Timberwolves minority owner suing to stop sale
Alex Rodriguez’s bid to purchase the Minnesota Timberwolves has hit another roadblock.
Meyer Orbach, the Timberwolves’ second-largest shareholder, filed a complaint in the U.S. District Court in Minneapolis alleging that the pending sale violates the franchise’s partnership agreement, according to ESPN’s Adrian Wojnarowski. The complaint claims that the “tag-along rights” of minority owners are not being honored in the sale to Rodriguez and Marc Lore.
The complaint also claims that the $1.5 billion sales agreement between Lore, Rodriguez, and current owner Glen Taylor does not include a provision requiring the new owners to keep the franchise in Minnesota. Taylor has publicly stated that such a clause is contained within the agreement.
Rodriguez and Lore had previously agreed a deal with Taylor that seemingly only required the approval of the league’s Board of Governors. Now, this may have to be dealt with before any further progress is made on the sale.