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Shareholder of T-Wolves files complaint on sale of franchise

Shareholder of T-Wolves files complaint on sale of franchise

Meyer Orbach, the second-largest shareholder in the Minnesota Timberwolves, filed a complaint in U.S. District Court in Minneapolis on Wednesday alleging that owner Glen Taylor's pending sale of the franchise to Marc Lore and Alex Rodriguez is in violation of the franchise's partnership agreement, according to a copy of the complaint obtained by ESPN.

The complaint cites 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.

Source: Adrian Wojnarowski of ESPN

ANALYSIS: Wojnarowski added, "The complaint filed by Orbach, a New Jersey real estate mogul who owns more than 17% of the Timberwolves and WNBA Lynx, also includes a significant revelation: Despite Taylor's public statements to the contrary, he has included no provision in the $1.5 billion sales agreement with Lore and Rodriguez that requires the new ownership group to keep the franchise in Minnesota upon taking control of the team, according to an exhibit in the complaint."

"In fact, new details of Taylor's sale agreement with Lore and Rodriguez -- expected to be completed by July 1 -- include a clause under "Governance Matters" that lists several actions that would require new ownership to "present to the Advisory Board for discussion" -- including any plan to "relocate the team outside of the Twin Cities market."

The NBA Board of Governors still has to approve the sale before titles can be transferred, but it will be interesting to see how/if this complaint effects the eventual outcome of the sale.

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