MAY 27: Taylor has issued the following statement, per Ian Begley of SNY.tv (Twitter link): “I am aware of the story published by ESPN and the litigation that has been filed. As a policy, we do not comment on pending legal matters. I stand by my prior statements and commitment to keeping the Timberwolves and Lynx in Minnesota.”
MAY 26: The Timberwolves‘ second largest shareholder has filed a legal complaint related to the pending sale of the team, according to Adrian Wojnarowski of ESPN.
Meyer Orbach filed the document today in U.S. District Court in Minneapolis, alleging that Glen Taylor‘s agreement with Marc Lore and Alex Rodriguez violates the franchise’s partnership agreement. The complaint charges that Taylor didn’t honor “tag along rights” that would give minority investors the opportunity to sell their interests in the team before Taylor does.
Orbach owns more than 17% of the Wolves and the WNBA’s Minnesota Lynx. He claims the “tag along” provision should be exercised immediately once the sale is finalized.
Lore and Rodriguez reached an agreement on May 13 to buy the Wolves for $1.5 billion, but the purchase won’t be official until the new owners receive approval from the NBA’s Board of Governors.
Orbach’s complaint reveals that Taylor didn’t include a provision in the sale agreement that would prohibit Lore and Rodriguez from moving the franchise away from Minnesota, Wojnarowski adds. Taylor has spoken frequently of his commitment to the area and his desire for the team to remain in place once he no longer owns it.
Instead, the agreement has a clause that would require the new owners to “present to the Advisory Board for discussion” any plan to take the franchise out of the Twin Cities market, Wojnarowski states. However, there is no language in the deal that expressly prohibits a move.
Seattle
Why would the NBA approve them moving to Seattle when they are already planning to expand (most likely to SEA to reward the fans that got screwed over from the Soncis moving to OKC). They would then just have then add a new franchise that will end up in Minnesota to appease that market that got screwed over.
Btw…
Seattle=12th largest TV market in US, Minnesota=14th
Not that big a difference. Why move markets that is only going to add 10,000 TV homes? I’m sure Seattle is more marketable but the NBA should just allow SEA to get a team and keep MIN where it is thus benefitting the league marketwise.
as a lifelong seattle resident i just want a god damn team back, don’t care how
Seattle I hope so
Seattle or Las Vegas, for sure. If they didn’t put that in the agreement, there was a reason, it wasn’t random circumstance.
Seattle, Vegas, not going to support them any more than Minnesota does. It’s not the location, it’s who they put in charge of all the areas.
Sorry but you really think fans who currently don’t have a team really care who is in charge? Maybe 3 years down the line.
Fans care when who they put in charge draft badly and coach badly.
Who cares ’bout fans!
Anyway the only job fans have is to pay & shut up, right?
“…the agreement has a clause that would require the new owners to ‘present to the Advisory Board for discussion’ any plan to take the franchise out of the Twin Cities market…”
New Owners: We’d make more money in Seattle.
Advisory Board: Start packing.
The NBA won’t approve a move to Seattle or Vegas. At least not without a huge payout from Lore and A-Rod. If they expand they will get somewhere in the neighborhood of 2.5 billion per market. No way the new wolves owners will pay that.
New Owners: We’d make more money in Seattle.
NBA: Start packing.
Again, that’s not how it works. The NBA board of governors would want to make up the roughly 2.5 billion they would get from a new franchise expansion being added to Vegas and Seattle. So new owners would have to pay that or at very least close to it.
Or, they might consider the idea that the Minneapolis franchise will fold due to poor revenues…leagues like teams to stay put until they don’t.
Well the market is still pretty good and the team finally has some things to be excited about and draw a crowd. The TV revenue is good there too so I don’t think it’s an issue really. When the wolves are good or exciting to some degree, they draw crowds.
New owners will serve notice of their intention to move just as soon as they get the “keys” to the team from Taylor.
The guy has known about this for how long?
Should’ve gone to New Orleans in 1987
* starts dusting off my old Sonics jersey*
Reality is that Taylor has been trying to sell for years without success. If you were him, the stay in Minny ship has already sailed off. He wants to move on. Can you really blame him.
Taylor is 80 years old.
He has had ZERO luck in building a winner.
None of the 5 kids must want to run it.
Selling it is all about Estate Planning.
SO Taylor was lying all this time… doesn’t care whare the team is based. He gave Wiggins the max, without leaving ehough for Butler who he wanted as straw boss. Good riddance.
Nobody is going to buy a billion dollar asset and grant the seller the right to control the asset’s future, including its future location. Doubly so for anyone financing the purchase. I’m sure there’s some things in the contract on relocation, and I’m also sure it isn’t that.
Sure, huh?
Guess you were once a Sonics fan.
Yes, I’m sure. And your guess is wrong. 0-2. Is that a typical result for you?