I disagree. Tolkien intended Sauron to be the Lord of all of the Rings of Power, not just the One Ring in particular. Though he was not directly involved in the forging of the Three, he instructed Celebrimbor and the smiths of Eregion in their making. The Three were still made in such a way that they were ultimately bound by the One.
Since Sauron had the One Ring with which to "in the Darkness bind them", meaning *all* of the Rings of Power, he was in fact the "Lord of the Rings".
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