Minnesota Timberwolves owner Glen Taylor is exploring the possible sale of the team, it’s being reported.
Sports business news site Sportico reports that Taylor has retained The Raine Group to explore possible bidders for the franchise he bought for $88.5 million in 1994.
The billionaire businessman and chairman of Taylor Corporation also owns the Minnesota Lynx and the Star Tribune newspaper.
Sportico says that the potential sale isn’t related to the downturn caused by the COVID-19 pandemic.
Glen Taylor to @TheAthleticMIN : "Everybody’s been told it has to stay in Minnesota."
— Jon Krawczynski (@JonKrawczynski) July 21, 2020
It’s been reported for several years that Taylor was considering an exit from the Wolves, with the Star Tribune reporting in 2015 that he was actively looking to sell a minority stake in the team.
There has also been pressure from fans calling on him to sell up, given the Wolves historically poor performance – the Kevin Garnett years aside.
What’s more, The Athletic’s Shams Charania is reporting that Garnett and a group of investors is seriously considering a bid for the team.
From KG’s Instagram… #Timberwolves pic.twitter.com/CjwpwxcZHg
— Darren Wolfson (@DWolfsonKSTP) July 21, 2020
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