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, Jon Krawczynski of The Athletic reports. 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 report, Taylor entered a unique arrangement with Lore and Rodriguez, subject to league approval this summer. They’ll initially invest $250M 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.
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