A-Rod, Lore Say They’re ‘Going to Be’ the Next Timberwolves Owners

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Alex Rodriguez and Marc Lore say they will be the next owners of the Minnesota Timberwolves despite Glen Taylor’s recent proclamation that their four-part deal is off.

Speaking to Sportico about 24 hours after Taylor announced that he would retain control of the NBA team, Lore and Rodriguez said they never breached any part of their agreement and said Taylor’s claims showed “complete and utter disregard for the contract.”

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They accused Taylor of fabricating a story in order to back out of a deal that was no longer financially advantageous.

“We’re going to be the owners of the Minnesota Timberwolves,” Lore said. “It’s just a matter of time, and how much pain Glen wants to put the fans, the players, the town and community through. It’s his choice. It didn’t have to be this way.”

The Timberwolves declined to comment while the NBA didn’t respond to requests for comment.

Lore and Rodriguez reached an agreement with Taylor in 2021 to buy the Timberwolves in four parts, starting with 20% at a $1.5 billion valuation, and 4% value escalators in each of the following payments. They currently hold 36% and were in the process of securing another 40% for about $600 million when Taylor said they’d missed a March 27 deadline to close on the deal and that the team was no longer being sold.

Lore and Rodriguez referenced a clause from their purchase agreement—section 6.4, part A—which says the buyers should receive an automatic 90-day extension if they’ve submitted the signed financial subscriptions but are still awaiting NBA approvals. The commitments were submitted on March 21, they said, six days before the March 27 deadline. The NBA approval is in process.

Taylor said in his statement Thursday: “Under certain circumstances, the buyer could have been entitled to a limited extension. However, those circumstances did not occur.”

So what happens next? Lore and Rodriguez said their lawyers at Wachtell Lipton are currently speaking with lawyers at the NBA. They did not commit to a lawsuit but said they were willing to take action to defend their interpretation of the…

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Source link : https://sports.yahoo.com/rod-lore-going-next-timberwolves-202406548.html

Author : Sportico

Publish date : 2024-03-29 20:24:06

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