Glen Taylor confirmed to the Star Tribune Friday that he’s had talks with groups about selling a minority share of the Timberwolves. Yahoo Sports’ Adrian Wojnarowski first reported that Taylor is in “serious negotiations” to sell 20 percent of the team.
The proposed buyers, per the Yahoo report, are a group headlined by Memphis Grizzlies minority partner Steve Kaplan, and Wojnarowski reports that the group’s ultimate goal is to become majority owners of a team, although “there’s no assurance Kaplan’s group would have an inside track on eventual majority ownership.”
Taylor confirmed that Kaplan is involved, but he’s only talking to buyers who would keep the team in Minnesota if they were to eventually take on majority ownership.
Kaplan’s group tried to buy a majority share of the Atlanta Hawks but fell short in 2014, Yahoo notes.
According to the Star Tribune, Taylor declined to comment following the Timberwolves’ 129-116 loss to the undefeated Golden State Warriors Thursday night.
The paper adds that Taylor has said he has no intention of selling the majority share of the team for the foreseeable future.
Forbes valued the average NBA team in 2015 at $1.1 billion, although it listed the Timberwolves’ 2015 valuation at $625 million.
Kevin Garnett has also publicly said he hopes to someday own a share of the Timberwolves.
5. There are several other interested parties who have also come to town, had discussions with Glen.
— Jon Krawczynski (@JonKrawczynski) November 13, 2015
6. A decision does not appear to be imminent. There is no timetable for a transaction to take place. I get the sense we're in early stages
— Jon Krawczynski (@JonKrawczynski) November 13, 2015
7. It remains unclear how a deal with Kaplan, or any other group, would affect KG's stated desires to get into ownership.
— Jon Krawczynski (@JonKrawczynski) November 13, 2015
8. It does not mean that KG will not be an owner, eventually. But one would think it would make the path a little thornier
— Jon Krawczynski (@JonKrawczynski) November 13, 2015
