Owner Glen Taylor is exploring a sale of the Minnesota Timberwolves.
Taylor said in a statement Tuesday that he has hired The Raine Group, a global commercial bank, to explore a possible sale of the equipment.
“The Raine Group recently contacted me to discuss the future of our franchise,” he wrote. “From the moment I bought the team in 1994, I have always wanted the best for our fans and will offer opportunities on the evolution of the ownership structure of Timberwolves and Lynx.”
Taylor told The Athletic that he will not sell the team to a group that wants to get him out of Minneapolis.
“People have asked who is interested but wants to move the team,” he said. “They are not candidates. We have made it very clear.”
Sportico, who first reported Taylor’s interest in selling the Wolves, says he is seeking “at least $ 1.2 billion” for the franchise. The website also reported that a deal for the team could be agreed within a month, although Taylor told The Athletic that nothing is imminent.
It was not immediately clear how many groups have expressed interest in buying the Wolves, although former Minnesota star Kevin Garnett wrote on social media that he is part of one of them.
“I’m part of one of the groups trying it,” Garnett wrote on Instagram, fingers crossed and hands crossed, praying emojis. “Lawd, please let my group get this.”
Garnett shared more thoughts on Twitter, this time about his love for Minneapolis as an organization and as a city.
My passion for the Minnesota Timberwolves to be a championship team is
Well known but I have a deeper affection for the city of Minneapolis. me
once again I want to see Minneapolis as the diverse and loving community
I know what it is. (1/2)– Kevin Garnett (@ KevinGarnett5KG) July 21, 2020
No two people love the city more than me
and Glen Taylor and I look forward to working with him to
reach my dream (2/2)– Kevin Garnett (@ KevinGarnett5KG) July 21, 2020
Regarding the timing of the sale, Taylor told The Athletic that he feels good about where the Wolves are now after a period of uncertainty after Flip Saunders’ death. A combination of factors: the desire of some limited partners to move on, their age (79 years) and work with other companies it owns, the uncertainty of the economy due to the coronavirus, said it helped him make the decision.
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