|
Post by levine on Mar 28, 2024 10:04:49 GMT -6
If the Wolves win the NBA championship the value of the franchise could sky-rocket. It already has skyrocketed. Probably the main reason Glen is still the majority owner. He can probably get more than twice what Lore's group was going to pay. I was really hoping you were right on this one with your constant optimism that it would happen...
|
|
|
Post by jojo on Mar 28, 2024 10:11:01 GMT -6
I don’t have any problem believing that relationship between Glen and A/Lore has gone bad. I’m sure he resented them taking the lead on all the FO changes and getting credit for the team’s success. The sketchy money situation probably gave Glen the opening to renig on the agreement, but he probably wouldn’t have gone that far if they were on the same page. That said I could definitely see the A-Lore team having a legal argument if they thought they were meeting the deadlines. The best outcome for now is they retain partial ownership and try to repair their relationship with Glen. Glen will eventually see he doesn’t have a better alternative if he wants to come out of this looking good.
|
|
|
Post by levine on Mar 28, 2024 10:14:48 GMT -6
Lore's team had 3 years to get the money and missed every single deadline.
The fact that they couldn't figure it out, despite getting a sweetheart deal makes them look like frauds.
No one looks good here.
|
|
|
Post by Nick K on Mar 28, 2024 10:26:31 GMT -6
This all sounds like it's going to court. I think two things are likely true: 1. Lo-Rod didn't have the money. They probably raised enough to simply purchase the team at the $1 billion discount they were given. 2. Glen's a snake who can never give up control of this team. You have to wonder how much the success of the team is figuring into this not to mention the current valuations.
The bottom line is Lore/Arod didn't perform on the deal as agreed. That's shocking to me. Not so much Arod but Lore is a really saavy guy.
|
|
|
Post by levine on Mar 28, 2024 10:26:37 GMT -6
|
|
|
Post by levine on Mar 28, 2024 10:30:03 GMT -6
but Lore is a really saavy guy. Or a snake trying to cash in on the appreciation before even having the money to buy the team. By trying to bring in investors at a current valuation, and not what they agreed to pay, they were basically trying to buy the team for free, while cutting Glen out of the profits.
|
|
|
Post by Nick K on Mar 28, 2024 10:30:04 GMT -6
Lore's team had 3 years to get the money and missed every single deadline. The fact that they couldn't figure it out, despite getting a sweetheart deal makes them look like frauds. No one looks good here. Yep. That sums it up pretty well. This is really disappointing.
|
|
|
Post by araxen on Mar 28, 2024 10:31:21 GMT -6
We know one thing for sure is that Glen can afford $100 million in luxury tax. lol
|
|
|
Post by Wolf With Sheepskin on Mar 28, 2024 10:32:48 GMT -6
The big question is did Glen do something shady to more or less "renege" on the deal using "technicalities".....or were Lo_Rod really just holding their end together with shoestrings. Until this comes out...we wont know all the story. What we do know is that it continues: we're still a shit show in the ownership arena. When you're dealing with a multimillion dollar contract, examined by multiple lawyers on both sides of the table, there really are no "technicalities" any more because it is ALL technicalities. If two billionaires were merely HOPING another billionaire would NOT hold them to fulfilling all aspects of the agreement (technical or not), they are fools. Clearly A-Lore are not great fools, so I cannot assume they were duped by the wily old Glen Taylor.
|
|
|
Post by Nick K on Mar 28, 2024 11:12:53 GMT -6
The big question is did Glen do something shady to more or less "renege" on the deal using "technicalities".....or were Lo_Rod really just holding their end together with shoestrings. Until this comes out...we wont know all the story. What we do know is that it continues: we're still a shit show in the ownership arena. When you're dealing with a multimillion dollar contract, examined by multiple lawyers on both sides of the table, there really are no "technicalities" any more because it is ALL technicalities. If two billionaires were merely HOPING another billionaire would NOT hold them to fulfilling all aspects of the agreement (technical or not), they are fools. Clearly A-Lore are not great fools, so I cannot assume they were duped by the wily old Glen Taylor. Totally agree. Well said!
|
|
|
Post by levine on Mar 28, 2024 11:15:30 GMT -6
Lore and ARod making sure to throw gas on the bridges that Taylor set on fire on their way out.
|
|
|
Post by jojo on Mar 28, 2024 11:15:51 GMT -6
If you followed John K he seemed to be saying that A-Lore were meeting their deadlines up to now, although I doubt he knew the fine print. Sounds like this is headed for arbitration which at least has the possibility of a negotiated settlement. Glen knows how to play hardball.
|
|
|
Post by jojo on Mar 28, 2024 11:32:02 GMT -6
Lore and ARod making sure to throw gas on the bridges that Taylor set on fire on their way out. They probably wanted to get their side of the story out before the war begins. I doubt the fire needed any more gas poured on.
|
|
|
Post by quinn on Mar 28, 2024 11:34:59 GMT -6
Lore's team had 3 years to get the money and missed every single deadline. The fact that they couldn't figure it out, despite getting a sweetheart deal makes them look like frauds. No one looks good here. I think that's why I'm so frustrated about this. Glen gave them an absolute sweetheart of a deal. Literally $1 billion discount. Yet Lore couldn't muster up the funds in 3 years. It really is a reputation killer on all sides. The whole process from the jump was embarrassing and made even more of a clown show out of this team. When we FINALLY are starting to have stability and success, quite literally the day after we hit 50 wins for the first time since 03-04, this bombshell gets dropped. Kyle Theige said it best, Lucy didn't just pull the football away. She punted it to the bottom of Lake Minnetonka.
|
|
|
Post by quinn on Mar 28, 2024 11:36:40 GMT -6
but Lore is a really saavy guy. Or a snake trying to cash in on the appreciation before even having the money to buy the team. By trying to bring in investors at a current valuation, and not what they agreed to pay, they were basically trying to buy the team for free, while cutting Glen out of the profits. I think this seems more accurate. I remember when Lo-Rod orginally agreed to buy the team, Glen said they conducted business similar to him... which probably should have been a warning sign from the jump. One snake selling to a baby snake.
|
|
|
Post by kingsxman on Mar 28, 2024 11:43:17 GMT -6
Another new low for Glen? I am shocked to read the news. I honestly feel embarrassed. If this turns out to be an issue with Glen being a snake....I have supported him in the past and that support will be gone.
|
|
|
Post by kingsxman on Mar 28, 2024 11:48:03 GMT -6
If you followed John K he seemed to be saying that A-Lore were meeting their deadlines up to now, although I doubt he knew the fine print. Sounds like this is headed for arbitration which at least has the possibility of a negotiated settlement. Glen knows how to play hardball. I did notice last night that neither Arod, Lore or Glen were at the game.
|
|
|
Post by quinn on Mar 28, 2024 11:49:14 GMT -6
If you followed John K he seemed to be saying that A-Lore were meeting their deadlines up to now, although I doubt he knew the fine print. Sounds like this is headed for arbitration which at least has the possibility of a negotiated settlement. Glen knows how to play hardball. I did notice last night that neither Arod, Lore or Glen were at the game. Well playing the Pistons probably wasn't super appealing.
|
|
|
Post by XRaySpecs on Mar 28, 2024 11:51:25 GMT -6
What a joke. EVERYONE looks awful here, but Lore and ARod especially look bad. It's basically more of what I expected from Taylor.
I gave Lore the benefit of the doubt initially as I wondered if he just needed time to divest himself of stock to raise the cash, but it's been 3 years. Even if he and ARod were trying to raise money at a new valuation, they showed utter incompetence. How do you not get whatever you're doing done in time when you've got such a sweetheart deal in place. They obviously didn't have the money, but why were they not pushing harder to line this all up 6 months ago?
|
|
|
Post by levine on Mar 28, 2024 11:52:26 GMT -6
Glen says Lore and ARod can keep their 36% of the team and he will continue as the majority shareholder and he'll run the team as he has all these years...
|
|
|
Post by XRaySpecs on Mar 28, 2024 11:53:34 GMT -6
Another new low for Glen? I am shocked to read the news. I honestly feel embarrassed. If this turns out to be an issue with Glen being a snake....I have supported him in the past and that support will be gone. It doesn't look like Glen has clean hands, but Lore and ARod could have averted him even having the chance to do this. With the deal that Lore and Arod got on the initial price, how did they let it come to this?
|
|
|
Post by quinn on Mar 28, 2024 11:54:07 GMT -6
Glen says Lore and ARod can keep their 36% of the team and he will continue as the majority shareholder and he'll run the team as he has all these years...Those words could make even the most brutal murderer wince...
|
|
|
Post by quinn on Mar 28, 2024 11:54:19 GMT -6
|
|
|
Post by XRaySpecs on Mar 28, 2024 11:58:11 GMT -6
Glen says Lore and ARod can keep their 36% of the team and he will continue as the majority shareholder and he'll run the team as he has all these years... This is going to be a disaster.
|
|
|
Post by Nick K on Mar 28, 2024 12:18:04 GMT -6
Lore and ARod making sure to throw gas on the bridges that Taylor set on fire on their way out. They might not be out. I can see their side if they really had the money set up with their limited partner and ok'd by the league. Obviously this will go to arbritation. Maybe this is a bad move by Glen. It's tough to tell at this point.
|
|