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Marc Lore

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Marc Stad Set to Seize Controlling Ownership of Timberwolves and Lynx
business4 days ago

Marc Stad Set to Seize Controlling Ownership of Timberwolves and Lynx

Marc Stad is set to become the controlling owner and largest shareholder of the Minnesota Timberwolves and Lynx, purchasing the stakes from Marc Lore and Alex Rodriguez in a deal valued at about $4.5 billion and awaiting NBA Board approval. Lore and Rodriguez will stay as limited partners, with Stad’s wife Elisa expected to serve as the Wolves’ governor and Rodriguez remaining the Lynx’s governor. Lore is reducing his stake to pursue the Wonder Group IPO, and the teams’ lease at Target Center runs through 2035 as plans for a new arena continue to be discussed.

via 5 EYEWITNESS NEWS|
#alex-rodriguez#business#lynx
Stad to Lead Timberwolves and Lynx After $4.5B Ownership Reorganization
business4 days ago

Stad to Lead Timberwolves and Lynx After $4.5B Ownership Reorganization

Marc Stad will assume top ownership of the Minnesota Timberwolves and Lynx after purchasing Marc Lore’s controlling stake for $4.5 billion; Lore will remain a limited partner and step back from his governor role to focus on taking Wonder public, while Alex Rodriguez stays as co-chair and governor of the Lynx and Elisa Stad is named Timberwolves governor to keep Stad fully engaged with Dragoneer. The deal preserves Minnesota-based ownership and keeps plans for a new arena on track.

via The New York Times|
#business#dragoneer#lynx
NBA approves $1.5B sale of Timberwolves and Lynx to Lore and Rodriguez
sports1 year ago

NBA approves $1.5B sale of Timberwolves and Lynx to Lore and Rodriguez

The NBA has approved the sale of the Minnesota Timberwolves and Lynx to Marc Lore and Alex Rodriguez, who will take on leadership roles with a focus on community engagement and building a successful, respected franchise. The transaction marks the end of Glen Taylor's ownership and signals a new era driven by innovation, community investment, and a commitment to excellence.

via NBA|
#alex-rodriguez#marc-lore#minnesota-timberwolves
Grubhub's Value Plummets: Sold for $650M After $7.3B Purchase
business1 year ago

Grubhub's Value Plummets: Sold for $650M After $7.3B Purchase

Just Eat Takeaway has sold its U.S. unit, Grubhub, to the food-delivery startup Wonder for $650 million, a significant drop from the $7.3 billion it paid in 2020. The sale, which includes $500 million in senior notes and $150 million in cash, comes after challenges such as slowing growth and regulatory issues. This move ends Just Eat Takeaway's troubled venture in the U.S. market, which resulted in a substantial loss of shareholder value.

via Slashdot|
#acquisition#business#food-delivery
Grubhub Sold to Wonder for $650M, Marking Major Valuation Drop
business1 year ago

Grubhub Sold to Wonder for $650M, Marking Major Valuation Drop

Just Eat is selling Grubhub to Marc Lore's Wonder for $650 million, with the deal expected to close in early 2025 pending regulatory approval. Wonder, known for its food hall delivery service, plans to integrate Grubhub into its platform, creating a "super app" for meals that includes restaurant partners, groceries, and meal kits. Just Eat had originally purchased Grubhub for over $7 billion in 2021.

via The Verge|
#acquisition#business#grubhub
Wonder Startup Nears $650M Acquisition of Grubhub
business1 year ago

Wonder Startup Nears $650M Acquisition of Grubhub

Wonder, a food-delivery startup led by former Walmart executive Marc Lore, is reportedly in advanced talks to acquire Grubhub from Just Eat Takeaway.com. The European company had purchased Grubhub in 2020 for $7.8 billion, but the current deal is expected to value Grubhub at less than $1 billion. This acquisition could enhance Wonder's revenue and provide access to delivery drivers and technology. Neither Grubhub, Just Eat Takeaway, nor Wonder have commented on the potential deal.

via New York Post |
#acquisition#business#grubhub
Michael Bloomberg Joins A-Rod and Lore in Timberwolves Ownership Bid
sports-business2 years ago

Michael Bloomberg Joins A-Rod and Lore in Timberwolves Ownership Bid

Michael Bloomberg has agreed to join Marc Lore and Alex Rodriguez's ownership group for the Minnesota Timberwolves, bringing significant financial backing to their bid for majority control. The group, which currently owns nearly 40% of the Timberwolves and WNBA's Lynx, is in arbitration with current owner Glen Taylor over a disputed $600 million transaction. Bloomberg's involvement could expedite their acquisition process, pending NBA approval.

via The New York Times|
#alex-rodriguez#marc-lore#michael-bloomberg
"Timberwolves Ownership Dispute Threatens Successful Season, Payroll Cuts Planned"
sports2 years ago

"Timberwolves Ownership Dispute Threatens Successful Season, Payroll Cuts Planned"

The Minnesota Timberwolves are enjoying a successful season on the court, but an ownership dispute between Glen Taylor and prospective buyers Marc Lore and Alex Rodriguez has cast a shadow over the team. The public battle has led to a startlingly public fight, with allegations and disputes over the sale agreement. NBA commissioner Adam Silver stated that the league will not intervene, and the dispute will be resolved through mediation and arbitration. The ongoing turmoil threatens to distract from the team's achievements and has raised concerns about the future of the franchise, including the potential departure of president of basketball operations Tim Connelly.

via The Athletic|
#alex-rodriguez#marc-lore#minnesota-timberwolves
"A-Rod and Lore's Plan for Timberwolves Payroll Cuts Unfeasible, Sources Say"
sports2 years ago

"A-Rod and Lore's Plan for Timberwolves Payroll Cuts Unfeasible, Sources Say"

Alex Rodriguez and Marc Lore reportedly planned to avoid paying the luxury tax entirely if they had acquired the Minnesota Timberwolves, but doing so would have required shedding significant salary and potentially gutting the team. The current roster's projected salary already exceeds the luxury tax threshold, and any attempt to avoid it would likely involve trading key players. Timberwolves owner Glen Taylor, on the other hand, seems willing to foot the bill for a high-priced roster, but there are potential middle-ground solutions that could involve moving core players to achieve a more sustainable long-term roster.

via CBS Sports|
#alex-rodriguez#luxury-tax#marc-lore
"A-Rod and Lore's Plan for Timberwolves Payroll Cuts Revealed"
sports2 years ago

"A-Rod and Lore's Plan for Timberwolves Payroll Cuts Revealed"

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.

via Yahoo Sports|
#alex-rodriguez#glen-taylor#marc-lore
"A-Rod and Lore's Plan for Timberwolves Payroll Cuts Revealed"
sports2 years ago

"A-Rod and Lore's Plan for Timberwolves Payroll Cuts Revealed"

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.

via ESPN|
#alex-rodriguez#glen-taylor#marc-lore
"Alex Rodriguez and Marc Lore's Ongoing Battle for Timberwolves Ownership"
sports2 years ago

"Alex Rodriguez and Marc Lore's Ongoing Battle for Timberwolves Ownership"

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.

via CBS Sports|
#alex-rodriguez#glen-taylor#marc-lore
"A-Rod and Lore's Battle for Timberwolves Ownership: The Inside Story"
sports2 years ago

"A-Rod and Lore's Battle for Timberwolves Ownership: The Inside Story"

A public clash has erupted between current Minnesota Timberwolves owner Glen Taylor and prospective owners Marc Lore and Alex Rodriguez over the team's ownership. The dispute centers around missed deadlines and obligations detailed in the contract, with Taylor announcing that Lore and Rodriguez's option to buy the final 40 percent of the team has expired, while Lore and Rodriguez vehemently disagree and claim they have fulfilled all requirements. The disagreement indicates a long, messy fight for the team is just getting started, with both sides showing no signs of backing down.

via The Athletic|
#alex-rodriguez#marc-lore#minnesota-timberwolves