NBA: Former MLB star Alex Rodriguez reportedly had a deal in place to purchase the Minnesota Timberwolves. However, the deal has not been completed as the 2nd biggest shareholder has lodged a complaint.
According to Shams Charania of The Athletic and Stadium, Glen Taylor has agreed to sell the Timberwolves to an ownership group led by Rodriguez and tech entrepreneur Marc Lore for $1.5 billion.
Timberwolves owner Glen Taylor has reached an agreement on his $1.5 billion sale of the club to Alex Rodriguez and e-commerce mogul Marc Lore, according to multiple reports. pic.twitter.com/H0VPfUJuRh
— SportsCenter (@SportsCenter) May 13, 2021
What agreement was violated?
Meyer Orbach, the second-largest shareholder in the Minnesota Timberwolves, lodged a complaint in U.S. District Court in Minneapolis claiming that owner Glen Taylor’s pending sale of the franchise to Marc Lore and Alex Rodriguez is in infringement of the franchise’s business arrangement, according to a copy of the complaint obtained by ESPN.
According to ESPN, the objection arraigns Taylor’s failure to honor the “tag-along rights” for minority investors in the franchise, which allows them to sell their interests in the teams before Taylor sells his own.
A vote of the NBA’s board of governors is still required to give final approval of the sale to Lore and Rodriguez.
If the Timberwolves sale is approved, this is how everything will unfold. 1. New owners say a lot of nice things about Minnesota and say the team will stay. 2. They’ll ask for a new, state-of-the-art arena. 3. Minneapolis will say, “Nah.” 4. Owners will threaten to leave the city
— Myron Medcalf (@MedcalfByESPN) May 26, 2021
What did the owner say?
But let’s just say somehow they were able to break that agreement. The real agreement is with the NBA. The NBA will make the decision if somebody’s going to move or not move. The NBA will not approve of the Timberwolves moving from here to Seattle. It’s in the NBA’s interest that in Seattle a new team is formed.
“It’s an economic decision that’s in the interest of all the owners because if they start a new team out there, that team is going to have to pay maybe $2 billion to get started there. They pay that to the other owners. The present owners are not going to pay a billion and a half to leave it in Minnesota and another $2 billion to move it out of there. That’s the assurance I have that they aren’t going to move it out of there.”
NBA: Minnesota Timberwolves hired a new coach in February
The Minnesota Timberwolves announced the hiring of Toronto Raptors assistant coach Chris Finch as their next coach. Finch has 24 years of coaching experience, roughly half of that in Europe.
The two-time NCAA Division III All-American at Franklin & Marshall College in Pennsylvania played for the Sheffield Sharks in the British Basketball League and later coached the same team from 1997-2003.