Glen Taylor is Selling the Minnesota Timberwolves; Group Including Kevin Garnett is “Seriously Interested”
Glen Taylor reportedly wants out of the Minnesota Timberwolves organization after owning the team since 1995. After 25 years, and only nine playoff appearances, Taylor has retained the Raine Group to help sell the team. The second shock wave though… Kevin Garnett is included in one of the interested investment groups
This was first reported by Sportico.com. Major reporters, both nationally and locally, are starting to add credibility and details to these reports.
BREAKING: @Sportico Exclusive: @Timberwolves owner Glen Taylor has hired Raine to explore a sale of the #NBA franchise. Sources say offers have already been made:https://t.co/G9ocM7dtVX #Sportsbiz pic.twitter.com/an5C003Rqx— Sportico (@Sportico) July 21, 2020
There are several parties who have bid on the team, two of the people said. A deal could be completed within a month, one of the people said.
Taylor is seeking at least $1.2 billion for the franchise that Forbes says is worth $1.38 billion, one of the people said.Scott Soshnick – Sportico.com
Taylor + KG Feud
Back in 1995, Taylor bought the team for about $88 million and Forbes currently has them worth $1.38 billion. However, Sportico claims that Taylor will settle for just $1.2 billion. There are talks that a deal could be done in as soon as a month and new ownership would take over before the NBA draft…. WOW.
It hasn’t been a pretty tenure with the team, to say the least, and he also didn’t have the best intra-team relationships. Hall of Famer Kevin Garnett and Taylor didn’t exactly see eye-to-eye while together. Garnett’s jersey has still yet to be retired by the Minnesota Timberwolves and it’s because of Taylor.
The Minnesota Timberwolves have shown some spots of improvement, especially after breaking a 13-season playoff drought in 2018-19. They’ve invested in All-Star point guard D’Angelo Russel to go alongside Karl-Anthony Towns, and have a good chance at receiving the first overall pick for next year’s draft.
Must Stay in Minnesota
For all of his faults, I love Glen Taylor for how adamant he is about keeping the Timberwolves in Minnesota. That hasn’t changed. According to John Krawczynski, all bidders know that keeping the team in Minnesota is part of the agreement.
Glen Taylor to @TheAthleticMIN : "Everybody’s been told it has to stay in Minnesota."— Jon Krawczynski (@JonKrawczynski) July 21, 2020
Glen Taylor says Raine Group approached him with people interested in buying the team. That particular offer didn't pan out, but the group has several other options available that are being explored.— Jon Krawczynski (@JonKrawczynski) July 21, 2020
Glen has listened to feelers off & on for many yrs. He's been more open than Becky = the word. But this time has a different real feel to it. The reporter, @soshnick, is very plugged in on the business side of sports. There was some buzz of $1.4B offer in the Fall. #Timberwolves https://t.co/8jKKh1i931— Darren Wolfson (@DWolfsonKSTP) July 21, 2020
This isn’t the first time there has been talks of selling the team. Last Fall, there were rumors of an offer of $1.4 billion to buy-out the team, according to Darren Wolfson of KSTP.
Whoever comes in as the new owner of the team will have young talent to work with in a state longing for a championship.
AJ Condon | Minnesota Sports Fan