Minnesota Timberwolves Minority Owner Seeks To Block Sale To

Minnesota Timberwolves Minority Owner Seeks To Block Sale To Alex Rodriguez And Marc Lore


May 27, 2021 at 1:35 PM
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The corporate entity that currently serves as the second-largest ownership group of the NBA’s Minnesota Timberwolves and WNBA’s Minnesota Lynx has filed a complaint against the teams’ majority owner, Glen Taylor, and his corporations. The plaintiff, Orbit Sports, seeks monetary damages of at least $300 million and says that its partnership agreement provides that, in the event of a “control sale,” it had the right to sell its entire interest to the buyer, which is referred to as tag-along rights, and that the defendants have wrongfully denied the invocation of such rights.
On May 14, it was revealed that Taylor was near finalizing an agreement to sell the Timberwolves and Lynx to former baseball star Alex Rodriguez and tech entrepreneur Marc Lore for $1.5 billion. The following statement was issued by the clubs:

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