TruthSeeker
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Seattle Town here we come.
Alex Rodriguez and close friend Marc Lore have signed a letter of intent and are negotiating with Glen Taylor to become the next owners of the Wolves
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TurfGopher
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I don't see why moving the team is worth it. Hopefully we can keep our pathetic basketball team (Im a fan) in town.
There may not be anything in the contract...but they looked him in the eye and promised!
short ornery norwegian
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Twin Cities Media: "The Timberwolves are a joke. They're the worst franchise in pro sports!"
Also the Twin Cities media: "Oh no - the Timberwolves might leave MN. That would be terrible!"
I'm with Johnny Athletic on this one: before the NBA approves the sale, they will have a 'come to Jesus' talk with ARod and Lore, and make it crystal-clear that they will not approve a move to another city unless a lot of different things line up - and it will not be to Vegas or Seattle. Those two are earmarked for expansion teams, and the Wolves moving to one of those cities would cost the NBA Billions.
Other cities have NBA and NHL clubs sharing an arena. Let the Wolves play at the X if they want out of the Target Center.
Also the Twin Cities media: "Oh no - the Timberwolves might leave MN. That would be terrible!"
I'm with Johnny Athletic on this one: before the NBA approves the sale, they will have a 'come to Jesus' talk with ARod and Lore, and make it crystal-clear that they will not approve a move to another city unless a lot of different things line up - and it will not be to Vegas or Seattle. Those two are earmarked for expansion teams, and the Wolves moving to one of those cities would cost the NBA Billions.
Other cities have NBA and NHL clubs sharing an arena. Let the Wolves play at the X if they want out of the Target Center.
BleedGopher
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per Shooter:
Lead investor in the proposed purchase of the Timberwolves-Lynx from Glen Taylor — Marc Lore — according to Forbes has about $500 million to put into the $1.5 million deal.
Lore’s partner, Alex Rodriguez, has much less, perhaps $100 million. The NBA’s debt limit is $325 million, making the deal appear somewhat dubious.
Now comes word from Forbes that Taylor had an all-cash offer to sell the Wolves for $1.4 billion, but instead opted to sell to Lore and Rodriguez. Why? Because it would allow Taylor to remain controlling partner for two years. The $1.4 billion cash offer is no longer on the table.
www.twincities.com
Howl Wolves!!
Lead investor in the proposed purchase of the Timberwolves-Lynx from Glen Taylor — Marc Lore — according to Forbes has about $500 million to put into the $1.5 million deal.
Lore’s partner, Alex Rodriguez, has much less, perhaps $100 million. The NBA’s debt limit is $325 million, making the deal appear somewhat dubious.
Now comes word from Forbes that Taylor had an all-cash offer to sell the Wolves for $1.4 billion, but instead opted to sell to Lore and Rodriguez. Why? Because it would allow Taylor to remain controlling partner for two years. The $1.4 billion cash offer is no longer on the table.
Charley Walters: Danielle Hunter’s contract dispute with Vikings not exactly Aaron Rodgers-like
It’s unclear how the Green Bay Packers-Aaron Rodgers saga will end. The same for what seems a long-brewing Minnesota Vikings-Danielle Hunter contract dispute But what is clear is that the Packers, …
www.twincities.com
Howl Wolves!!
BleedGopher
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Shooter chimes in again:
There’s buzz now that Kevin Garnett, who is said to be worth more than $200 million, will be heavily involved in the Timberwolves basketball department if he joins franchise investors Alex Rodriguez and Marc Lore if/when they gain full control in 2023. The word is Garnett, the ex-Timberwolf, wants the franchise to remain in Minnesota but Rodriguez wants to move it to Seattle, where he played for seven seasons.
www.twincities.com
Howl Wolves!!
There’s buzz now that Kevin Garnett, who is said to be worth more than $200 million, will be heavily involved in the Timberwolves basketball department if he joins franchise investors Alex Rodriguez and Marc Lore if/when they gain full control in 2023. The word is Garnett, the ex-Timberwolf, wants the franchise to remain in Minnesota but Rodriguez wants to move it to Seattle, where he played for seven seasons.
Charley Walters: Danielle Hunter’s contract dispute with Vikings not exactly Aaron Rodgers-like
It’s unclear how the Green Bay Packers-Aaron Rodgers saga will end. The same for what seems a long-brewing Minnesota Vikings-Danielle Hunter contract dispute But what is clear is that the Packers, …
www.twincities.com
Howl Wolves!!
If A-Rod and Lore actually have the money to buy an NBA team at today's market values, why don't they close now. There's no way I would wait two plus years to control an asset if I had the means to buy it now. Yes, I know Taylor wants to hang around, but he can hang around, sit courtside and go to the meetings as a limited partner. They can give him whatever title he wants as long as they have control. That's if they actually have the money to be real NBA owners.
I wonder why these guys are putting up some money now to let an owner who isn't very good at owning continue to control an asset for another two years that they intend to fully purchase?
This deal structure suggests that one party wants a number that isn't justified and the other party doesn't have the money, but might someday. Maybe.
I wonder why these guys are putting up some money now to let an owner who isn't very good at owning continue to control an asset for another two years that they intend to fully purchase?
This deal structure suggests that one party wants a number that isn't justified and the other party doesn't have the money, but might someday. Maybe.
Iceland12
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Jon K. reported that Taylor turned down a $1.4B cash now offer because the buyers wanted to make the deal right away. Taylor held firm in saying he wanted to control the team for 2 more years.
A-Rod and Lore's offer met those terms.
Oh yeah cue the "They're heading to Seattle!" post.
TruthSeeker
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Heading to Seattle!
gophersfan
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MplsGopher
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I maintain my wild guess that the NBA wants Seattle as an expansion team, not a relocation.
BleedGopher
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It's not really a "wild guess" it's a very well vetted theory reported by dozens of reputable reporters.
Howl Wolves!!
Iceland12
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In a ruling that will help Purple Buyer Holdings, LLC—led by Alex Rodriguez and technology entrepreneur Marc Lore—join the ownership of the Minnesota Timberwolves and Minnesota Lynx, Judge Eric Tostrud on Thursday dismissed a lawsuit seeking to halt the sale.
Orbit Sports, controlled by New Jersey real estate mogul Meyer Orbach and owner of more than 17% of the two teams, sought a restraining order in Minnesota’s federal district court. The order would have blocked majority owner Glen Taylor from proceeding with the pending $1.5 billion sale.
The key issue in the case: When would Taylor turn control of the franchises over to A-Rod and Lore?
In his ruling, Judge Tostrud emphasized that as of the first date of a potential multi-step transaction, there will be “no definitive agreement to transfer a controlling interest in the teams to Rodriguez and Lore.”
This interpretation was crucial in rejecting an argument proposed by Orbit. It insisted that, pursuant to a partnership agreement, it possesses “tag-along” rights in a sale. Under those rights, if Taylor agrees to transfer his controlling interest in the teams, Rodriguez and Lore would either have to buy out Orbit or Taylor would have the duty to do so.
Orbit insisted that the pending sale was fraudulently designed to avoid triggering this provision. If approved by the NBA, the sale would initially involve a transfer of 20% of the franchise—the sale date was June 30 but that date has passed and so will be adjusted—with Purple Buyer Holdings able to buy an additional 20% by Dec. 31, 2022, and another option to buy 8.2% from Taylor, combined with 31.8% limited partnership interests, by Dec. 31, 2023.
While Taylor, 80, would maintain his title as controlling owner in this initial phase, Rodriguez and Lore would ascend to seats on a so-called “Advisory Board.”..
www.sportico.com
Orbit Sports, controlled by New Jersey real estate mogul Meyer Orbach and owner of more than 17% of the two teams, sought a restraining order in Minnesota’s federal district court. The order would have blocked majority owner Glen Taylor from proceeding with the pending $1.5 billion sale.
The key issue in the case: When would Taylor turn control of the franchises over to A-Rod and Lore?
In his ruling, Judge Tostrud emphasized that as of the first date of a potential multi-step transaction, there will be “no definitive agreement to transfer a controlling interest in the teams to Rodriguez and Lore.”
This interpretation was crucial in rejecting an argument proposed by Orbit. It insisted that, pursuant to a partnership agreement, it possesses “tag-along” rights in a sale. Under those rights, if Taylor agrees to transfer his controlling interest in the teams, Rodriguez and Lore would either have to buy out Orbit or Taylor would have the duty to do so.
Orbit insisted that the pending sale was fraudulently designed to avoid triggering this provision. If approved by the NBA, the sale would initially involve a transfer of 20% of the franchise—the sale date was June 30 but that date has passed and so will be adjusted—with Purple Buyer Holdings able to buy an additional 20% by Dec. 31, 2022, and another option to buy 8.2% from Taylor, combined with 31.8% limited partnership interests, by Dec. 31, 2023.
While Taylor, 80, would maintain his title as controlling owner in this initial phase, Rodriguez and Lore would ascend to seats on a so-called “Advisory Board.”..
A-Rod to Benefit From Court Ruling in Quest to Buy Timberwolves
In a ruling that will help Purple Buyer Holdings, LLC—led by Alex Rodriguez and technology entrepreneur Marc Lore—join the ownership of the Minnesota Timberwolves and Minnesota Lynx, Judge Eric Tos…
www.sportico.com
BleedGopher
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per STrib:
Alex Rodriguez and Marc Lore met with the NBA's Finance Committee this week as part of the next step to attain league approval of their first 20% purchase of the Timberwolves, the first in multiple purchases over the next few years that would make Rodriguez and Lore controlling owners of the team, league sources said.
After this week's meeting, the Finance Committee is expected to recommend to the Board of Governors at large that it approves the sale of that first 20%, and a final decision on that partial sale is expected in coming weeks, sources said.
This process is taking place after a judge recently dismissed a suit from minority owner Meyer Orbach, who challenged the sale between Rodriguez, Lore and current controlling owner Glen Taylor, who also owns the Star Tribune.
www.startribune.com
Howl Wolves!!
Alex Rodriguez and Marc Lore met with the NBA's Finance Committee this week as part of the next step to attain league approval of their first 20% purchase of the Timberwolves, the first in multiple purchases over the next few years that would make Rodriguez and Lore controlling owners of the team, league sources said.
After this week's meeting, the Finance Committee is expected to recommend to the Board of Governors at large that it approves the sale of that first 20%, and a final decision on that partial sale is expected in coming weeks, sources said.
This process is taking place after a judge recently dismissed a suit from minority owner Meyer Orbach, who challenged the sale between Rodriguez, Lore and current controlling owner Glen Taylor, who also owns the Star Tribune.
Alex Rodriguez, Marc Lore meet with NBA Finance Committee on Wolves sale
The committee is expected to recommend approval of the first 20% of the sale.
www.startribune.com
Howl Wolves!!