BREAKING: David Samson Breaks Down Why the Timberwolves Sale Between Glen Taylor & A-Rod Broke Down

BREAKING: David Samson Breaks Down Why the Timberwolves Sale Between Glen Taylor & A-Rod Broke Down

Ladies and gentlemen this rarely happens when news breaks and the guest that we have on in the prior segment is perfect to talk about the news so we’ve asked David Samson to stick around he’s been gracious enough to give us some more time because right at the end of that

Segment with Adan the news came out the Minnesota Timberwolves put out an official statement saying that Glenn Taylor is no longer selling the team due to the expiration of the option of Mark Lori and Alex Rodriguez to acquire controlling interest in the Timberwolves and the links David you saw this

Coming I did so let’s take people back before he was having a legal practices Minnesota before he bought a house and pretended he was from Minnesota he agreed to buy the Timberwolves at a price of 1.5 billion in 2021 but it was something called a step transaction a step transaction means you

Lock in the value today but you pay over time and there are deadlines contained within the purchase agreement that you have to make your next installment payment by a certain day and A-Rod has missed just about every deadline and Glen Taylor has been okay he said hey we’ll extend the deadline don’t worry

About it but meanwhile the price of basketball teams have skyrocketed since 2021 so the Timberwolves are no longer worth 1.5 let’s say they’re worth about 2.5 so that means means that Glen Taylor feels terribly that he sold the team at one and a half when he could have sold

It at two and a half but he was in a contract nothing he could do until A-Rod missed another deadline and there were rumors that the Carlile group pulled out and then 10 minutes later A-Rod had another deal with another private Equity company and it was all horse hockey

A-Rod has never been able to come up with the money to finish this transaction so today Glenn tellor said gug guess what Alex the team’s not for sale anymore you violated the contract what he also said in the releas is hey if they want to come back and talk we

Can keep talking about selling the team but guess what an official wait to see here on lebatard show courtesy of nothing personal if the team is sold again by Glen toer Glen Taylor to A-Rod it won’t be for 1.5 now I I before I get into further details here I just need to

Know why are you so EX static about this you are fed with Glee at this point to break this down because I’ve been calling this for two years because I negotiated with A-Rod to buy the Marlins and he had everything except the money huh and so it was always going to be an

Issue when he wants to be an owner so badly that he pretended he wanted to be in Minnesota but he never was able to hit a deadline and finally Glen Taylor said you know what it’s cool that you’re A-Rod but money’s way more important what what was Mark Lor’s role if not to

Be the money Mark Lorie was brought in to be a percentage of the money but he had given his allocation at the first go round so he was never going to be part of the increased uh finishing the installments it always had to be OPM other people’s

Money and a-rod’s been out raising money for years and just has been unable to do it and here’s why A-Rod could have borrowed money and gotten in investors at the $1.5 billion number but A-Rod always was trying to make a Beckham like profit Like Beckham did in inter Miami

He was selling pieces of the team at numbers higher than 1.5 and people were like hey why do you get this incredible benefit of having such a low basis and now it’s all done so David one of the things that was part of this step transaction was I believe that first

Payment that was made uh acquired 20% of the ownership State and then there were these other deadlines that was going to increase until the last one which was end of March was going to be the one that would have them as the majority owners of the Minnesota Timberwolves

Those prior payments that have been made so does does this just keep them as minority owners did it get a refund how does that work no he is he is a minority there’s two ways it can go they can and you have to look at the contract so contracts can have two different

Provisions one can be that if any installment payment is not made then the entire contract is void and the money gets returned to the investor in this case A-Rod it can be returned with a premium they can maybe go to appraisal if the team is worth more since the

First sale so Glen Taylor has to give A-Rod a little bit more for his money to get that money back or it can be that A-Rod stays at a as a limited partner with the percentage he already owned because he made those first installments so I don’t know what the contract says

But it’s one of those two things it’s it this is a bizarre this is one of several bizarre sales that have happened in the NBA recently the Charlotte Hornets one I think is a lot more complex than people understand uh I know that g Gabe Plotkin who if that name sounds familiar from

The movie Dumb money or from the GameStop crisis it is it’s the one and the same same guy but he’s it’s a weird transaction where even though he’s the name and he’s the one buying the team the secondary uh investor partner in that actually gets to be the governor

For the first five years before it reverts over to gab Plotkin because he’s the one that put the money up and then gab Plotkin has to pay him back over the five years if not he’s no longer the governor of the team David is is it just

Me or we having more and more of these sales that seem to be more complex like that as opposed to the straightforward hey I want to buy a team here’s the money let’s go well listen the number one straightforward of all time was Steve Balmer yeah cash he he went to the

ATM took out a couple Bill Sterling was gone Balmer was in it was a dream come true for Adam Silver but the number of people in the world who can do transactions like that is very very small so when the value of the assets of these teams continues to increase you

Need groups of people like Bruce Sherman has a group of 10 or 20 people helping him do the Marlin TR transaction when you look at what David Rubenstein just did with the Orioles they listed all the limited partners you’re cobbling together cobbling you’re putting together 20 million pieces of 20 million

Each you need a lot of money which is why the NFL is looking into allowing Sovereign fund money and basketball and baseball already do allow it because you want to keep the value of teams increasing to do that you have to find big chunks of change from people who

Don’t want control and in the real world an individual doesn’t want to give you $300 million toward the purchase of a team and not be allowed in the clubhouse or not be allowed in an owner’s meeting or not be allowed to make a trade so it’s super hard to put these deals

Together now I mean it’s funny because that’s the point of buying a team right the point of buying a team is like I want to play Fantasy Basketball for real and so the idea that people would invest the majority of the money and say no no

You go ahead and have fun with that I just wanted to be part of the Financial process it’s pretty much what mark cubin would have us believe happen in Dallas he he he’s he sold to the uh to the was adon’s and uh like the idea is like no

No but I still control every element of basketball Ops I answer to no one they just front money and do the business it just doesn’t make sense and and I don’t think that’s the case I think you have to look to see who the governor is in

With Cuban and the Mavericks and I’ll bet you a dollar the governor is not Mark Cuban anymore it is the son of I think her name was Miriam Edon so what’s interesting George starrer once said something to me play it because it is true but if it’s true you don’t get to play

It well I don’t even know the rules if it’s true does it contextualize dud you called it on yourself I got to hit it when you call it on yourself well also the rule is is if it’s if you’re name dropping right you could have said it

This is not a name drop because what he said was important and for him to say it there’s nothing more limiting than being my limited partner that’s a and what that means is if you’re not in the room where it happens you’re not in control then

Really what you doing you get to go to cocktail parties and say yeah I’m the owner of a team that’s whatever but to really be the owner you have to be the control person and it’s really hard to be the control person of a team now David one of the things you mentioned

The Carly group earlier that was the original team that uh excuse me the original firm that A-Rod had secured financing through axios had come out with uh a report saying that they were out because some of the stuff in their portfolio ran a foul of the NBA guidelines by lines whatever right

There’s another report that came out said no no they weren’t denied they pulled out I either way I don’t care what the truth is I just do want to know for a sports League a Major League Sports uh in you know like like MLB like the NBA what would be the type

Of things that would be in these rules and guidelines where someone else’s portfolio would run a foul up well funny it used to be gambling that was the big thing that they looked for that if anyone was associated with any sort of Casino or gambling they were not

Eligible to be a limited partner there is tremendous background checks that go in when you become a limited partner in baseball there is full background full check on who you are who you’re associated with you’ve got to pass through the ownership committee the executive councel then the full vote of

The owners in Major League Baseball to say nothing of the commissioner’s office so they’re looking for any dealings but let’s be honest Steve con’s background wasn’t exactly perfect he had been in the middle of some major suits some major workplace issues some major SEC violations and guess what if the price

Is right Bob Barker we’re going to find find a way to approve you and so I believe that car pulled out and it’s not that the NBA turned them down because these leagues know now that when you find chunks of change you really need to you need to take it because the

Commissioner who wants his job and wants to keep his job wants to keep the value of the teams going up and to do that you need lots of people with lots of money this interview with David Samson is presented by LinkedIn jobs hey how about that

That’s pretty good it’s a good job to try to figure out how to be a limited partner in a team the interesting thing we’ll be going forward with the t-wolves because it’s such a distraction the whole sales process you know this a mean inside a locker room and the t-wolves

Have a chance to actually make a deep playoff run here in the next few months and I wonder whether the timing of this is Glen Taylor saying hey I want to see if I can win a title right now I don’t want A-Rod to get the team at that old

Valuation so I’m going to announce this day and then take it from here yeah that’s the other part about this when he agreed to sell beyond the price being a lot lower the Timol were a lot worse as a team now they’re finally getting good

Like hell no I’m holding on to this for a little bit longer see where it goes David Samson again the nothing personal tour starts in Philadelphia tickets are available David Samson podcast.com and of course listen to nothing personal thank you David for sticking around

As the news broke that Minnesota Timberwolves owner Glen Taylor announced that he will no longer be selling the team we were joined by David Samson who had inside information about the deal. David negotiated with Alex Rodriguez when the former third baseman tried to buy the Miami Marlins. The same thing that stopped A-Rod from getting a deal done with the Marlins is stopping his already agreed to sale of the Timberwolves.

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