Owner of the NBA Franchise Timberwolves Responds to a Breach of Contract Lawsuit
Timberwolves owner Glen Taylor expressed confidence Thursday that the NBA franchise will remain in Minnesota after it is sold, responding to a federal lawsuit against him by one of his investors alleging breach of contract.
Taylor, who also owns the WNBA’s Minnesota Lynx, recently finalized an agreement to sell the basketball clubs to e-commerce mogul Marc Lore and former baseball star Alex Rodriguez for $1.5 billion. The deal would unfold incrementally, beginning this year with a 20% purchase of Taylor’s stake. Lore and Rodriguez would be on track to become majority owners for the 2023-24 seasons.
Taylor issued a statement through the team acknowledging the litigation from Meyer Orbach, a New Jersey real estate magnate whose ownership stake in the basketball clubs is about 17%.
