BleedGopher
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Figured I'd start a new thread as this ongoing saga isn't really season specific. Jamiche has called B.S. on the ARod/Lore situation from the onset and he's looking more and more correct.
Per Shama:
Finalizing the deal to sell the NBA Timberwolves and WNBA Lynx remains unclear with a deadline of March 27 looming.
In 2021 owner Glen Taylor struck a multi-phase payment plan with Marc Lore and Alex Rodriguez to acquire the Minneapolis-based basketball franchises for $1.5 billion. The final payment to give Lore and Rodriguez majority control over the teams (Taylor becomes a minority owner) is due a week from Wednesday.
That deadline is an extension of a previous date and indicates the challenge the buyers have experienced in raising capital needed for the takeover. Taylor told Sports Headliners yesterday about $600 million is needed to make the final payment.
Doubters might be skeptical of the sale being completed. Taylor’s communications with the two buyers haven’t been frequent of late but he did offer important news about financing.
“They had an equity group that was going to come in and put in $300 million, and that equity group has either withdrawn or the NBA has denied them,” Taylor said. “They have to go out and find new revenue. That I do know. I don’t know if they found it or what they’re going to do. We haven’t seen the schedule of ownership yet.”
The NBA will have a final call on approving the sale even if the Lore and Rodriguez group meet their final payment obligation. That might not be a slam dunk. If the league isn’t convinced the new owners can meet operating obligations with their finances, approval won’t be granted.
It’s believed Lore and Rodriguez will want to replace Target Center to better serve customers while improving revenues and financial value of the two franchises. A source told Sports Headliners the Farmers Market near downtown is a site of interest to the potential new owners.
Taylor would neither confirm nor deny the speculation about the location at 312 East Lyndale Avenue North. “…I don’t think I am the one that should comment on that. I think you should ask that of those guys.”
Howl Wolves!!
Per Shama:
Finalizing the deal to sell the NBA Timberwolves and WNBA Lynx remains unclear with a deadline of March 27 looming.
In 2021 owner Glen Taylor struck a multi-phase payment plan with Marc Lore and Alex Rodriguez to acquire the Minneapolis-based basketball franchises for $1.5 billion. The final payment to give Lore and Rodriguez majority control over the teams (Taylor becomes a minority owner) is due a week from Wednesday.
That deadline is an extension of a previous date and indicates the challenge the buyers have experienced in raising capital needed for the takeover. Taylor told Sports Headliners yesterday about $600 million is needed to make the final payment.
Doubters might be skeptical of the sale being completed. Taylor’s communications with the two buyers haven’t been frequent of late but he did offer important news about financing.
“They had an equity group that was going to come in and put in $300 million, and that equity group has either withdrawn or the NBA has denied them,” Taylor said. “They have to go out and find new revenue. That I do know. I don’t know if they found it or what they’re going to do. We haven’t seen the schedule of ownership yet.”
The NBA will have a final call on approving the sale even if the Lore and Rodriguez group meet their final payment obligation. That might not be a slam dunk. If the league isn’t convinced the new owners can meet operating obligations with their finances, approval won’t be granted.
It’s believed Lore and Rodriguez will want to replace Target Center to better serve customers while improving revenues and financial value of the two franchises. A source told Sports Headliners the Farmers Market near downtown is a site of interest to the potential new owners.
Taylor would neither confirm nor deny the speculation about the location at 312 East Lyndale Avenue North. “…I don’t think I am the one that should comment on that. I think you should ask that of those guys.”
Howl Wolves!!