Two weeks ago, it seemed as if former MLB star Alex Rodriguez and tech entrepreneur Marc Lore were destined to purchase the Minnesota Timberwolves from current owner Glen Taylor. Now, it appears their deal is in jeopardy.
ESPN insider Adrian Wojnarowski is reporting that Meyer Orbach, the second-largest shareholder in the Timberwolves, filed a complaint in the U.S. District Court alleging that Taylor’s pending sale is in violation of the franchise’s partnership agreement.
Orbach’s complaint states that Taylor didn’t honor the “tag-along rights,” which allows minority investors to sell their interests in the team before Taylor sells his own.
Another reason Orbach filed this complaint is because Taylor didn’t include a clause in the sale that requires Rodriguez and Lore to keep the Timberwolves in Minnesota once they become the new owners.
Taylor, however, previously said that his agreement with Rodriguez and Lore included a provision that would require them to keep the team in Minnesota.
“They will keep the team here, yes,” Taylor said, via ESPN “We will put it in the agreement. At this point, we have a letter of intent, but when we make up the contract, we’ll put that in there. That’s no problem. That won’t be a problem.”
BREAKING: Meyer Orbach, the second largest shareholder in the Minnesota Timberwolves, filed a complaint in U.S. District Court in Minneapolis alleging owner Glen Taylor’s pending sale to Lore-Rodriguez is in violation of franchise’s partnership agreement: https://t.co/NlM0Cd324s
— Adrian Wojnarowski (@wojespn) May 26, 2021
Rodriguez and Lore cannot receive final approval for this sale until the NBA’s board of governors vote. This complaint will most likely complicate matters for them.
If this sale doesn’t go through, it’d be a crushing blow to Rodriguez since he already missed out on a chance to acquire the New York Mets.