Taylor is reportedly seeking $1B with a bidding war potentially pushing the price higherNBAE/GETTY IMAGES
T'Wolves Owner Glen Taylor once again is "considering selling the team," but he "wants to make sure that whoever buys the team will keep it in Minnesota," according to Krawczynski & Charania of THE ATHLETIC. Taylor said, "Everybody's been told it has to stay in Minnesota." Krawcyznski & Charania noted several groups have "emerged as interested suitors, including franchise legend Kevin Garnett." Sources also said that the Wilf family, which owns the Vikings, is another group that is "exploring buying the team." T'Wolves minority Owner Meyer Orbach, who has "steadily amassed more and more shares of the team and is a highly visible member of the ownership group at home and on the road, is another name to watch on the list of potential new owners." Several other groups are "said to be involved, though Taylor has declined to name them or speak on an expected asking price." Sources said that Taylor is "seeking north" of $1B, and a bidding war "could push the price much higher." Krawczynski & Charania noted Taylor's search process was "reignited in recent months when the Raine Group approached with a prospective buyer." Taylor's renewed desire to sell the team is due to his concern about his "other businesses that have been struggling during the COVID-19 pandemic." Sportico, which first had the news of the team going on the market, reported that a sale could be done within a month, but Taylor said that "nothing is imminent" (THEATHLETIC.com, 7/21).
INTERESTED PARTIES: In Minneapolis, Chris Hine notes Garnett on his Instagram account "posted a photo of a report that Taylor was fielding offers and said, 'I'm one of the groups trying.'" He included a "quick prayer in all capital letters and added, 'Let my group get this.'" It is "unclear where Garnett's group stands." Taylor said that one family from out of state is "farther along in the process of buying the team," but he "wasn't sure if Garnett was affiliated with them." Garnett has "made no secret of his desire to be part of the group that replaces Taylor as owner." Garnett has "had a public feud with Taylor that has lasted past Garnett's second stint with the team," which ended in '16. But yesterday, another of Garnett's posts to Instagram "indicated he ceased hostilities with Taylor" (Minneapolis STAR TRIBUNE, 7/22). ESPN.com's Adam Schefter cited sources as saying that only recently did the Wilf family "emerge as one of the groups bidding to buy" the T'Wolves. Sources added that the Wilfs "appear to be in a prime spot at this time to buy" the T'Wolves, though a decision on the sale "might not be made until September" (ESPN.com, 7/21).
STAYING ON FOR NOW? In St. Paul, Jace Frederick reports each interested investment group "has said they would like Taylor to stay on and maintain an investment in the organization, some have asked he maintain majority ownership, at least for the time being." It is "possible any transaction made in the near future could lead to a transition of majority ownership over time." Taylor said, "It would interest me to bring in somebody who's going to have an investment and have it in the future and run it, to help guide them, or at least advise them, and let them do it. I find that as a kind of teacher, it's a fun thing to do. I don't have to be the boss. I know what I can do and I know I can help other people" (ST. PAUL PIONEER PRESS, 7/22).
