Timberwolves owner Glenn Taylor is expressing confidence that the NBA team will remain under new ownership in Minnesota
MINNEAPOLIS – Timberwells owner Glenn Taylor expressed confidence Thursday that the NBA franchise would remain in Minnesota after being sold, responding to a federal lawsuit against him by one of his investors alleging breach of contract.
Taylor issued a statement through the team, accepting the lawsuit of New Jersey real estate magnate Mayor Orbach, who holds an ownership stake in basketball clubs of about 17%.
“As a policy, we do not comment on pending legal matters,” Taylor said. “I stand with my prior statements and commitment to keep the Timberwolves and Lynx in Minnesota.”
The 80-year-old Taylor bought the Timberwolves to stop moving to New Orleans in 1994 for $ 88 million. He told reporters that the rest of the franchise in Minnesota was a condition of the sale when negotiations with Lore and Rodriguez began.
In an interview with the Associated Press on April 10, Taylor said, “If they did not agree to it, there was no use in talking to them.”
Orbach is at the forefront of Orbit Sports, which filed a lawsuit Wednesday in US District Court in Minneapolis, first reported by ESPN. The defendants are listed as Taylor, their investment company for sports teams, and Taylor Corp., a printing and creative services business based in North Mancato, Minnesota, which they formed into a multi-billion dollar conglomerate.
Orbach, whose club share is larger than Taylor’s other minority investors, was first bought in 2016 at the Timberwolves and Lynx. Orbach was given “tag-along rights”, which gives minority partners the right to sell their stake in the event. With regard to transfer of ownership control.
According to the complaint, Orbach’s tag-along rights were triggered by the sale agreement, but Taylor has denied them. The plaintiff has written that the deal with Lore and Rodriguez was “structured as a clumsy attempt to circumvent tag-along rights”.
“Taylor not only ignored Orbit but also stated privately – directly contrary to his public statements – that he is not proposing to enter a ‘control cell’ with Rodriguez and Lore at this time. Instead, Taylor Claiming that there will be any ‘control sales’ year in the future. “
The complaint also accuses Taylor of misleading public statements about the contractual requirement that Lore and Rodriguez own the Timberwolves in Minnesota. According to the language in the deal, the plaintiff wrote, the issue of transferring the team should be presented to an advisory board that cannot really stop the new general partner from moving forward.
The city of Minneapolis, which owns the Target Center, has entered into an agreement with the team through 2035 with a $ 50 million fine for breaking the arena lease. The NBA’s Board of Governors should also approve the sale or transfer of a club.
Taylor said in a recent interview with Minneapolis radio station WCCO that he believes the NBA will block a possible move of the Timberwells to Seattle, which is likely to be the next city to get a team, but The franchise will be more attractive to the league as an extension. Las Vegas is another market that is considered high on the league’s list.
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