Sports & Entertainment Chair Steven Olenick spoke with Law360 about the recently terminated $1.5 billion sale of the NBA's Minnesota Timberwolves. He commented that sellers always have the choice to back out of a sale if they believe the conditions of the agreement are not met.
Steven said, "Becoming an NBA team owner is not easy. Prospective owners must have substantial financial resources and undergo a rigorous approval process to join the exclusive ranks of NBA team ownership. Of course, buyers and sellers often disagree on whether the other party has 'complied' with its obligations and that's often how deals end up in court or arbitration."
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