Glen Taylor Rumors
Shams Charania: Official: Former MLB star Alex Rodriguez and entrepreneur Marc Lore become Minnesota Timberwolves and Lynx owners. pic.twitter.com/m7fsxM1KQ5
Taylor bought the Timberwolves and the Lynx in 1994 for $94 million. Since then, sources say the franchise has struggled financially and on the court, losing money most seasons and reaching the playoffs only once during the past 18 years. Some owners, meanwhile, are upset that the Timberwolves, despite commanding one of the league’s major markets, collect roughly $20 million in annual revenue-sharing payments from the more profitable teams, one source close to the NBA said.
Dane Moore: Sources: Glen Taylor has responded to Meyer Orbach’s lawsuit claiming the right to liquidate his $300M stake in ownership of the Minnesota Timberwolves Part of Taylor’s response is that “there may never be a sale” — and that Rodriguez and Lore merely have an option to purchase pic.twitter.com/tCDcErt38s
With Glen Taylor entering into an agreement to sell the teams, eventually, to Marc Lore and Alex Rodriguez, limited partner Meyer Orbach has filed a lawsuit alleging that Taylor is in breach of contract because Orbach has not been provided the opportunity to sell his 17 percent stake in the team before the deal with Rodriguez and Lore is completed. The lawsuit itself does not appear to threaten Taylor’s ability to do his deal with Lore and Rodriguez. But filing it also allowed Orbach to make public terms of the agreement with Rodriguez and Lore, namely that there is no language in the contract that prevents the Timberwolves and Lynx from being moved to another market.