Sued by partner over sale, Taylor says T-wolves won’t move
“There was no use talking to them if they didn’t agree to that,” Taylor said in an April 10 interview with The Associated Press.
Orbach is the front man for Orbit Sports, which filed the lawsuit Wednesday in U.S. District Court in Minneapolis that was first reported by ESPN. The defendants are listed as Taylor, his investment company for the sports teams, and the Taylor Corp., the printing and creative services business based in North Mankato, Minnesota, that he built into a multibillion-dollar conglomerate.
Orbach, whose share of the clubs is larger than all of Taylor’s other minority investors combined, first bought in to the Timberwolves and Lynx in 2016. Orbach was given “tag-along rights,” which entitle minority partners to sell their stake in the event of a transfer of controlling ownership.
According to the complaint, Orbach’s tag-along rights were triggered by the sale agreement, but Taylor has denied them. The plaintiff wrote that the deal with Lore and Rodriguez was “structured as a clumsy attempt to circumvent” the tag-along rights.
“Taylor not only ignored Orbit but also privately stated – directly contrary to his public statements – that he is not proposing to enter into a ‘control sale’ with Rodriguez and Lore at this time. Instead, Taylor is claiming that any ‘control sale’ will be years in the future,” the lawsuit said.
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