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Glen Taylor has subpoenaed the NBA in the ongoing fight over ownership of the Minnesota Timberwolves, according to multiple people familiar with the matter, a rare move that could potentially expose private league communications and financial information to a more public audience.
Taylor, the current control owner of the Timberwolves, is locked in a legal battle with Marc Lore and Alex Rodriguez over the NBA franchise. Lore and Rodriguez had a purchase agreement to buy the team from Taylor in stages for about $1.5 billion, but the deal fell apart earlier this year right before they could close on the control stake. Taylor claims they violated the agreement and the transaction is void; Lore and Rodriguez claim there was no violation and the deal should be executed.
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A contractually obligated mediation session four months ago failed to reach a resolution, and the two sides are now heading toward a binding arbitration in November. Often used by pro leagues to keep matters away from public viewing, arbitration is a dispute resolute resolution process conducted in private and outside the court system, where filings are generally public and accessible to media. As part of that process, Taylor’s legal team issued a subpoena to the league a few months ago seeking communications and information, said the people, who were granted anonymity because the details are private.
A representative for Taylor declined to comment. A representative for the NBA didn’t immediately respond to a request for comment.
The league has publicly distanced itself from the Timberwolves situation. Asked about the legal dispute following NBA board of governors meetings in April, commissioner Adam Silver said “there is no role for the league” in the pre-set mediation and arbitration process, and that the dispute “will be resolved independent of the league office.”
He reiterated that stance this week. “It’s pencils down at the league office,” he told reporters. “Depending on the outcome, only then would the league continue a vetting process for ownership.”
Subpoenas are orders to provide sworn testimony in…
Source link : https://finance.yahoo.com/news/glen-taylor-subpoenaed-nba-1-142241079.html
Author : Sportico
Publish date : 2024-09-13 14:22:41
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