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

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

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

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Glen has a fiduciary obligation to his limiteds. If the buyers failed and the asset is worth more, it's not fair to the limiteds to sell at what is now a discounted price. That's asking for a lawsuit.
 


jamiche said:
Glen has a fiduciary obligation to his limiteds. If the buyers failed and the asset is worth more, it's not fair to the limiteds to sell at what is now a discounted price. That's asking for a lawsuit.
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Great point.
 

jamiche said:
They didn’t fund. That’s the only thing that means anything in a transaction. Their fault.
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Why did he extend them the first time?

Why not chop them off the first time they missed the deadline? Didn’t he give them one extension before?
 

jamiche said:
Glen has a fiduciary obligation to his limiteds. If the buyers failed and the asset is worth more, it's not fair to the limiteds to sell at what is now a discounted price. That's asking for a lawsuit.
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It is if the buyers fulfilled the agreement. Which they said they did, and it may be up to the courts to decide.

It will be completely fitting and hilarious if that is the case and the sale now has to go through. And they already have ammo because Taylor is too dumb to shut his mouth.
 


GopherWeatherGuy said:
They did. It was on the NBA for approval. Keep ignoring that though.
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That's part of the deal though, of being admitted to the exclusive club. The financing should have been locked in long ago. Eight days isn't enough time to arrange and close on conventional financing for a modest family home let alone a 40%+ controlling interest in an NBA team. My guess is that the NBA isn't wild about such a cobbled together ownership group. Big league sports leagues definitely prefer that the controlling interest have very deep pockets. In the world of big league sports, Arod and Lore are like the homebuyers borrowing 103% of the purchase price.
 


swede2 said:
I'll say it again - Glen's rags to riches story is more remarkable considering his ownership of the Wolves.
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Agreed. I am going to guess that in business he is 100% a fargin icehole. No blame no shame but probably likely
 

GopherWeatherGuy said:
It is if the buyers fulfilled the agreement. Which they said they did, and it may be up to the courts to decide.

It will be completely fitting and hilarious if that is the case and the sale now has to go through. And they already have ammo because Taylor is too dumb to shut his mouth.
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Glen's lawyers are Fredrikson + Byron just ordered new cars, no doubt. NBA will get drug in, too.
 



swede2 said:
Glen's lawyers are Fredrikson + Byron just ordered new cars, no doubt. NBA will get drug in, too.
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Itd be interesting to read the agreement. What's explicitly written and what the courts will assume are implicit
 

GopherWeatherGuy said:
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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I don't want him to be the owner anymore. But Lore and A rod weren't prepared to get the deal done. Why would i want them to be owners either?
 
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JimmyJamesMD said:
I don't want him to be the owner anymore. But Lore and A rod weren't prepared to get the deal done. Why would i want them to be owners either?
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His answer will be, as he has already basically said in the thread, that they are the reason the team is doing so well this year.
 

Interesting that no one is able to answer the part about why did Taylor give them any extensions. They actually got multiple extensions.

Maybe Taylor really was just tired of dealing with this.
 




Glen has been a lousy owner and this situation is likely to get pretty messy before it’s resolved. Having said that, it’s possible that Glen will be remembered as the owner who saved the franchise twice for this market. Lore and ARod don’t have NBA money. They certainly don’t have money to build a new arena. They would have had no choice but to move the team to any market that would write them a big check.
 

JimmyJamesMD said:
I don't want him to be the owner anymore. But Lore and A rod weren't prepared to get the deal done. Why would i want them to be owners either?
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There's no excuse. They literally had years to close the deal. Years.

Why wouldn't you line up the financing and submit everything for approval on the first day of the year when you can exercise your final option? Terrible planning, focus, strategy, etc.

We're better off with Taylor in the short run, and finding new owners instead of letting Lore and A-Rod taking control for potentially decades.
 

gophersfan said:
nypost.com

Inside story of how A-Rod’s Timberwolves bid fell apart

Marc Lore, who several years ago said that owning the Timberwolves was a dream come true, largely walked away from his option to buy control of the team leaving it to Alex Rodriguez.
nypost.com nypost.com
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If this story is true, and I have no reason to doubt that it is at least mostly true, then Lore clearly didn't care anymore.

He's completely focused on Wonder. He doesn't have time to run a team. He could've made this happen whenever he wanted, if he cared enough.

A-Rod never had enough dough. Why he was seen as a partner really makes you question Lore.

I have no doubt that Taylor probably wants the team afterall. It's fun now, and the team is worth way more. Imagine what would happen if the Wolves make a deep playoff run or win a title. But Lore doesn't really care, and doesn't have time to devote to this distraction.

Taylor will keep control, and Lore might simply be happy to own 27% of a franchise worth around $3 billion. That's a lot of money he can use toward Wonder if he can somehow cash it out.
 

jamiche said:
Glen has been a lousy owner and this situation is likely to get pretty messy before it’s resolved. Having said that, it’s possible that Glen will be remembered as the owner who saved the franchise twice for this market. Lore and ARod don’t have NBA money. They certainly don’t have money to build a new arena. They would have had no choice but to move the team to any market that would write them a big check.
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Yes he should be remembered for saving the franchise for Minnesota, although his purchase was contingent on the City purchasing the Target Center from Harv and Marv, so kudos should also go to those city leaders from those days. But Glen did step into the breach and certainly given proper credit.

Will public leaders take opportunity of this reprieve to fix the arena situation before a new owner takes control from an aged Taylor?
 

gophersfan said:
nypost.com

Inside story of how A-Rod’s Timberwolves bid fell apart

Marc Lore, who several years ago said that owning the Timberwolves was a dream come true, largely walked away from his option to buy control of the team leaving it to Alex Rodriguez.
nypost.com nypost.com
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So Lore has been trying to launch his upscale food court business, which isn't going to work. ARod has been trying to surcharge potential investors, which wasn't going to work.

Tom Clancy, Reggie Fowler, Don McCourt, The Greek Guy (don't forget him), Marc Lore, ARod...

Where do we get these clowns??!!
 

swede2 said:
Yes he should be remembered for saving the franchise for Minnesota, although his purchase was contingent on the City purchasing the Target Center from Harv and Marv, so kudos should also go to those city leaders from those days. But Glen did step into the breach and certainly given proper credit.

Will public leaders take opportunity of this reprieve to fix the arena situation?
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Glen saved the franchise only to have the franchise win 2 playoff series over the last 30 years, both coming in the same season 20 years ago.

It's not a coincidence the the Wolves are now the best they've been, maybe ever in history, after he started selling and the new owners brought in real leadership.

So what has he really accomplished? Nothing other than making the Wolves one of the most embarrassing franchises in all of sports.

If Glen really wants to 'save the franchise' he'll sell the team. If he wants to keep them, then build your own fucking arena Glen.
 

My recollection was that the sale to the New Orleans interests in 1994-95 was blocked by the NBA because of the connections of the proposed ownership group, Top Rank, to gambling. But it turns out that it really fell apart because the financing was cobbled together and the NBA didn't like it. Top Rank sued the NBA but ultimately filed bankruptcy, ending the litigation.

Top Rank was going to buy the team for $150 million. Glen ended up buying it for $88 million. I had forgotten that Bill Sexton had tried to buy the team to keep it here before Glen stepped in.

Anyway, history repeats itself. Marc Lore has his wealth tied up in a grocery business and Aroids doesn't have the cash and no one wants to do business with him. The NBA probably isn't wild about this and as fans, we should be glad this deal is falling apart even if Glen has largely been a lousy owner. New Arenas are being built with big contributions from ownership or privately financed and including surrounding development. These guys don't seem to have that kind of witherall and I have my doubts about current city and state leadership having the appetite to build an arena these days, at least without significant contribution from ownership.
 

GopherWeatherGuy said:
Glen saved the franchise only to have the franchise win 2 playoff series over the last 30 years, both coming in the same season 20 years ago.

It's not a coincidence the the Wolves are now the best they've been, maybe ever in history, after he started selling and the new owners brought in real leadership.

So what has he really accomplished? Nothing other than making the Wolves one of the most embarrassing franchises in all of sports.

If Glen really wants to 'save the franchise' he'll sell the team. If he wants to keep them, then build your own fucking arena Glen.
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I agree that Glen had been a poor owner but he is and has remained the managing partner of the club. My recollection had been that recent management changes have been made in consultation with, not by, Lore and Arod.
 

swede2 said:
I agree that Glen had been a poor owner but he is and has remained the managing partner of the club. My recollection had been that recent management changes have been made in consultation with, not by, Lore and Arod.
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Connelly does not come here without Lore/ARod.
 

History also repeats itself because the Wolves will become what they were for most of the 90s: relocation bait.
 

short ornery norwegian said:
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.
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Or don’t order the lobster 🦞, if you have to ask what the MP is.

It’s patently obvious that they were punching above their weight class and should have been looking for a G league team to purchase.
 

Gopher_In_NYC said:
Or don’t order the lobster 🦞, if you have to ask what the MP is.

It’s patently obvious that they were punching above their weight class and should have been looking for a G league team to purchase.
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No kidding.

Except they couldn't get the cachet they wanted as a G-League owners or as middle men in taking the Wolves to another town.
 
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TruthSeeker said:
There's no excuse. They literally had years to close the deal. Years.

Why wouldn't you line up the financing and submit everything for approval on the first day of the year when you can exercise your final option? Terrible planning, focus, strategy, etc.

We're better off with Taylor in the short run, and finding new owners instead of letting Lore and A-Rod taking control for potentially decades.
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Exactly!

Additionally, anyone who takes A-Rod at his word on anything, after his issues with honesty and PEDs, is probably thinking the Easter 🐰is paying them a visit on Sunday.

Regarding Taylor and his behavior, the more money you make and the higher you climb up the ladder, the less you worry about what people think about you and if you’re being “fair” in business - who gives a 💩. There are no Virgin Billionaires
 

GopherWeatherGuy said:
Glen saved the franchise only to have the franchise win 2 playoff series over the last 30 years, both coming in the same season 20 years ago.

It's not a coincidence the the Wolves are now the best they've been, maybe ever in history, after he started selling and the new owners brought in real leadership.

So what has he really accomplished? Nothing other than making the Wolves one of the most embarrassing franchises in all of sports.

If Glen really wants to 'save the franchise' he'll sell the team. If he wants to keep them, then build your own fucking arena Glen.
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Guy living in South Dakota trying to tell Minnesota what to do.

OK bud
 

GopherRock said:
History also repeats itself because the Wolves will become what they were for most of the 90s: relocation bait.
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And where are they going to go if LV and Seattle are off the table due to expansion?

There is nowhere for them to go. This is just another made up boogeyman.
 


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