Welcome

A-Rod and Partners Cleared to Purchase Stake in NBA Timberwolves

July 1, 2021, 6:59 PM

A minority owner of the Minnesota Timberwolves and the Minnesota Lynx basketball teams failed to block majority owner Glen Taylor from selling his interest in the teams to a group led by former New York Yankee Alex Rodriguez.

Orbit Sports LLC didn’t show that Taylor’s proposed transaction with Purple Buyer Holdings LLC—a company controlled by A-Rod and billionaire Marc Lore—was a “control sale” that triggered Orbit’s right to sell its interests, the U.S. District Court for the District of Minnesota said Thursday.

The agreement between Orbit and Taylor defines a “control sale” as a sale by the Taylor Group “in ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.