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After a bump in the road, it appears as though the sale of the Minnesota Timberwolves and Minnesota Lynx will proceed with Marc Lore and Alex Rodriguez becoming majority owners of both teams. A judge dismissed a lawsuit Thursday morning filed by the second-largest shareholder in the team, Meyer Orbach, who filed a complaint stating that the sale of the team is in violation of his partnership with Taylor and the rest of the current shareholders.
Orbach filed the complaint in May and cited that the transaction didn’t honor “tag along rights” when Taylor agreed to sell the team to Lore and Rodriguez, which gives minority shareholders the opportunity to sell their shares before Taylor sells his. The complaint also raised issue with there being no firm language in the deal that would prohibit the new owners from relocating the two teams out of Minnesota, something that Taylor has assured wouldn’t happen. However, the judge ruled that because Lore and Rodriguez are joining as 20 percent owners to start, it voids Orbach’s argument that he is due a payout immediately, Jon Krawczynski of The Athletic reports.
Lore and Rodriguez bought the Timberwolves and Lynx for $1.5 billion in April, and will buy the teams in installments first before taking complete control of the franchises in 2023. Taylor agreed to sell the team to those two with the understanding that neither team will be moved out of the city, something that has concerned fans in the past.
The sale of the Timberwolves and Lynx was initially expected to be completed by July 1, but this lawsuit likely caused that timeline to be pushed back a bit. The Board of Governors still need to approve the sale, but after the judge’s ruling, it sounds as though there shouldn’t be any other issues for this deal being finalized.
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