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Meyer Orbach Rumors

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

Storyline: Minnesota Timberwolves Sale?
The lawsuit states that Taylor ignored Orbit’s attempt to exercise those rights, while also stating that he has not entered into a “control sale” with Rodriguez and Lore. This is where the unique arrangement that has been brokered comes into play. Lore and Rodriguez, subject to league approval this summer, are coming in to start with roughly $250 million, sources told The Athletic. They will not be majority partners right from the start. The plan is for the pair to purchase shares gradually and work toward a controlling interest in the team by December 2023.
The letter of intent signed by Rodriguez and Lore prior to the beginning of negotiations with Taylor did include a commitment to remain in Minnesota, sources said. But that document is not legally binding, and that language did not transfer to the official agreement, according to Orbach’s lawsuit. That said, sources on all sides of these negotiations have told The Athletic that Lore and Rodriguez are committed to the Twin Cities market and that there have never been any discussions about moving the teams.
There could always be another market beyond Seattle or Las Vegas, if the league does indeed expand to those two cities. But the league would have to approve such a move. Sources with the NBA and in ownership circles continue to tell The Athletic that the league values the Twin Cities market. It has also been reported that any new owner would only have to pay $50 million to break the Target Center lease, which runs through 2035, a relative pittance when compared to the team’s $1.5 billion valuation.
Storyline: Minnesota Timberwolves Relocation?