Wolves minority owner alleges pending sale violates agreement; Taylor stands by past comments | KSTP.com

Wolves minority owner alleges pending sale violates agreement; Taylor stands by past comments

Wolves minority owner alleges pending sale violates agreement; Taylor stands by past comments

KSTP
Updated: May 27, 2021 11:24 AM
Created: May 27, 2021 07:26 AM

The pending sale of the Minnesota Timberwolves essentially has no limitations to moving the franchise to a new city, according to ESPN.

Meyer Orbach, the second-largest shareholder of the Timberwolves, filed a complaint in U.S. District Court in Minneapolis Wednesday.

It alleges current franchise owner Glen Taylor's pending sale violates the franchise's partnership agreement because the deal doesn't honor "tag-along rights" for minority investors.

Those allow minority owners to sell interests before Taylor sells his.

The complaint also reveals that the new ownership team, which includes Alex Rodriguez and Marc Lore, would only have to present plans to an advisory board before moving the franchise.

That advisory board doesn't have to give approval for the sale to happen, according to the complaint.

The revelations are contrary to Taylor's public statements. He has said a deal would include a provision to keep the team in the Twin Cities.

Taylor issued the following statement Thursday:

"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."


Copyright 2021 - KSTP-TV, LLC A Hubbard Broadcasting Company

7 shootings in 26 hours leave 11 injured in Minneapolis

Tenants, landlords concerned about RentHelpMN as phase out looms

St. Paul police report seven overdoses in 24 hours, remind residents of how to help

3rd tornado confirmed in south metro amid Friday storms; lack of sirens explained

Woman critical after shooting in north Minneapolis Saturday evening