I've heard there were concerns with him over character issues prior to being drafted, I think he's got a great sense of humor, and is a lot smarter than he lets on. With that level of talent there shouldn't be any hesitation. As far as him becoming a serious leader, he's got some growing up to do, but it is entertaining.
https://www.espn.com/nba/story/_/id...lves-no-limitations-moving-franchise-new-city […] Lore and Rodriguez are expected to buy the team in installments, first becoming limited partners and then growing their percentage until they assume a controlling stake for the 2023-24 season. The sequencing is expected to include a purchase of 20% of team in 2021, sources said. Essentially, Orbach's complaint says that the "tag-along" provision is supposed to be exercised immediately upon the finalizing of Lore's and Rodriguez's agreement to buy the team. According to the complaint, "When Orbit (Orbach's company) attempted to exercise its tag-along rights, Taylor not only ignored Orbit but also privately stated -- contrary to his public statements -- that he's not proposing to enter into a "control sale" with Rodriguez and Lore at this time. Instead, Taylor is claiming that any "control sale" will be years in the future, and therefore Orbit currently does not have any tag-along rights." The complaint continues: "Taylor is wrong. Although the deal with Rodriguez and Lore was structured in a clumsy attempt to circumvent Orbit's tag along rights, it does not deprive Orbit of its tag-along rights. ... The tag-along rights are triggered regardless of whether control is transferred "in a single transaction or a series of related transactions," according to the Timberwolves partnership agreement. Taylor, 80, had entered an exclusive 30-day negotiating window April 10 that expired without an agreement, though the sides continued to negotiate in good faith. Taylor previously said a deal was contingent on Lore and Rodriguez keeping the team in Minnesota. The Timberwolves have a lease at the Target Center through 2035, although the buyout is $50 million -- roughly 1.3% of the $1.5 billion purchase price. It is believed that Lore and Rodriguez need that time to gather up the financing to complete the purchase of majority ownership, sources told ESPN. The first payment is due when the deal closes, which is expected to be around July 1.
if I read this correctly in yesterday reading, second largest shareholder of MIN is suing the majority owner for breach of contract wrt their partnership agreement that he must include a relocation protection clause in any contract to sell his majority stake. basically, key reason the minority shareholder bought into the franchise was protection against Taylor just bolting Apparently, Taylor is trying to sell to A-Rod without the relocation protection clause ... and lying in public about it
The line about the relocation deal was to rile up people in the Twin Cities (which definitely is happening here). The real complaint is about tag-along rights. Basically Orbach's company has the right to sell its stake in the Wolves before Taylor can. In fact, I believe other minority owners probably have this provision which means they should all get to cash out first. Since the A-Rod's partnership is only buying a controlling stake, the implication is that Taylor won't be able to fully sell his stake because all minority owners with tag-along rights will get to cash out first. If tag-along rights aren't honored, Orbach gets zilch from this sale and considering the valuation of the franchise is now 1.5 billion dollars, I'm sure he wants his payout. For reference, the Wolves were valued at 88 million dollars when Taylor bought a controlling stake in 1994.
Yeah, I didn’t see mention of tag along clause in what I read yesterday. Leaves me wondering which is actually more important to Orbach, though...keeping the franchise in MIN or trying to cash-out with no real power to do so wrt A-Rods buyers. They want majority ownership ... so only way to get that is to deal with Taylor. If Taylor can’t cash out 100%, he could just walk away, tag-along clause or not. So seems like Orbach has to convince A-Rods team to buyout both. Since the Tag Along is a strong means to stop the sell in its tracks (if A-Rod can’t raise more money, and Taylor won’t budge from 100% cash-out), maybe ensuring it stays in MIn is actually Orbach’s primary motivation?? I mean hell, if he OKs the sell and a move to Seattle, his stake will immediately increase in value, one would think, and more minority buyers would surface with a move eventually.
I am not sure if moving the team would bring immediate equity, according to Taylor moving the team would require the new ownership to pay the NBA's owners about $2B on top of the $1.5B they need to pay for the team itself. I am not sure how accurate that is, but Taylor mentioned that when defending the lack of a clause protecting a move out of the twin cities. If that is true, $3.5B for a Seattle team seems high given the Clippers sale a few years ago for $2.1B and Rockets for $2.2B.
UGHH Glen Taylor is low key one of the worst owners in basketball and I thought we were done with him. Unfortunately for us, the value of the team ballooned since the sale was announced (since the Timberwolves are actually a good team for once) so Taylor is being a jackass and backing out of the deal. This is 100% going to court. Rodriguez and Lore claim that they secured financing to buy out Taylor's ownership stake so this is going to be a complete mess.
This really seems messy but if A-Rod had his stuff together, it wouldn't have come to this. From the little I've read so far, he comes off as a complete clown for letting it get to this point. Makes me doubt his competence at overseeing an NBA franchise.
In some ways I think we dodged a bullet. I think having an overleveraged owner that lacks stable finances is arguably worse than the incompetent billionaire owner. I still dont like Taylor as an owner at all but I guess he brings a level of stability that is good.
Planned to cheap out like FernTits Fertitta In documents shared with Taylor, the NBA and The Carlyle Group, a private equity firm, Lore and Rodriguez rendered a budget projection as potential majority owners that would've lowered the Timberwolves' payroll to $171 million beginning next season -- below the projected $172 million luxury tax threshold, sources told ESPN. The Timberwolves would've gone from approximately a $25 million-plus tax payment to a team receiving a tax distribution of approximately $6.5 million. After largely decades of futility, the Timberwolves are the No. 1 seed in the Western Conference, and Lore and Rodriguez's cost-cutting projections were among the concerns that led Taylor to void a contract that would've finalized the sale of the Timberwolves and WNBA's Minnesota Lynx, sources told ESPN. Through separate spokespersons, both Taylor and the Lore-Rodriguez group declined comment. In a recent memo, the NBA instructed both sides to refrain from publicly discussing the dispute, sources said. Minnesota is on course to have the league's fourth-highest payroll of $198 million for the 2024-25 season -- including three maximum contract players -- and it's difficult to map out a roster with that deep of a cut without trading one of the franchise's key players. Their payroll will place them $27 million over the luxury tax and would exceed the second apron once free agency begins in July. As owner, Taylor has paid the luxury tax in four different seasons, including most recently in 2019-20. He has paid a total of $25 million in luxury tax in his span as owner. There had been questions about Lore and Rodriguez's ability to purchase and operate the Timberwolves as a tax-paying team in one of the league's lowest revenue markets, although as minority partners they did approve of contract extensions for Jaden McDaniels and Mike Conley in recent months that assuredly would raise the team's future payroll, sources said.
