Minnesota Timberwolves are up for sale as the team’s owner Glen Taylor recently confirmed he is entertaining offers for the franchise he owned since 1994.
Rumors about Taylor’s intentions to sell Timberwolves circled for the past several years. However, the billionaire is now set to make the final step and has already hired an investment banking firm The Raine Group to assist him with the process.
Taylor made the official announcement on Wednesday via statement posted on Timberwolves’ social media.
Minnesota Timberwolves are valued at $1.4 billion, but Taylor would reportedly be willing to settle for $1.2 billion in the circumstances of coronavirus pandemic. He won’t lack suitors, as several parties already expressed interest in purchasing the franchise.
According to ESPN, Minnesota Vikings’ owners The Wilf family emerged as early favorites to buy the Timberwolves, while the team’s minority owner and real estate developer Meyer Orbach is also making a strong push. Hall of Famer and Timberwolves’ legend Kevin Garnett is believed to be forming a group in an attempt to get into the race.
Discussing his sale terms with The Athletic, Taylor said that he won’t deal with parties that want to move the team.
“People have inquired who are interested but they want to move the team,” said Taylor. “They are not a candidate. We’ve made that very clear.”
Minnesota Timberwolves joined the NBA as an expansion team in 1989. Their biggest success was the Midwest division title during the 2003/04 season when they also made it to Western Conference Finals. This was also the only time in their history that the team made it past the First Round.
