Doogie Triples Down on Reports that Marc Lore and A-Rod Do Not Have Enough Votes to Own Timberwolves
The Minnesota Timberwolves season is long over. In fact, the entire NBA season is over. Congratulations to the Boston Celtics. Glad to see the title went to a town that had to wait its turn (lol).
But one thing the Celtics don’t have, that the Timberwolves do, is an ownership war expected to last deep into the offseason, possibly even longer. So take that.
We all know the key points of the backstory, by now (deeper summary below). Billionaire Marc Lore and former superstar baseball player Alex Rodriguez are getting ready for an arbitration battle with longtime Timberwolves majority owner Glen Taylor, after he cancelled their agreement to purchase majority stake of the organization away from him.
Minnesota Timberwolves ownership war is ongoing
If Marc Lore and Alex Rodriguez were to win their arbitration case vs Glen Taylor, the original ownership transition process goes back into place. And the expectation, at least via most legal experts who have weighed in, is that Marc Lore and Alex Rodriguez will win win.
Their contract — which is publicly available for anyone who wants to read it — is reportedly “ironclad” and every move or payment they have made since signing back in 2021 has all fallen within the contractual obligations laid out within it. But don’t celebrate just yet, A-Rod and Lore supporters. Remember, the arbitration case isn’t the final step.
If they were to win arbitration, the NBA “Board of Governors” (aka: the 30 majority owners) would then begin the process of reviewing the Lore group’s application for majority ownership of the Minnesota Timberwolves, which includes a final vote on whether or not to ratify the sale.
It’s a process that requires 3/4 majority vote, which means 23 of 30 owners need to give their vote of approval. And according to Darren “Doogie” Wolfson (SKOR North, KSTP), it doesn’t not look like Lore and A-Rod will get to that magic number.
“[The contract is] pretty ironclad. Mark and Alex, they have phenomenal attorneys, okay, they have a great case when this arbitration hearing takes place later this summer…” “But if that arbitration hearing goes in Marc and Alex’s favor, then the Board of Governors has to approve them. And I’m just telling you, until I hear otherwise, I just don’t know if they are going to get those 23 votes. My sense is they’re not going to get those 23 votes.
Darren Wolfson – Mackey & Judd (SKOR North)
This isn’t the first time Doogie has reported on the board of governors vote being a likely hurdle for the Lore group. In fact, he and others have been talking about that pretty much since the moment Taylor decided to terminate the purchase agreement about six months ago. And in recent days, chatter that Lore will fall short on votes has gotten louder.
But after Doogie’s most recent report from Tuesday made its rounds, he took a lot of heat on social media. Some went as far as calling him a “lap dog” for Glen Taylor.
In response, Wolfson made it clear to any doubters that he has resources and relationships with people inside the Wolves organization and throughout the NBA that go way beyond Glen Taylor, including Marc Lore and people in his circle. He also notes that if his reports “piss people off, so be it”.
Mackey: [Doogie], you came on two days ago and you reported two main things: (1) that there’s been no Karl-Anthony Towns trade steam, to this point, that you or really anyone has heard; and that (2) the Glenn Taylor versus Mark [Lore] and Alex [Rodriguez] situation still very much could lean toward Glen…”
“But people on social media, and in the YouTube comments, and emails that we were getting, are irate over the idea that Glen could still be the long-term owner of this franchise. They’re mad at you for reporting what you’re hearing. I saw people on Twitter accusing you of being ‘a Glen Taylor lap dog’ and only reporting one side of the story. So, the floor is yours, if you have any followup to our discussion from last Tuesday…”
Doogie: “Sure, Glen and I have a professional relationship. We’ve had one going back many many years, but to suggest that I’m talking with Glen daily, or even weekly, is asinine. Glen’s not taking every single call that I make, all right. I also have a working relationship, a professional relationship now. with Mark Lore, with others close to Marc, [people] who work for Mark, and to some extent Alex Rodriguez. I am laying out what I am given.”
“I’ve laid out when Mark and Alex have done good things. I’m just laying it out as I hear it and I’m telling you, how long have I said it? I just don’t have the sense, and I don’t say this lightly, I don’t have the sense that Marc and Alex are going to receive 23 votes from the Board of Governors. If that pisses people off, so be it. I appreciate the passion, I really do.”
Darren Wolfson – Mackey & Judd (SKOR North)
If Lore and A-Rod CANNOT get the needed 23 votes, Glen Taylor would remain majority owner and keep control of all decisions going forward. The A-Rod/Lore group would remain minority investors, with no real power.
On Thursday, June 20, 2024… it’s starting to feel like that’s where we are heading, even if Lore and A-Rod do win this upcoming arbitration case. So for those who want a refresh at owner (me included), you should not get your hopes up that Glen Taylor is going anywhere, no matter how things play out through the legal system.
How we got here
In 2021, Glen Taylor agreed to sell the MN Timberwolves to an ownership group led by Marc Lore and Alex Rodriguez. Since the beginning, the process has been weird. There have been multiple extensions on payments and reports of funding problems.
In the end, Taylor would up pulling the purchase agreement out from under Lore’s pen at the very last moment. He claims the final payment wasn’t made on time. The new ownership group claims they had the money, but needed to wait for league approval (90 days) before paying it.
Marc and Alex then went on a media blitz, where they appeared hurt and in disbelief that such a great guy like Glen Taylor would do such a horrible thing to them. handed in the requisite paperwork in time, which triggered a holding window while the NBA reviewed their application as majority owners of the Minnesota Timberwolves.
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