A lawsuit filed by a limited partner regarding the agreement to sell the Timberwolves has revealed that there’s no language in the contract that prevents the team from being moved into a different market, as Jon Krawczynski of The Athletic details. The filing made in district court alleges that team owner Glen Taylor was in breach of contract because limited partner Meyer Orbach, who has a 17% stake in the team, was not given the opportunity to sell his shares before the agreement was completed.
The agreement between Taylor to sell the team to former baseball star Alex Rodriguez and tech entrepreneur Marc Lore was announced earlier this month.
Taylor has repeatedly said he wants the team to stay in Minneapolis. Sources told Krawczynski that Lore and Rodriguez are committed to the Twin Cities market and there haven’t been any discussions about moving the Timberwolves.
According to the The Athletic’s report, Taylor entered a unique arrangement with Lore and Rodriguez, subject to league approval this summer. They’ll initially invest $250MM and will not be majority partners right from the start. The plan is for the duo to purchase shares of the team gradually and gain controlling interest by December 2023.
Taylor would thus retain control over the team for two more seasons unless Lore and Rodriguez can pay him off earlier than that.
We have more from the Northwest Division:
- Thunder draft-and-stash prospect Vasilije Micic was named the EuroLeague’s Final Four Most Valuable Player after leading Anadolu Efes Istanbul to the championship for the first time in club history, according to EuroLeague.net. He averaged 25.0 points and 5.5 assists in the Final Four. He previously was named the league’s MVP after averaging 16.3 PPG and 4.8 APG in 38 EuroLeague games. He is a candidate to come stateside for the 2021/22 season.
- Nuggets swingman Will Barton won’t play against Portland in Game 5 on Tuesday but he could be available for Game 6 and a potential Game 7, Mike Singer of the Denver Post tweets. Barton, who has been sidelined by a right hamstring strain, practiced in full on Monday.
- Nuggets forward Michael Porter Jr. vows to be much more aggressive in Game 5 after a lackluster outing in Game 4, Singer writes. “It’s on us as a team but a lot of it is on me as well,” he said. “If I’m not getting any actions, I’ve got to figure it out in transition, on the glass. I can’t let myself be as small of a factor as I was the last couple of games.”
The two-year “mentoring” period is to make sure the team doesn’t move before the next CBA, which will expand the NBA to Seattle and Vegas.
Maybe they can move the Sonics back to Seattle where they belong.
The Sonics are dead. The Thunder is not moving to Seattle. But an expansion team Seattle should get.
IMO
Only 3 teams in the East are better than Grizzlies
For now in the west
Jazz and Clippers are better than Grizzlies
The rest are not
Nuggets are not
What? How are Jazz and Clips better than Lebron, Luka, Jokic????
The Grizzlies are highly underrated, that’s why people are sleeping on Utah right now. The Suns will have an easier time advancing than the Nuggets.
How are two teams better than 3 individual players? What a question.
Once Taylor is all the way out,
and the new owners are firmly in place….
Minnesota Timbrwolves BECOME the new
Tampa Bay Bucketneers !!!
The Wolves are still the old Bucs from the twentieth century.
They will remain in the cellar of the West with OKC and Sacramento.
Meyer Orbach wants no connection to that contract which allows decamping.
Sounds wise if he wants to be thought of well in Minnesota.