Aug 1, 2012, 8:45 AM EDT
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.
- Report: Kevin Durant considering Knicks, being recruited by Carmelo Anthony 46
- Markieff Morris: “My future will not be in Phoenix” 33
- Shaq tells Suzy Shuster he, Kobe Bryant could have tied Jordan’s six titles 34
- Dwight Howard tried to take loaded gun through airport security, will not face charges 52
- Will Miami make a run at Kevin Durant? 17
- Report: Veteran forward Chuck Hayes agrees to deal with Clippers 7
- Report: Lakers to sign Brazilian, FC Barcelona point guard Marcelo Huertas to one-year deal 10
- Shaq to Kobe on podcast: “I just want people to know that I don’t hate you” 18