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Timberwolves owner talking to several prospective buyers

Sep 20, 2012, 3:03 PM EST

Glen Taylor Timberwolves AP

Glen Taylor’s priority in selling the Timberwolves is to find someone who will keep them in Minnesota and is willing to learn the business from him. Said investor would start by purchasing a quarter of the team, then mentor under Taylor as he buys more and more over time until he owned more than half.

He thought he had his man, but it turns out the search is not going quickly.

While people have lined up to talk to Taylor, he hasn’t found the right one, he told the Pioneer Press.

In July, Taylor said he and a prospective buyer “sort of” had an understanding for a deal before the coming season. Taylor would remain a minority partner in the Wolves. He said then that the new partner probably would come in as a 25 percent investor, then gradually buy more than 50 percent of the team. Those terms haven’t changed, Taylor said.

Taylor wouldn’t reveal the new interested parties, but including the initial prospect there now are believed to be three inquiring about obtaining majority interest in the Wolves.

“I continue to meet with several different parties who appear to have interest in completing a deal,” he said. “I’ll be patient and see if it works out.”

Taylor, a Minnesota senator, is not the kind of guy looking to just sell the team to someone looking to move it. Sorry Seattle.

Expect this to be a slow process. But Taylor’s efforts to find a buyer are ongoing.

  1. eugenesaxe - Sep 20, 2012 at 3:47 PM

    Is he really the best person to “learn the business” from?

  2. nbascreed - Sep 20, 2012 at 5:18 PM

    I think smart successful businessmen are looking at the Pera deal and thinking “what’s the point”? If the asset is cash flow neutral at best (Wolves are negative) AND the value has been in decline why do I as a successful billionaire want the additional burden of a silly “no move” clause? Unless Glen’s going to discount the purchase price such that “said investors” equity immediately cancels out X years of projected losses (NBA and owners would NEVER allow such folly) then it’s really a no brainer for “said investor” to walkaway from this deal as long as no move clause is present.

    Just my take.

    • echech88 - Sep 20, 2012 at 7:18 PM

      Owning a sports franchise is not usually pursued as an investment where profits are essential. People (with big egos) buy teams to play with and try to win championships.

      There’s no reason a team couldn’t succeed in Minnesota just like they have in OKC, Portland and San Antonio. Good management and winning overcomes market size.

      • iambadkid2 - Sep 20, 2012 at 8:11 PM

        Minneapolis-St. Paul is actually the 14th biggest market in the league, just ahead of Miami-Ft. Lauderdale and more than double that of Oklahoma City and San Antonio (source:http://www.sportsmediawatch.com/2011/03/nba-market-size-numbers-game/).

      • nbascreed - Sep 20, 2012 at 9:00 PM

        Hey echcech, that was my point but I may have been to verbose. If buying a team really is just a “thing” that billionaire’s do for fun (e.g. buying an island or a tricked out 747) and not for the P&L then why wed yourself to restrictive stipulations such as no move.

        100% agree with your last sentence!

  3. liddogg33 - Sep 20, 2012 at 10:59 PM

    Dang… Woulda loved to see Kevin Love lead the SONICS RETURN!!!!

  4. coats2m - Sep 21, 2012 at 3:42 AM

    Perhaps the hold up here is having to “learn” how to run the franchise under Glen Taylor…Seriously, when was the last time the Timberwolves were even relevant in the league?

  5. skinsfanwill - Sep 21, 2012 at 9:28 AM

    What he really wants is to keep making money for a few more years and possibly get a ring out of the deal while he has his chance. But as long you they keep putting talent on the floor like Stiemsma , Brandon “No knees” Roy, Andrei “Scared of his own shadow” Kirilenko, then this city will not see a championship.

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