Glen Taylor is looking to sell the Timberwolves and a deal could be completed within a month. That report came from Sportico on Tuesday afternoon and was confirmed by The Athletic.
Taylor told Jon Krawczynski of the Athletic that “everybody’s been told that (the franchise) has to stay in Minnesota.”
Former Wolves star Kevin Garnett, who has had a falling out with Taylor, posted about the news on Instagram, saying, “I’m one of the groups trying … LAWD PLSS LET MY GROUP GET THIS …” It was not immediately clear who was in Garnett’s investment group, but one of the key points to Garnett’s return to Minnesota late in his NBA career was that he would be involved in Wolves ownership after his playing days. That deal fell apart after Flip Saunders died of cancer in October 2015.
Owner Glen Taylor told @JonKrawczynski today that several potential ownership groups have expressed interest in purchasing the Timberwolves and that he is seriously considering all options. https://t.co/uYvqYOzMKz
— Shams Charania (@ShamsCharania) July 21, 2020
Several parties have made bids on the Wolves, according to Sportico, but Taylor has retained The Raine Group to sell the franchise so the negotiations have remained quiet. Sportico did report the sale by the 79-year-old Taylor is not related to financial issues caused by the coronavirus pandemic. There have been previous rumblings that Taylor was looking to sell but this appears to be definite. Taylor reportedly is looking for $1.2 billion for a franchise that Forbes values at $1.4 billion.
Taylor saved the Wolves from leaving Minnesota when he bought the franchise in 1995, but there hasn’t been much success other than an eight-year run of playoff berths from 1996 to 2004. The Wolves got past the first round only once, in 2004, making it to the conference finals before losing to the Lakers in Garnett’s MVP season.