Sale of Minnesota Timberwolves Franchise Reportedly Enters “Advanced Talks”
News has been quiet on the Minnesota Timberwolves’ sale front, since it was announced that owner, Glen Taylor, was looking to sell the team over a month ago. That changed tonight. It sounds like Glen has found a serious suitor and talks are progressing quickly.
Story on @TheAthleticNBA: Minnesota Timberwolves and Lynx owner Glen Taylor in advanced talks to sell the franchises to group led by former Memphis Grizzlies minority owner Daniel E. Straus, sources tell me and @JonKrawczynski. https://t.co/KrVWUO1i4i— Shams Charania (@ShamsCharania) August 25, 2020
Reported on @KSTP last Thurs. that he/his group were in town earlier this month and have said on @SKORNorth that he was the one to watch. Still will take time to vet, but @Daniel_E_Straus has been the front-runner for weeks w/ that exclusive negotiating agreement. #Timberwolves https://t.co/ZugSWkdUJZ— Darren Wolfson (@DWolfsonKSTP) August 25, 2020
Apparently, the group led by Straus has already been in town to talk with Glen. Details have, of course, been kept mostly quiet. Darren “Doogie” Wolfson is always on it before everyone else, though… especially things Timberwolves related
Former franchise cornerstone, Kevin Garnett, doesn’t appear to be involved in the sale discussion. According to The Athletic, Garnett hasn’t been a part of any group who has actually put a bid on the table.
Reports have surfaced, claiming KG has $200M ready to throw down and wants the “President of Basketball Operations” included in his title, if he does participate in the purchase. With Gersson Rosas and Co. already at the helm, that’s an unlikely scenario too.
Finding that much money is difficult but Garnett was so in our face and public with his desire to be part of this purchase, when this news broke last month, that I’m a bit surprised we haven’t heard anything from him since. That doesn’t mean Garnett couldn’t join the Straus-led group, but as of now, his name is not included.
There is absolutely nothing wrong with Glen Taylor selling to someone who isn’t Kevin Garnett. pic.twitter.com/lk0wOp4Bpv— Jake Paynting (@jakepaynting) August 25, 2020
New public name in the mix to buy the #Timberwolves and #LosLynx, per Bloomberg: Daniel E. Straus. Once had double-digit percentage ownership of the #Grizzlies, and tried to become controlling owner of Memphis in 2018. Many other names/groups interested not public knowledge yet.— Darren Wolfson (@DWolfsonKSTP) July 28, 2020
Content in Minnesota?
How this process plays out, remains to be seen. This isn’t the first time Straus has tried to become a majority owner. He tried to do so with the Memphis Grizzlies, back in 2018 (above), and looks like he’s hot on the trail again.
According to this report from The Athletic, Strauss seems content with keeping the Wolves in Minnesota, for now. To push that narrative a little further and ease the anxiety of Timberwolves fans, initial talks on the sale have actually included cost estimates on another renovation to Target Center.
Taylor has been firm in his desire to sell to a group that will keep the team in Minnesota. The team’s lease at Target Center runs through 2035, but the $50 million penalty for breaking the lease early is peanuts in relation to the final purchase price. The Straus Group has been exploring what it would take to further renovate the second-oldest building in the league, a city-owned structure that received a $145 million facelift in 2017, sources said.The Athletic
This is definitely something to keep an eye on as the process plays out.
Seth Toupal | Minnesota Sports Fan