If a major controversy were to arise over the NBA’s ownership rankings, the league office would be expected to act as a referee.
But more than a week has passed since Timberwolves owner Glen Taylor made the decision to cede control of the team to Alex Rodriguez and Marc Rohr, which had been his plan for three years.
The NBA and Commissioner Adam Silver have not made any statements on the matter, nor have they leaked their position.
After eight days of silent neutrality from 645 Fifth Avenue, the future ownership of the rising team on the court is cloudy.
There will be an NBA owners meeting next week, and I have no doubt that this topic will be discussed, at least behind closed doors.
There are varying opinions among league officials as to why the league went radio silent.
“I feel like Silver can be read as being neutral,” said a source close to the NBA, perhaps indicating that he believes Roar and A-Rod have a sound legal argument. ing.
The NBA doesn’t usually take a position in ownership battles, but Silver could tip the scales to help Taylor, but that’s not the case.
“If Glenn had a strong legal position, Adam would have destroyed Roa by now,” said a source close to the NBA.
But not everyone shared that opinion.
Another source said he heard from a legitimate authority that Lore and A-Rod wouldn’t have the money in time to meet Taylor’s March 27 deadline, and believes Taylor had the right to terminate the contract. said.
“We believe Mark and A-Rod are not living up to their contract,” the source said.
Either way, Silver is in an uncomfortable position because of his ties to the Timberwolves’ owner.
Mr. Taylor, the outgoing owner, was known as one of “several” owners closest to Mr. Silver, a person familiar with the matter told the Post.
On the one hand, you have owners who have been close to Silver for quite some time, and on the other hand, it’s in the ownership group’s best interest for the team to make a graceful transition on sales.
Mr. Taylor chaired the board under Commissioner David Stern from 2008 to 2012, including during the 2011 lockout, and again from 2014 to 2017 after Mr. Silver was appointed commissioner. He became the chairman.
Taylor has been an active supporter of Silver.
“I can’t recall a time when they were visibly out of step,” said a source close to the NBA.
An NBA spokesperson declined to comment to the Post for this story.
Silver and Taylor always saw eye-to-eye in NBA ownership meetings, but in early 2014, after Clippers owner Donald Sterling made racist remarks, the NBA forced Sterling to sell. There have been times before when the NBA has shown some patience after conducting its own investigation, one source said. Said.
The Athletic reported in 2017after Taylor completed his second term as president, the owners proudly displayed a plaque commemorating his “exemplary service” to the league above his desk in his office.
Rohr and A-Rod have told multiple media outlets that they have offered the NBA $520 million to increase their stake in the team from 36% to 80% by the March 27 deadline, and that they are willing to wait. He said that he had the right to automatically extend the acquisition agreement. To get NBA approval.
A lot of money has been at stake since Lore and A-Rod agreed to buy the team in 2021 in a three-part deal at a valuation of $1.5 billion, which is currently worth about $3 billion. It becomes.
The Post exclusively reported last week that Lore raised the bulk of the funding for the first two rounds, leaving the final round to A-Rod.
A-Rod had hoped to raise a large sum of money from private equity firm Carlyle Group, but the NBA dropped that idea at the last minute.
The NBA said Carlyle needed to divest from unrelated investments involving NBA players, but ultimately refused, two people familiar with the matter said.
Taylor and A-Rod/Roa previously agreed that such disputes would be resolved through arbitration.
A source told the Post that Taylor is not interested in selling given the franchise is currently worth about $3 billion compared to the $1.5 billion Taylor agreed to sell and the team has a very bright future. “I felt cold,” he said.
This claim appears to be backed up by A-Rod and Roa accusing Taylor of having “seller’s unconscionability.”
The newspaper later reported that sources close to Taylor expressed concerns that A-Rod and Roa would struggle to maintain the core of the team, in part due to concerns that A-Rod and Roa would struggle to maintain the core of the team as the impact of the luxury tax creeps in on this young, talented group of players. It was reported that it was.
Neither Roa nor A-Rod are considered millionaires, and their struggle to meet deadlines in their final round of funding showed they could not afford to fund a team that would quickly become a loss-making team. A person close to Taylor said that may be the case. believed it.
