Shama: Glen Taylor: Equity Group Not in Place for Wolves Sale

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GopherWeatherGuy said:
There's one person that has caused all of the Wolves problems since they have existed - Glen Taylor.

Lore/ARod brought in a competent GM and now they've been one of the best teams in the West all season.

This reeks of Taylor messing shit up once again. This is bad for the Wolves when things were starting to head in the right direction.

The longer Taylor continues as a majority owner, the worse it is for this franchise.
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The only mistake Taylor made was entering into an agreement with them in 2021. He had his own reasons at the time I suppose.

These guys didn't perform. That's entirely on them.
 

TruthSeeker said:
The team is worth 60-100% more than when Taylor initially sold it.

A-Rod and Lore will make a ton of profit if a new sale happens.
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That's what I'm hoping. If their egos don't get in the way, Lore and ARod can make a very nice profit and go home.
 

jamiche said:
The only mistake Taylor made was entering into an agreement with them in 2021. He had his own reasons at the time I suppose.

These guys didn't perform. That's entirely on them.
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And yet now the team is suddenly 'no longer for sale'. That's what smells

And this team wasn't moving anywhere. You or anyone else has yet to come up with a logical destination of where that would be.

Seattle/LV are out due to expansion. Mexico City is laughable. No NBA ownership/star players are going to want to spend the majority of their time there. And Nashville has stadium fatigue with just the two franchises they have, and that has prevented them from landing a MLB team which makes way more sense there.
 

Just another reason to dislike Rodriguez the centaur.
 

GopherWeatherGuy said:
And yet now the team is suddenly 'no longer for sale'. That's what smells

And this team wasn't moving anywhere. You or anyone else has yet to come up with a logical destination of where that would be.

Seattle/LV are out due to expansion. Mexico City is laughable. No NBA ownership/star players are going to want to spend the majority of their time there. And Nashville has stadium fatigue with just the two franchises they have, and that has prevented them from landing a MLB team which makes way more sense there.
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Another "everyone knows" post.

The only thing everyone knows is ARod and Lore didn't come up with the money.
 


Slim Tubby said:
The Pohlads should partner up with the Cargills to buy the team. Their collective public relations effort would be stupendous.
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Don't tell the Pohlad's the Wolves Bally's contract is about to end...
 

couple of tweets from Jon K from The Athletic on what he's hearing: sounds like a question over interpretation of the purchase agreement. meaning - Let's go to Court.

JonKrawczynski
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.
 


I don't buy the "seller's remorse" PR garbage.

Taylor didn’t have to extend the payment deadline. He did.

If he didn't want to sell, then why did he give them more time to buy?

Lore and A-Roid can go home now.
 



GopherWeatherGuy said:
No, it’s a Glen Taylor issue. Every Wolves issue is a Taylor issue and there is decades of data to back that up. This is no different.

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If the contract had a deadline whereby the closing documents were signed, the funds were wired in and the NBA Board of Governors approved the buyers assuming a controlling interest in the franchise and that deadline wasn't met, it's the buyers' issue.

You can love Taylor or hate Taylor. It doesn't matter. If the buyers don't meet their contractual obligations, they are out.

Conversely, if the buyers had shown up with the money yesterday, Taylor would have been legally obligated to sell his $2.5B asset to them for $1.5B. They fucked up.
 

jamiche said:
If the contract had a deadline whereby the closing documents were signed, the funds were wired in and the NBA Board of Governors approved the buyers assuming a controlling interest in the franchise and that deadline wasn't met, it's the buyers' issue.

You can love Taylor or hate Taylor. It doesn't matter. If the buyers don't meet their contractual obligations, they are out.

Conversely, if the buyers had shown up with the money yesterday, Taylor would have been legally obligated to sell his $2.5B asset to them for $1.5B. They fucked up.
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It was just 8 days ago where they had to find another partner to come up with the rest of the money and they quickly did. It's on the NBA for approval now. How did they fuck up?

If Taylor wanted this to go through, it would. But he doesn't, so now it won't. That's on Taylor.
 

If I want to buy something, and I have enough money to buy it, I buy it.

If A-Rod and Lore had the money, they would have completed the deal. This has been going on for years. they knew the terms. they knew the deadlines. they couldn't get it done because they didn't have the money on their own, and they couldn't get enough investors to get to the finish line.

this is only slightly different than all of those stories about different people who said they wanted to buy the Twins or the Vikings. Remember Tom Clancy? didn't happen because they didn't have the money.

as Carlos Correa said - you go to the store, you see the price tag, and you know how much you have to pay.
 

GopherWeatherGuy said:
It was just 8 days ago where they had to find another partner to come up with the rest of the money and they quickly did. It's on the NBA for approval now. How did they fuck up?

If Taylor wanted this to go through, it would. But he doesn't, so now it won't. That's on Taylor.
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If you are selling your home and a buyer keeps telling you that he "has the money" but he doesn't actually give it to you, are you going to hand him the deed and the keys?

Just asking for a friend.
 



jamiche said:
Yes. Taylor keeps the cash and Lore/ARod keep their 40% ownership interest. They own just enough to cause problems operationally and to muck up a future sale. 40% is the no man's land of equity. My guess is the lawsuits will fly soon.

I'm hoping the Wilfs or Pohlads step in. Probably unlikely.
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ThevTimberwolves are owned by a limited partnership and presumably Glen Taylor or an entity owned by him is the General Partner, and ARod and Lore own only limited partnership interests. I would assume the partnership agreement contains a drag along cause that should force any limited partner to sell (evidently there's a come along clause in favor of limited partners). Limited partners would generally not have any governance rights.
 

jamiche said:
If you are selling your home and a buyer keeps telling you that he "has the money" but he doesn't actually give it to you, are you going to hand him the deed and the keys?

Just asking for a friend.
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If ARod and Lore did not perform by the deadline, then Glen Taylor's intentions for refusing to now consummate a sale, even if ARod and Lore now have the financing in place, is irrelevant. Based on Arod and Lore's financing track record to date, I'd be done with them too.
 

GopherWeatherGuy said:
And yet now the team is suddenly 'no longer for sale'. That's what smells

And this team wasn't moving anywhere. You or anyone else has yet to come up with a logical destination of where that would be.

Seattle/LV are out due to expansion. Mexico City is laughable. No NBA ownership/star players are going to want to spend the majority of their time there. And Nashville has stadium fatigue with just the two franchises they have, and that has prevented them from landing a MLB team which makes way more sense there.
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I gave you the correct answer.

If you can move the Seattle Sonics with Kevin Durant to friggin Oklahoma City, certainly you can move the Minn Twolves with ANT to KC and a completely renovated TMobile arena.

Fits perfectly well in the Western as is, closer to Denver, OKC, and Dallas.
 

ARod and Co. royally screwed this up time and time again. That should scare all Wolves fans.
 

swede2 said:
If ARod and Lore did not perform by the deadline, then Glen Taylor's intentions for refusing to now consummate a sale, even if ARod and Lore now have the financing in place, is irrelevant. Based on Arod and Lore's financing track record to date, I'd be done with them too.
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Why did he extend them in the first place?

Why wasn’t this announcement made back then?
 

This deal has been going on since 2021. Its propsterous they thought they could wrap it up days before the deadline.

This is a good business move by Taylor. He has a chance to lift the trophy at the end of the playoffs. And then can sell his majority ownership at a fair market price.

A rod and lore screwed up.so badly. Their own fault
 

jamiche said:
If you are selling your home and a buyer keeps telling you that he "has the money" but he doesn't actually give it to you, are you going to hand him the deed and the keys?

Just asking for a friend.
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They came up with money 8 days ago and it was on the NBA for approval. The NBA hasn't completed their approval process yet.

How is that Lore/Arod's fault? Why do you keep ignoring that? If Taylor wanted to sell, he would let the process complete, especially when they are this close to the finish line.
 

GopherWeatherGuy said:
They came up with money 8 days ago and it was on the NBA for approval. The NBA hasn't completed their approval process yet.

How is that Lore/Arod's fault? Why do you keep ignoring that? If Taylor wanted to sell, he would let the process complete, especially when they are this close to the finish line.
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They didn’t fund. That’s the only thing that means anything in a transaction. Their fault.
 


Ooops, Glen probably shouldn’t have said that. Totally wasn’t Taylor’s fault though…

 

We will all probably learn a lot more as the terms of the agreement and the actual conduct of the parties are disclosed in the coming days, weeks or months. One thing I'd do right away if I was Glen Taylor, though, is quit talking to the press about what happened and why. It isn't helping him any to say things like “I don’t think I have seller’s remorse. I just think that, right now, things are going well.”
It's a business deal. There are documents that dictate what was supposed to happen and when. Don't muddy the waters by suggesting that he had other motivations.
 




Taylor told Reusse that he had an offer from someone who "had the money" who offered $2.5-billion, but that person wanted to move the team to Vegas.
 

JimmyJamesMD said:
Probably should have had that figured out
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That has always been known. If Taylor wanted to sell, he still would.

But he doesn't anymore and now he's telling the media why. Taylor has always been a snake, and he's once again proving that. KG has been saying it forever.

It's amazing how so many of you will defend the one of the worst owners in pro sports history, who has made incompetent move after incompetent move, and now snaked more competent owners out of owning the franchise after they made moves to help increase the value of the franchise.

Give me the owners who brought in the best GM in the NBA, who helped build the defending champs and the current #1 and #2 teams in the west.

Taylor not selling is the worst thing that could happen to Wolves fans.
 


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