Judge dismisses suit against T-Wolves' controlling owner, sets stage for sale
A judge has dismissed a suit filed by Minnesota Timberwolves and Lynx minority owner Meyer Orbach, removing an impediment in Glen Taylor's sale of his controlling stake in the clubs to e-commerce titan Marc Lore and former MLB star Alex Rodriguez, according to The Athletic's Jon Krawczynski.
The ownership transition can proceed as planned, with the 80-year-old Taylor handing over full control to Lore and Rodriguez in 2023.
Orbach, whose roughly 17% stake in the organization represents the second-largest share, claimed the pending $1.5-billion sale violated his "tag-along rights," which would have allowed the New Jersey-based real estate mogul to sell his stake before Taylor.
The most significant revelation from the legal proceeding was that Taylor's sale of the teams features no contractual agreement to keep them in Minnesota. But Taylor did reaffirm in April his expectation that the new owners would not relocate the clubs.
"There was no use talking to them if they didn't agree to that," Taylor said at the time.