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A complaint filed by a shareholder of the Timberwolves reveals that Marc Lore and Alex Rodriguez don’t actually have to keep the team in Minnesota.
After a lengthy search, Glen Taylor finally found buyers for the Minnesota Timberwolves in Marc Lore and former MLB star Alex Rodriguez for $1.5 billion. Taylor had publicly expressed his preference that a new ownership group keep the team in Minnesota. Apparently, that is not the case behind the scenes.
Meyer Orbach, the Timberwolves’ second-largest shareholder, has filed a complaint to the U.S. District Court in Minnesota citing a violation in the team’s partnership agreement, per ESPN NBA insider Adrian Wojnarowski. In the complaint, Orbach cites Taylor’s failure to honor his “tag-along” rights for minority investors in the franchise, which allows them to sell their interests in the team before Taylor.
He also reveals that Taylor included no provision in the sale to Lore and Rodriguez that said they had to keep the franchise in Minnesota.
Could Minnesota Timberwolves be on the move following Marc Lore-Alex Rodriguez sale?
In regards to a potential relocation of the team, there is a clause in the sale agreement that says that the new ownership will have to “present to the Advisory Board for discussion,” if Lore and Rodriguez were to consider it. However, the complaint obtained by Wojnarowski states that Taylor and the Lore-Rodriguez group have agreed that the Advisory Board is “advisory only,” and that they would not need approval from them if they were to move the team.
The sale agreement of the Timberwolves, WNBA’s Lynx, G League’s Iowa Wolves and T-Wolves Gaming is expected to be finalized by July 1, where the first installment payment is to be made by Lore and Rodriguez. The final sale will have to be approved by the NBA’s board of governors.
While Timberwolves fans no doubt were excited about the sale, they are probably a bit more apprehensive based off this latest nugget.