SBD/July 30, 2012/Franchises

Glen Taylor Says He Has Found A Successor To Eventually Take Over T'Wolves, Lynx

Taylor will still be involved for a number of years despite selling 25% of both teams
T'Wolves and WNBA Lynx Owner Glen Taylor has "found the successor he has been looking for," and he will "close a deal to sell 25 percent of the franchises" in the near future, according to Sid Hartman of the Minneapolis STAR TRIBUNE. The new owner, who Taylor is refusing to reveal "until the papers are signed," eventually will "own the majority" of the clubs. Taylor said, "It would be a deal that would leave me involved for a number of years yet, but it would be a good transition." Hartman reports the buyer is "from outside the Twin Cities, but Taylor insists he will continue to own a share of the two teams and will make sure that they don't move out of the state." The buyer has "agreed to keep the two teams in Minnesota as a part of the purchase agreement." The T'Wolves and Lynx have 10 minority owners, and because the teams "have been losing money, several of those owners have been trying to sell their shares, but Taylor hasn't allowed any to get out of ownership unless they can find someone else to buy their shares." Taylor has owned the T'Wolves for 18 seasons and the Lynx for 13 seasons (Minneapolis STAR TRIBUNE, 7/30).
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