kekgeek wrote: ↑Thu Mar 28, 2024 12:39 pm
I’m actually going to defend Taylor here. If Lore/Arod did not have the money I do not blame them. And I hate Taylor
Not all that fond of Taylor either, but I'll join kek in another defense. It seems that Lore and ARod have been a little sloppy in following all the parameters of this deal and missed a couple deadlines, and Glen is taking advantage of their sloppiness. I don't think they ever intended to pull out...why would the prospective owners be showing up for so many games, both home and away, if they weren't in it for the long run? During the interim time between when they agreed on a price and now, the value of the franchise has skyrocketed...reportedly hundreds of millions of dollars. And Glen is exercising his rights under the agreement to pull out, since he knows he can get more money from someone else now. Also, it's apparent the parties don't like each other much...I always found it odd that they never interact during games.
So some here may say, "What a dick". But let's put it in non-billionaire terms that we commoners can comprehend. Let's say you entered into a deal to sell your house for $400,000. During the due diligence period, the market goes crazy, and now your house can be sold for $600,000. And the potential buyer (whom you've grown to dislike during the process), while still interested, is in technical fault on the deal. Are you going to say "Ah, it doesn't matter...I'll forego the extra $200,000 and honor the original deal, even though you screwed up and I don't really like you very much." I'm honest enough to say I'm going to take the extra $200K.
Maybe there's a little Glen in all of us...
If you are buying a majority ownership in a NBA franchise. Not a chance you are going to be sloppy. Not these guys like Lore who do this kind of shit. That is something you are tracking and thinking about daily. Not to mention talking with a lawyer or two or a dozen about as well. This is bigger then buying a house. Much bigger. You got people employed to see it through.
I would guess it's more nefarious on Glens part. This is more speculation but it makes more sense. Glen had blocked payments or had numerous hoops to jump through simply to tank the deal. He sabotaged the deal so he could make more. I heard that Lore and ARod had the money and were set to complete the deal.
That is what I think likely happened. Also we are really only getting Glens side of the story through his sheep reporters. Yeah it might be true, but also seems very unlikely.
kekgeek wrote: ↑Thu Mar 28, 2024 12:39 pm
I’m actually going to defend Taylor here. If Lore/Arod did not have the money I do not blame them. And I hate Taylor
Not all that fond of Taylor either, but I'll join kek in another defense. It seems that Lore and ARod have been a little sloppy in following all the parameters of this deal and missed a couple deadlines, and Glen is taking advantage of their sloppiness. I don't think they ever intended to pull out...why would the prospective owners be showing up for so many games, both home and away, if they weren't in it for the long run? During the interim time between when they agreed on a price and now, the value of the franchise has skyrocketed...reportedly hundreds of millions of dollars. And Glen is exercising his rights under the agreement to pull out, since he knows he can get more money from someone else now. Also, it's apparent the parties don't like each other much...I always found it odd that they never interact during games.
So some here may say, "What a dick". But let's put it in non-billionaire terms that we commoners can comprehend. Let's say you entered into a deal to sell your house for $400,000. During the due diligence period, the market goes crazy, and now your house can be sold for $600,000. And the potential buyer (whom you've grown to dislike during the process), while still interested, is in technical fault on the deal. Are you going to say "Ah, it doesn't matter...I'll forego the extra $200,000 and honor the original deal, even though you screwed up and I don't really like you very much." I'm honest enough to say I'm going to take the extra $200K.
Maybe there's a little Glen in all of us...
If you are buying a majority ownership in a NBA franchise. Not a chance you are going to be sloppy. Not these guys like Lore who do this kind of shit. That is something you are tracking and thinking about daily. Not to mention talking with a lawyer or two or a dozen about as well. This is bigger then buying a house. Much bigger. You got people employed to see it through.
I would guess it's more nefarious on Glens part. This is more speculation but it makes more sense. Glen had blocked payments or had numerous hoops to jump through simply to tank the deal. He sabotaged the deal so he could make more. I heard that Lore and ARod had the money and were set to complete the deal.
That is what I think likely happened. Also we are really only getting Glens side of the story through his sheep reporters. Yeah it might be true, but also seems very unlikely.
Some blame on both sides I think, since there have been a lot of articles detailing some of the delays and troubles with funding but after this shit, even if Glen does try and sell the team again before he dies, no way anyone who is a potential buyer at this point would continue to be interested if they have to deal with his shit.
No matter how the blame percentages fall, it's a really bad look for Glen. The ONLY reason the Wolves are the team they are today is because Lore and A-Rod put the early imprint on the team, most notably the hiring of Tim Connelly. And now Glen is saying "my team is great now" and kicks those guys to the curb.
It's not easy for me to feel sympathy for Glen, even though he is the reason the Wolves are still here.
LOL Glen was asked if the reason he's keeping the team is because they're so good, and he said that was part of it! He's always put his foot in his mouth over the years, his lawyers will likely agree now.
BloopOracle wrote: ↑Thu Mar 28, 2024 4:16 pm
LOL Glen was asked if the reason he's keeping the team is because they're so good, and he said that was part of it! He's always put his foot in his mouth over the years, his lawyers will likely agree now.
Yeah, seems pretty clear that he indeed had seller's remorse given the resurgence of the franchise and corresponding increase in value since he agreed to the initial sale price.
The whole multi-year transition thing seemed very odd to me, as if those two guys really needed any ownership "mentoring" from GT. Lore and ARod should have had their financial ducks in a row earlier and closed as quickly as possible. Or may be it was always going to be a stretch for them....
I'm bummed, but I don't think it automatically means Taylor won't spend money this offseason and beyond. His issue has always been his front office hires, but that certainly took a turn for the better starting with Gersson Rosas.
Just a couple of things from what I could gather today.
Lore/Arod currently own 39% of the wolves
Lore/Arod relationship with Taylor has been really bad this last year.
Taylor admitted multiple places today he was having sellers remorse of the sale because the wolves are good now.
Arod/Lore are the main reason Connelly is here, Finch and Staff got a raise, remodeling of locker room and the Gobert trade. However Taylor is the one who writes those checks.
Lore/Arod filed paperwork to make the next 40% payment to Taylor on March 20th where it seems like they have the money to acquire the wolves and become majority owner.
The deadline to buy that 40% was yesterday the 27th. Taylor has not seen a dime of that money so he did not give an extension and has put the wolves no longer on sale.
However with that according to the star Tribune there is a clause in that sales agreement that Arod/Lore get a 90 day extension if they are waiting on league approval to buy the wolves and paperwork is in (what is reported on the 20th by Shams)
However Taylor has not seen a dime of the money so Taylor is claiming that clause is not in effect because there has been no payment at all, so he does not have to go through with the sale.
Taylor has admitted today that he is doing what is best for the minority owners because the wolves have at least doubled in value since the sale and if expansion happens approximately 300 million will go to each owner.
So this will come down to a mediator or court case where the interpretation of the sales agreement will be put into question and does Arod/Lore have the funds.
Big questions this upcoming offseason with the wolves going to be a 2nd apron team and Taylor has never paid the tax or if Arod/Lore win do they have the funds to run a functional organization.
kekgeek wrote: ↑Fri Mar 29, 2024 12:45 am
Just a couple of things from what I could gather today.
Lore/Arod currently own 39% of the wolves
Lore/Arod relationship with Taylor has been really bad this last year.
Taylor admitted multiple places today he was having sellers remorse of the sale because the wolves are good now.
Arod/Lore are the main reason Connelly is here, Finch and Staff got a raise, remodeling of locker room and the Gobert trade. However Taylor is the one who writes those checks.
Lore/Arod filed paperwork to make the next 40% payment to Taylor on March 20th where it seems like they have the money to acquire the wolves and become majority owner.
The deadline to buy that 40% was yesterday the 27th. Taylor has not seen a dime of that money so he did not give an extension and has put the wolves no longer on sale.
However with that according to the star Tribune there is a clause in that sales agreement that Arod/Lore get a 90 day extension if they are waiting on league approval to buy the wolves and paperwork is in (what is reported on the 20th by Shams)
However Taylor has not seen a dime of the money so Taylor is claiming that clause is not in effect because there has been no payment at all, so he does not have to go through with the sale.
Taylor has admitted today that he is doing what is best for the minority owners because the wolves have at least doubled in value since the sale and if expansion happens approximately 300 million will go to each owner.
So this will come down to a mediator or court case where the interpretation of the sales agreement will be put into question and does Arod/Lore have the funds.
Big questions this upcoming offseason with the wolves going to be a 2nd apron team and Taylor has never paid the tax or if Arod/Lore win do they have the funds to run a functional organization.
Good summary of the facts here Kek. It's an unfortunate turn of events for a franchise that has endured so much losing and drama over its history, but it really doesn't affect the team or its chances of success THIS season. Go Wolves!
Ugh. So...I've spent my entire career working for big corporations. And in my experience, when upper management is fucked up, it has a tendency to trickle down through the entire organization. What a complete buzz kill to what has been a great season.
Now I worry about how this will effect the remainder of this season and of course the off season. Is Glen now going to get his paws more into the games? Will Finch feel pressure to play certain guys that Glen favors? Will Glen bring back Ryan Saunders and others from the country club? Can we forget about worry about the second apron knowing Glen will want to squeeze some juice out of his money machine?
I know some of what I wrote is an over reaction. This is just my vent. The whole thing just deflates me a little.
While I still think Glen is doing what perhaps all of us would do if a technical violation of a contract with another party we didn't like would bring us hundreds of millions of dollars, as a Timberwolves fan, I'm pissed at the distraction this is causing.
The Wolves play a home game Sunday, and I wonder if Glen will show up. If he does, I expect the fans will boo him mercilessly the entire game. Glen likes to be liked, so that may have an impact on how this shakes out. He may make some concessions to the Lore group to preserve his local image. But this could get very messy.
But let's say it doesn't get resolved, and the Lore group stays on as minority owners. Might that not be a good thing for the franchise. I have an insider source (unfortunately recently deceased, so I can't get any more G2 from him) that told me several years ago that it was not Glen who was unwilling to pay lux tax...it was the minority owners who weren't as flush as Glen. But Lore and ARod are much wealthier than the previous minority owners, and it's not unlikely that a combined group of Taylor/Lore/ARod might both have the available resources and willingness to pony up for the second apron. It's wouldn't be a happy marriage, but I think both sides would be committed to winning...so it actually could be a good thing.
