A judge has dismissed a lawsuit filed by the Timberwolves’ second-largest shareholder, tweets Jon Krawczynski of The Athletic. The decision means the sale of the team and the transition plan to new owners Marc Lore and Alex Rodriguez can proceed as outlined in the sale agreement.
Meyer Orbach filed the suit in late May in U.S. District Court in Minneapolis, claiming owner Glen Taylor’s arrangement with the buyers violates a partnership agreement by excluding “tag along rights.” That provision gives minority investors the option of selling their interests in the team before Taylor can. Orbach owns 17% of the Wolves and the WNBA’s Minnesota Lynx, as well as the G League Iowa Wolves and the T-Wolves Gaming eSports franchise.
The judge sided with Taylor’s argument that because Lore and Rodriguez will start with a 20% share before gradually becoming full owners, there’s no initial agreement for controlling interest of the teams, Krawczynski adds (via Twitter). He ruled that Orbach’s contention that he should receive an immediate payout is null and void.
Lore and Rodriguez agreed to purchase the team for $1.5 billion and will serve as limited partners for two years while Taylor keeps majority control. The deal still needs final approval from the NBA’s Board of Governors.
Ladies and gentlemen, your Seattle Supersonics.
Nah they’re moving to Long Island
Nah they’re moving to Joliet Illinois
Part of the sell was an agreement to not move the team out of Minnesota so, (insert Bruce Buffer) and still the Minnesota Timberwolves
It was reported on this site that no such language exists in the contract.
link to hoopsrumors.com
And yet Taylor says there is a clausw to not move the team. The point is no one outside of Taylor Lore and Aros really know what may or may not happen.
Taylor made the changeover gradual and a possible move delayed, but totally blocking a future move was not spellled out because blocking always fails in courts.
Gotta like (not) those espn productions that lionize Al Davis because he could always move his football team around. He winds up in Vegas oh boy.
Nah they’re moving to Santo Domingo baby!!!