Struggle for control of Timberwolves now “personal,” could drag out years

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Los Angeles Lakers v Minnesota Timberwolves

Glen Taylor sees this as a cut-and-dried business deal gone south: Marc Lore and Alex Rodriguez did not meet their contractual obligations to purchase the final 40% of the Minnesota Timberwolves by the March 27 deadline, so the sale of the team is off. Taylor retains control.

Lore and Rodriguez view it very differently: They say they have the money for the final installment and with that qualify under the terms of the deal for a 90-day extension to go through the NBA’s final approval process. They say this is really about Taylor not wanting to sell a team he loves to own — he has seller’s remorse — and with that he is making up reasons to kill the sale.

The reality is both things can be true: Lore and Rodriguez did not hit every mark on the way to completing the deal, but Taylor gave off the vibe of never really wanting to sell, especially now that the Timberwolves are in the midst of their best season since the Kevin Garnett era.

The other reality: This is getting ugly and could drag out a while. That’s the main takeaway from the brilliantly researched story by Jon Krawczynski and Shams Charania at The Athletic. Check out what Rodriguez and Lore said.

“It is now personal,” Rodriguez said. “We can be in this (fight) for five years, 10 years, whatever. We’re not going to let go.”

Added Lore: “We will use every ounce of effort here to enforce the contract that Glen broke. So that means time, capital, whatever means necessary.”

There are a lot of factors at play here. For example, when Taylor agreed to this unusual, multi-step installment plan to sell the Timberwolves the franchise was valued for the sale at $1.5 billion. Today it is likely close to double that — Taylor and his minority owners want to get paid market value.

Lore and Rodriguez still own 40% of the team but are limited partners in Taylor’s
eyes (not guys on track to buy the franchise), and are being treated as such.

As soon as he issued his statement Thursday [announcing the deal was dead], Taylor’s attorney also informed Rodriguez and Lore that they were no longer allowed to be in the back hallways of…

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Source link : https://sports.yahoo.com/struggle-control-timberwolves-now-personal-011524962.html

Author : NBC Sports

Publish date : 2024-03-30 01:15:24

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