All articles tagged with #glen taylor
Glen Taylor is stepping down from his ownership roles of the Timberwolves and Lynx after a lengthy control battle and arbitration loss, with new owners Marc Lore and Alex Rodriguez set to take over, marking a significant change in Minnesota sports ownership history.
Alex Rodriguez and Marc Lore, who were attempting to take over the Minnesota Timberwolves, reportedly planned significant payroll cuts that left majority owner Glen Taylor concerned about the team's future success. The proposed payroll reduction would have brought the team below the luxury tax threshold, but it raised questions about the team's ability to retain its current roster. The sale of the Timberwolves and Minnesota Lynx fell through last month, leading to a mediation process to settle the matter.
NBA Commissioner Adam Silver stated that the league is unlikely to intervene in the ownership dispute between Glen Taylor and minority owners Alex Rodriguez and Marc Lore over the sale of a portion of the Timberwolves franchise. The dispute, which involves a purchase agreement and a pre-agreed dispute resolution mechanism, will go through mediation and arbitration, with no role for the league in the process.
Minnesota Timberwolves minority partners Marc Lore and Alex Rodriguez submitted financial projections forecasting a significant decrease in roster payroll, which concerned majority owner Glen Taylor and led to the voiding of their contract to assume majority ownership. The proposed budget projection would have lowered the Timberwolves' payroll to $171 million, potentially jeopardizing the team's ability to compete for a championship. The dispute has led to a halt in the sale process, with the NBA instructing both sides to refrain from publicly discussing the issue.
The sale of the Minnesota Timberwolves and Minnesota Lynx has hit a roadblock as owner Glen Taylor claims the teams are no longer for sale, alleging that prospective buyers Marc Lore and Alex Rodriguez did not meet their deadline to close the deal. Lore and Rodriguez dispute this, stating they have fulfilled their obligations and are committed to finalizing the purchase. The dispute has escalated, with both sides expressing determination to see it through, while the NBA's approval process remains pending.
Alex Rodriguez and Marc Lore assert that they will become the next owners of the Minnesota Timberwolves despite Glen Taylor's announcement that their deal is off. They claim Taylor's actions show disregard for the contract and accuse him of fabricating a story to back out of the deal. The pair are currently in discussions with NBA lawyers and are willing to take action to defend their interpretation of the contract. The structure of the deal, the team's improved performance, and strained relations between the parties have added complexity to the situation.
Glen Taylor, owner of the Minnesota Timberwolves, commented on the collapse of the team's sale to Marc Lore and Alex Rodriguez, stating "It's business." The deal fell through due to disagreements over the timing of the ownership transfer, but Taylor remains committed to finding a new buyer for the NBA franchise.
Minnesota Timberwolves owner Glen Taylor announced that he is no longer selling his controlling stake in the franchise to minority owners Marc Lore and Alex Rodriguez, citing their failure to meet contractual deadlines and obligations. Lore and Rodriguez maintain that they have fulfilled their financial obligations and are committed to closing the purchase as soon as the NBA approves. The dispute comes amid the Timberwolves' best season in years, with the team just a half-game out of first place in the Western Conference.
Minnesota Timberwolves and Lynx are no longer for sale after the closing deadline for buyers Marc Lore and Alex Rodriguez passed without the sale closing, according to owner Glen Taylor. The collapse of the $1.5 billion deal comes during the Wolves' best season in two decades, with the team hitting 50 wins for the first time since 2003-2004. The sale fell through due to the buyers' lack of a solid group of investors and substantial investment of their own, which did not align with NBA preferences for long-term, individual investors.