Sale fell through, Glen Taylor remains owner

[WildWolf2813]

Per Glen:


Glen Taylor, Chairman of Taylor Sports Group, Inc., the general partner of Minnesota Timberwolves Basketball Limited Partnership (“Timberwolves and Lynx”), this morning confirmed the expiration of the option of Marc Lore and Alex Rodriguez to acquire controlling interest in the Timberwolves and Lynx.

Under terms of the purchase agreement, the closing was required to occur within 90 days following the exercise notice issued by Lore and Rodriguez. That 90-day period expired on March 27, 2024.

Under certain circumstances, the buyer could have been entitled to a limited extension. However, those circumstances did not occur.

“I will continue to work with Marc, Alex and the rest of the ownership group to ensure our teams have the necessary resources to compete at the highest levels on and off the court,” said Taylor. “The Timberwolves and Lynx are no longer for sale.”




Enjoy this run, because this team will look different next year.

[Coolbreeze44]

Holy Schnikes

[Q-is-here]

Ouch.

[kekgeek]

Hello darkness my old friend

[60WinTim]

Wow!

There's all sorts of stuff to unpack.

- Do Mark and A-Rod still have minority stakes?
- Could a nasty courtroom fight be in the offing?
- Did the projected salaries for the coming seasons play a factor?

I guess we know who will be hoisting the Larry O'Brien trophy after the finals...

[Carlos Danger]

[Wolvesfan21]

I'm a bit shocked. Considering the value has gone up tremendously. Couldn't they add other investors or was it written that they themselves had to be the ones to foot the bill. I'm guessing the latter.

[WildWolf2813]

The relationship between Taylor and his successors – Lore and Rodriguez – disintegrated over the past two-plus years, sources tell ESPN. Lore/Rodriguez did raise money necessary to purchase controlling interest, but Taylor contends that they didn’t meet contractual deadlines throughout transition.

-Woj


Basically, Lore/ARod couldn't meet deadlines even though they did eventually come up with the cash, but like always, Glen was half-assing this entire process because he doesn't really wanna sell it. Glen Taylor probably heard about the money he coulda got, sure, but I genuinely believe he doesn't want to give this up.


Here's a very easy way to avoid missing payment deadlines: SELL THE DAMN TEAM AT ONCE! Ishbia didn't have this issue with Phoenix. Bought it, no transition period, done. New Hornets owners, new Bucks owners, same thing. Glen sold the team for a discount and goes through this song and dance.

[rapsuperstar31]

So the funding Arod and Lore had either backed out or got rejected by the NBA. There wasn't enough time to get another decent funding option. The federal reserve has interest rates so high these days, that borrowing isn't ideal at the moment. 500 million borrowed at 8% would be 40 million in interest in the first year. I'm sure they were hoping the federal reserve would make some rate cuts earlier. The date passed, and Glenn could have temporarily extended it but choose not to, and with the team doubling in value it's hard to blame someone leaving that much money off the table. This will wind up in the courts for sure, but we aren't going to see KG retired anytime soon.

[WildWolf2813]

So the funding Arod and Lore had either backed out or got rejected by the NBA. There wasn't enough time to get another decent funding option. The federal reserve has interest rates so high these days, that borrowing isn't ideal at the moment. 500 million borrowed at 8% would be 40 million in interest in the first year. I'm sure they were hoping the federal reserve would make some rate cuts earlier. The date passed, and Glenn could have temporarily extended it but choose not to, and with the team doubling in value it's hard to blame someone leaving that much money off the table. This will wind up in the courts for sure, but we aren't going to see KG retired anytime soon.

They came up with the money according to Woj, but Glen didn't like that they were missing deadlines.


Truth be told, the team valuation isn't even the issue when it comes to a sale. Billionaires would pay it, but only if they could relocate it.