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

[BleedGopher]

Howl Wolves!!

 

[Iceland12]

Glen Taylor has been close a few times to selling his stake of the Timberwolves, but no deal has crossed the finish line.

That appears to be changing.

Taylor, 80, has an agreement for the $1.5 billion sale of the Wolves and Lynx to former baseball star Alex Rodriguez and tech entrepreneur Marc Lore, a source confirmed.

The sides previously agreed to a 30-day exclusive negotiating window last month, but talks between the sides never ceased when that window expired, nor were there any major stumbling blocks to getting a deal done.

The next step in the process is to have the NBA approve the sale, which is likely to take weeks.

An announcement sealing the deal is expected later today.

Rodriguez and Lore are 50-50 partners in the deal, according to a source..

Alex Rodriguez, Glen Taylor reach agreement, sale of Wolves and Lynx nears finish line

Glen Taylor has an agreement for the $1.5 billion sale of the teams to former baseball star Alex Rodriguez and tech entrepreneur Marc Lore, a source confirmed.

www.startribune.com

 

[forever a gopher]

Glen Taylor has been close a few times to selling his stake of the Timberwolves, but no deal has crossed the finish line.

That appears to be changing.

Taylor, 80, has an agreement for the $1.5 billion sale of the Wolves and Lynx to former baseball star Alex Rodriguez and tech entrepreneur Marc Lore, a source confirmed.

The sides previously agreed to a 30-day exclusive negotiating window last month, but talks between the sides never ceased when that window expired, nor were there any major stumbling blocks to getting a deal done.

The next step in the process is to have the NBA approve the sale, which is likely to take weeks.

An announcement sealing the deal is expected later today.

Rodriguez and Lore are 50-50 partners in the deal, according to a source..

Alex Rodriguez, Glen Taylor reach agreement, sale of Wolves and Lynx nears finish line

Glen Taylor has an agreement for the $1.5 billion sale of the teams to former baseball star Alex Rodriguez and tech entrepreneur Marc Lore, a source confirmed.

www.startribune.com

How does Rodriguez have $750 million in liquid cash to buy 50% of a team? I find that very hard to believe. Or do they have a bunch of non-controlling partners ponying up cash, and Lore and ARod are the only 2 controlling parties?

 

[jamiche]

Only our wolves would be sold to a steroid fueled narcissist and a guy acts like he's on ritalin, just as it looks like they are turning the corner. For now it seems like the five most important guys in the franchise (KAT, Ant, DLo, Jaden and Finch) are pretty happy and arent going anywhere. It sounds like it's 2.5 years until the kids get the keys to the car, which is a long time in sports these days. There are half a dozen good markets outside of LV and Seattle who would pay these guys a fortune to bring our wolves to their town. I guess we'll have to get used to reading tea leaves.

 

[jamiche]

How does Rodriguez have $750 million in liquid cash to buy 50% of a team? I find that very hard to believe. Or do they have a bunch of non-controlling partners ponying up cash, and Lore and ARod are the only 2 controlling parties?

You can finance up to 50% of the purchase price, per NBA rules. I seriously doubt that ARod is putting in $375M. He doesn't have that kind of money.

 

[Gopher_In_NYC]

You can finance up to 50% of the purchase price, per NBA rules. I seriously doubt that ARod is putting in $375M. He doesn't have that kind of money.

The only may Jeter "bought' the Marlins is that there was IIRC a good sized conglomerate involved and he put up a small % and agreed to be the GM; A-Rod is there for name recognition and buzz. Jay-Z only owned 1% of the Nets and was brought on board for PR so they could get the arena built, where the majority owner made most of his cash, as that part of Brooklyn, was pretty run down and he got to do all the development around the arena.

 

[Iceland12]

How does Rodriguez have $750 million in liquid cash to buy 50% of a team? I find that very hard to believe. Or do they have a bunch of non-controlling partners ponying up cash, and Lore and ARod are the only 2 controlling parties?

Thought the same thing. Saw three stories on the sale and they all talked about the 50/50 split. All estimates of Rodriguez's wealth are at around $350m too. Who knows how much money he actually has in deal, but it's the Wolves. Discussion can be summarized:

- Taylor must sell the team!
- Taylor must get local ownership!
- They can't get local ownership? Then the buyer must agree to keep them here.
- They can't MAKE then stay here!
- They're going to Seattle!
- Taylor has found buyers to KEEP them here!
- One of the buyers is A-Rod. We hate that guy!
- They're going to Seattle!
- They gotta stay here for 2 years.
- The deadline for the deal has passed!
- They announced the deal is just awaiting NBA approval.
- Where is A-Rod getting the money?
- We now hate Taylor, A-Rod & Lore!
- Will they get a Draft Pick this year or not.

It's very easy to hate the internet isn't it?

 

[Breakin' The Plane]

The way I understand things is that it being a 50/50 partnership doesn't mean each owner put in the same amount of money. It's more of an organizational structure agreement where one partner needs consent of the other when making decisions. Not sure it makes sense for Lore, but maybe someone who knows more about this type of arrangement can clarify better.

 

[jamiche]

The way I understand things is that it being a 50/50 partnership doesn't mean each owner put in the same amount of money. It's more of an organizational structure agreement where one partner needs consent of the other when making decisions. Not sure it makes sense for Lore, but maybe someone who knows more about this type of arrangement can clarify better.

If I'm putting in most of the money I'm controlling the asset. That's how the world works.

 

[Iceland12]

The way I understand things is that it being a 50/50 partnership doesn't mean each owner put in the same amount of money. It's more of an organizational structure agreement where one partner needs consent of the other when making decisions. Not sure it makes sense for Lore, but maybe someone who knows more about this type of arrangement can clarify better.

Apparently Lore and ARod have been friends and business partners for awhile now.

From Jon K. May 7th feature on Lore in The Athletic:

In Rodriguez, Lore has found another partner in whom he has complete trust. The two have been in business for years using an investment framework they call VCP. They recently took public Archer Aviation, a company designing and building fully electric aircraft that can vertically take off and land. The pair, along with Lopez, tried to buy the New York Mets last year, but lost out to Steve Cohen.

 

[Breakin' The Plane]

If I'm putting in most of the money I'm controlling the asset. That's how the world works.

Right. I don't get it. But that's how I've had it explained to me. ARod made lots and lots of money. But if it was all his money, he'd be just putting it into Papa John's pizza franchisees. If he's a 50/50 partner, there's something else at play other than a little shy of a billion dollars.

 

[GopherWeatherGuy]

I guess Taylor didn't listen to Shama.

 

[jamiche]

Right. I don't get it. But that's how I've had it explained to me. ARod made lots and lots of money. But if it was all his money, he'd be just putting it into Papa John's pizza franchisees. If he's a 50/50 partner, there's something else at play other than a little shy of a billion dollars.

That's why I don't think he's actually a 50/50 partner, in spite of the public pronouncements. Lore would be a fool to give up a controlling interest if he's putting up most of the cash.

 

[BleedGopher]

Smart move if true. per Shooter:

There’s buzz that Alex Rodriguez intends to bring Kevin Garnett, inducted on Saturday into the Basketball Hall of Fame, in as an investor in the Timberwolves-Lynx $1.5 billion purchase.

Charley Walters: Jim Pohlad surprised by Twins’ sad start

Owner Jim Pohlad and most of the Minnesota Twins front office attended the St. Paul Saints home opener last Tuesday, when their new Triple-A club lost 11-1 to the Iowa Cubs. At the same time in Chi…

www.twincities.com

Howl Wolves!!

 

[Ski U Mah Gopher]

Smart move if true. per Shooter:

There’s buzz that Alex Rodriguez intends to bring Kevin Garnett, inducted on Saturday into the Basketball Hall of Fame, in as an investor in the Timberwolves-Lynx $1.5 billion purchase.

Charley Walters: Jim Pohlad surprised by Twins’ sad start

Owner Jim Pohlad and most of the Minnesota Twins front office attended the St. Paul Saints home opener last Tuesday, when their new Triple-A club lost 11-1 to the Iowa Cubs. At the same time in Chi…

www.twincities.com

Howl Wolves!!

It was kind of hinted in KG's HOF speech.

 

[PhiloVance]

Smart move if true. per Shooter:

There’s buzz that Alex Rodriguez intends to bring Kevin Garnett, inducted on Saturday into the Basketball Hall of Fame, in as an investor in the Timberwolves-Lynx $1.5 billion purchase.

Charley Walters: Jim Pohlad surprised by Twins’ sad start

Owner Jim Pohlad and most of the Minnesota Twins front office attended the St. Paul Saints home opener last Tuesday, when their new Triple-A club lost 11-1 to the Iowa Cubs. At the same time in Chi…

www.twincities.com

Howl Wolves!!

I'm sure Taylor is thrilled to have Garnett among the new owners.

 

[tikited]

I'm sure Taylor is thrilled to have Garnett among the new owners.

There isn't enough lasagna in the world to make this feud go away.

 

[Bad Gopher]

Only our wolves would be sold to a steroid fueled narcissist and a guy acts like he's on ritalin, just as it looks like they are turning the corner. For now it seems like the five most important guys in the franchise (KAT, Ant, DLo, Jaden and Finch) are pretty happy and arent going anywhere. It sounds like it's 2.5 years until the kids get the keys to the car, which is a long time in sports these days. There are half a dozen good markets outside of LV and Seattle who would pay these guys a fortune to bring our wolves to their town. I guess we'll have to get used to reading tea leaves.

It's been a long time since I've felt optimistic about this team, but I'm there. Good talent base, a legit good team down the stretch, and still a bad enough record that they'll have a chance to add a nice piece in the draft if they choos wisely. This feels like the sun coming out after an extended gloomy stretch.

All this makes it all the more unavoidable that this franchise is moving the first chance they get after they're through the transition period or whatever they're calling it. The only question is whether they can get good and give us a taste of fun and glory before they check out.

 

[2nd Degree Gopher]

I'm sure Taylor is thrilled to have Garnett among the new owners.

Probably not, but I am sure that he can console himself with the huge return on his initial investment and the knowledge that the team is even more likely to stay in Minnesota with KG involved. I hope that they have a camera crew there the day Glen shows up at Target Center and security tells him that his season tickets have been revoked.

 

[howeda7]

Probably not, but I am sure that he can console himself with the huge return on his initial investment and the knowledge that the team is even more likely to stay in Minnesota with KG involved. I hope that they have a camera crew there the day Glen shows up at Target Center and security tells him that his season tickets have been revoked.

Glen's keeping a minority stake too, so that will never happen.

 

[2nd Degree Gopher]

Glen's keeping a minority stake too, so that will never happen.

OK, thanks. I will settle for a camera at the first owners' meeting where Glen and KG are both there.

 

[howeda7]

OK, thanks. I will settle for a camera at the first owners' meeting where Glen and KG are both there.

Separate suites I'm guessing.

 

[Iceland12]

It's been a long time since I've felt optimistic about this team, but I'm there. Good talent base, a legit good team down the stretch, and still a bad enough record that they'll have a chance to add a nice piece in the draft if they choos wisely. This feels like the sun coming out after an extended gloomy stretch.

All this makes it all the more unavoidable that this franchise is moving the first chance they get after they're through the transition period or whatever they're calling it. The only question is whether they can get good and give us a taste of fun and glory before they check out.

Agree with the first paragraph, but not the 2nd.

Was pretty vocal about Taylor never being able to find local owners or owners who were willing keep the team here. Now? Splitting a hefty expansion fee, $2B, maybe $4B for two teams is way to tempting to the NBA Owners.

That and Lore being a New York guy and ARod's VERY tenuous ties to Seattle. Gees they hated him for years after he went to Texas. Though they'd welcome anybody who'lll bring an NBA team back.

Question will be who'll be willing to spend the $2B to get that expansion team.

 

[PhiloVance]

There isn't enough lasagna in the world to make this feud go away.

Taylor said never Gannett smiles and gets to see something Taylor never did...a true contender for a NBA title.

 

[Bad Gopher]

Agree with the first paragraph, but not the 2nd.

Was pretty vocal about Taylor never being able to find local owners or owners who were willing keep the team here. Now? Splitting a hefty expansion fee, $2B, maybe $4B for two teams is way to tempting to the NBA Owners.

That and Lore being a New York guy and ARod's VERY tenuous ties to Seattle. Gees they hated him for years after he went to Texas. Though they'd welcome anybody who'lll bring an NBA team back.

Question will be who'll be willing to spend the $2B to get that expansion team.

I like your optimism. That's certainly my hope. This city is a basketball town waiting to happen.

 

[Iceland12]

While sharing $2.5B for a franchise fee must make NBA owners happy, turns out that Taylor may have not been honest about the clause to keep the Wolves here.

A minority owner says there isn't any such thing.


Meyer Orbach, the second-largest shareholder in the Minnesota Timberwolves, filed a complaint in U.S. District Court in Minneapolis on Wednesday alleging that owner Glen Taylor's pending sale of the franchise to Marc Lore and Alex Rodriguez is in violation of the franchise's partnership agreement, according to a copy of the complaint obtained by ESPN.

The complaint cites Taylor's failure to honor the "tag-along rights" for minority investors in the franchise, which allows them to sell their interests in the teams before Taylor sells his own.

A vote of the NBA's board of governors is still required to give final approval of the sale to Lore and Rodriguez.

The complaint filed by Orbach, a New Jersey real estate mogul who owns more than 17% of the Timberwolves and WNBA Lynx, also includes a significant revelation: Despite Taylor's public statements to the contrary, he has included no provision in the $1.5 billion sales agreement with Lore and Rodriguez that requires the new ownership group to keep the franchise in Minnesota upon taking control of the team, according to an exhibit in the complaint.

In fact, new details of Taylor's sale agreement with Lore and Rodriguez -- expected to be completed by July 1 -- include a clause under "Governance Matters" that lists several actions that would require new ownership to "present to the Advisory Board for discussion" -- including any plan to "relocate the team outside of the Twin Cities market."

According to an exhibit in the complaint, the agreement between Taylor and the Lore-Rodriguez group acknowledges that the "Advisory Board is advisory only ... and no action ... requires the approval, in any form, by the Advisory Board to be effective."

Essentially, there are no contractual limitations to keep Lore and Rodriguez from moving the Timberwolves and Lynx to a new city.

The language of the sales agreement between Taylor and prospective owners Rodriguez and Lore is in contrast to Taylor's numerous public comments that the sales agreement would include a provision requiring the new group to keep the Timberwolves in Minnesota. "They will keep the team here, yes," Taylor told the (Minneapolis) Star Tribune on April 11 about the Lore and Rodriguez ownership group. "We will put it in the agreement. At this point, we have a letter of intent, but when we make up the contract, we'll put that in there. That's no problem. That won't be a problem."

Several days later, Taylor reiterated to WCCO radio in Minneapolis: "We have it in the contract. They have signed the contract to do that..

Complaint: Sale of Wolves violates partnership

Meyer Orbach, who owns more than 17% of the NBA's Timberwolves, filed a complaint alleging owner Glen Taylor's pending sale of the franchise to Marc Lore and Alex Rodriguez is in violation of the franchise's partnership agreement.

www.espn.com

 

[TruthSeeker]

LMAO!

A con man until the end.

 

[tikited]

While sharing $2.5B for a franchise fee must make NBA owners happy, turns out that Taylor may have not been honest about the clause to keep the Wolves here.

A minority owner says there isn't any such thing.


Meyer Orbach, the second-largest shareholder in the Minnesota Timberwolves, filed a complaint in U.S. District Court in Minneapolis on Wednesday alleging that owner Glen Taylor's pending sale of the franchise to Marc Lore and Alex Rodriguez is in violation of the franchise's partnership agreement, according to a copy of the complaint obtained by ESPN.

The complaint cites Taylor's failure to honor the "tag-along rights" for minority investors in the franchise, which allows them to sell their interests in the teams before Taylor sells his own.

A vote of the NBA's board of governors is still required to give final approval of the sale to Lore and Rodriguez.

The complaint filed by Orbach, a New Jersey real estate mogul who owns more than 17% of the Timberwolves and WNBA Lynx, also includes a significant revelation: Despite Taylor's public statements to the contrary, he has included no provision in the $1.5 billion sales agreement with Lore and Rodriguez that requires the new ownership group to keep the franchise in Minnesota upon taking control of the team, according to an exhibit in the complaint.

In fact, new details of Taylor's sale agreement with Lore and Rodriguez -- expected to be completed by July 1 -- include a clause under "Governance Matters" that lists several actions that would require new ownership to "present to the Advisory Board for discussion" -- including any plan to "relocate the team outside of the Twin Cities market."

According to an exhibit in the complaint, the agreement between Taylor and the Lore-Rodriguez group acknowledges that the "Advisory Board is advisory only ... and no action ... requires the approval, in any form, by the Advisory Board to be effective."

Essentially, there are no contractual limitations to keep Lore and Rodriguez from moving the Timberwolves and Lynx to a new city.

The language of the sales agreement between Taylor and prospective owners Rodriguez and Lore is in contrast to Taylor's numerous public comments that the sales agreement would include a provision requiring the new group to keep the Timberwolves in Minnesota. "They will keep the team here, yes," Taylor told the (Minneapolis) Star Tribune on April 11 about the Lore and Rodriguez ownership group. "We will put it in the agreement. At this point, we have a letter of intent, but when we make up the contract, we'll put that in there. That's no problem. That won't be a problem."

Several days later, Taylor reiterated to WCCO radio in Minneapolis: "We have it in the contract. They have signed the contract to do that..

Complaint: Sale of Wolves violates partnership

Meyer Orbach, who owns more than 17% of the NBA's Timberwolves, filed a complaint alleging owner Glen Taylor's pending sale of the franchise to Marc Lore and Alex Rodriguez is in violation of the franchise's partnership agreement.

www.espn.com

From what I understand there cannot be exact language in the contract that states a move is not allowed. Nothing has changed in that regard if I remember it correctly. Taylor's comments on the other hand...

 

[Iceland12]

From what I understand there cannot be exact language in the contract that states a move is not allowed. Nothing has changed in that regard if I remember it correctly. Taylor's comments on the other hand...

Yep, that's how I remember it also.

It can't end like the Lakers. Minneapolis was treated to 5 titles before they went to Los Angeles. Took them until 1972 before they won one in Los Angeles.

Might be more of a North Star thing. They made the Cup Finals twice, but never won a title here but got one 5 years after they left.

If the Wolves do leave, maybe Taylor will tell us they won a couple titles here too..

 

[Iceland12]

Taylor has made several public comments that the sale to Lore and Rodriguez would be contingent on the Lynx and Timberwolves staying in Minnesota.

"They will keep the team here, yes. We will put it in the agreement," Taylor told the Star Tribune in April. "At this point we have a letter of intent, but when we make up the contract we'll put that in there. That's no problem. That won't be a problem."

Sources have told the Star Tribune that throughout the sale process Lore and Rodriguez have never given any indication that they plan to move the team.

The fallout between Orbach and Taylor comes after the two had seemingly worked well together since Orbach bought his stake in 2016.

In 2019, when Chinese investor Lizhang Jiang sold his 5% ownership stake, Taylor told the Star Tribune's Sid Hartman that Orbach would be his first point of contact if he decided to sell additional shares.

The next step for the proposed sale would be approval, this summer, from the NBA Board of Governors..

Timberwolves' minority owner Meyer Orbach files suit against Glen Taylor

Breach of contract alleged in sale of Wolves, Lynx.

www.startribune.com