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Timberwolves owner Taylor finds successor to buy team

Aug 1, 2012, 8:45 AM EDT

Glen Taylor Timberwolves AP

Timberwolves owner Glen Taylor said he wanted to sell the team but he wanted someone who could take the team over slowly in phases and would not move the team out of Minnesota. Not a lot of billionaires fitting that bill.

But apparently he has found one, he told the Star Tribune.

Glen Taylor, who has owned the Timberwolves for 18 seasons and the Lynx for 13, has found the successor he has been looking for. In the near future, Taylor will close a deal to sell 25 percent of the franchises, and eventually the new owner will own the majority.

This is good news for Timberwolves fans because the new owner has promised he will not move the team (and will sign papers saying this).

We don’t know the identity but the potential new owner is not a Twin Cities resident, Taylor said.

“Yes, I have [found a buyer], and we’re working on trying to put a deal together, and it would be a deal that would leave me involved for a number of years yet, but it would be a good transition,” Taylor said Sunday.

“I will be an owner for a number of years but gradually bring in a partner, if this would work out. I’d bring in a partner and … we’d work together. In the initial years, he would have less than 50 percent and then in the later years he would have more than 50 percent and would have the ownership.”

The Timberwolves have been among the teams losing money in the league year-over-year. How much the new CBA changes that remains to be seen. So does how the T-Wolves will deal with a young roster that has the potential to be good but will demand larger paychecks down the line.

  1. natifan30 - Aug 1, 2012 at 8:51 AM

    I used to work for a Glen Taylor owned company! The man does an amazing job of losing money! One of the most unorganized companies I’ve ever worked for!

  2. pavelfitzgerald - Aug 1, 2012 at 8:58 AM

    Your title should be “finds” a new owner not “founds”?!?!? Your worse then Florio, get a proof reader

    • drostyles - Aug 1, 2012 at 9:51 AM

      You’re worse than Kurt Helin, apparently.

    • kopy - Aug 1, 2012 at 10:02 AM

      If we’re playing this game, you used “your” instead of “you’re.” I’ll let you figure out if the first, second, or both are wrong.

  3. mrlaloosh - Aug 1, 2012 at 9:49 AM

    “FOUNDS”? The intranet be makin people smert!

  4. tigerpork - Aug 1, 2012 at 11:02 AM

    the successor is Prince.

    • brewdogg - Aug 1, 2012 at 12:28 PM

      Please tell me this is a joke….. Not that I have anything against the guy. I know people who have had the pleasure of regularly interacting with him, and they all say that he is a real nice guy, but seriously….. That would be like Rodman writing children’s books.

  5. pavelfitzgerald - Aug 1, 2012 at 11:05 AM

    Fair enough but the common misuse of “your”, “you’re” & “you are” is much more understandable then “founds”. I’ve never heard someone say (let alone type”) “founds” instead of “finds”. At first I thought he meant “fund” but writing “founds”? Come on man !

    • iambates - Aug 1, 2012 at 2:21 PM

      *than

  6. zblott - Aug 1, 2012 at 1:40 PM

    Glen Taylor is quite possibly the worst owner in the NBA, so this has got to be a huge relief for Timberwolves fans. The guy who insulted Kevin Garnett’s drive in 2007 can’t get out quick enough. If only more of the profits>product owners that David Stern has ushered in over the last 30 years would get the hell out and leave the game to the people who love it as more than a piece of their portfolio.

  7. pavelfitzgerald - Aug 1, 2012 at 3:04 PM

    Then* is correct, just like colour is, grey is, centre & humour. Different countries have different spellings.

  8. donrwells3 - Aug 1, 2012 at 4:46 PM

    I mean why would you NOT move the team out of Minnesota if it is losing money? I would not have signed the paper saying I wouldn’t move it. When I think Minnesota, I don’t think dollar signs and championships…

    Move the team into a new market!

  9. pariseinminnesotabichez - Aug 6, 2012 at 12:28 AM

    Donrwells3 your gonna regret your words in about 3 years The Wild? T Wolves signing some big names…. I would watch what you say

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