Sep 20, 2012, 3:03 PM EDT
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.
- Lakers make it official — finally — and hire Byron Scott as head coach 12
- Derrick Rose: “I’ve become a smarter player, but I’m mad it took me seven years to learn it.” 24
- Shelly Sterling beats Donald Sterling in court, clears sale of Clippers to Steve Ballmer 65
- Report: Timberwolves have talked to Sixers about Thaddeus Young as Kevin Love replacement 26
- All eyes on Derrick Rose as USA Basketball mini-camp begins 23
- Klay Thompson doesn’t anticipate being traded, says he expects to play with Warriors next season 10
- PBT Power Rankings: After summer shakeups, Spurs still team to beat 50
- Report: ‘No chance’ Kevin Love stays with Timberwolves 65