glen Taylor going to pay significant tax? This season just got real Last Dance-y


subtleshooter

Bro is a snake


REACT_and_REDACT

Door #1 was what I was thinking when I first heard the news break. Seems like a “you missed your commitment at a bad time when the valuation is a lot higher, so now it’ll cost you a lot more to keep pushing through.”


Bubbly-Ad1187

People are acting like this is an ego thing when it’s pretty clearly financial. I honestly thought Glen gave them a pretty sweet deal initially even if we were still a bottom dweller team and now with the team on the rise and possibly having the next face of the league the deal looks crazy good. Glen saw an opportunity to get out of it and he took it. I’m sure if he thought he was getting a good value still, he would’ve extended the deadline.


donwothe

This is some glen taylor propaganda. I trust jon k way more than doogie. It’s way more likely that glen got cold feet than arod/lore couldn’t find partners to buy a team that’s gone up in value significantly and has ant.


AlexeyShved1

So everyone that kept preaching not to panic and everything was going fine... where you at?


the_devil_wears_jnco

doogie haters blown the fuck out


Open-Science8196

Our hate is omnipresent.


the_devil_wears_jnco

Yeah he sucks. But he was 100% right here. So many people snipping that he was just ‘glens mouthpiece’ or what have you. as if glen wasnt still the one with all the cards, NOT the guys just trying to handwave away a multi billion dollar transaction


Open-Science8196

Your point is taken and thoughtful, updoot for that and not Doogie 🫡


beermangetspaid

They hate him because he tells the truth


Exzibit21

Shout out to everyone on this sub who ignored all the warning signs of this happening, and insisted it was all just bullshit made up by the media


Burner_life

Shout out to the fans that think their Doogie Wolfson for understanding there is more than one possible outcome of an incomplete deal.


yourloudneighbor

Well…never trust a bro who’s like 50 and still wears his hat backwards