The Minnesota Timberwolves are for sale.
Billionaire owner Glen Taylor has retained The Raine Group to sell the franchise he’s owned since 1995, according to three people with direct knowledge of the matter. There are several parties who have bid on the team, two of the people said. A deal could be completed within a month, one of the people said.
Taylor, who bought the team for about $88 million, didn’t want a public auction and instead opted to ask Raine to find a buyer without the usual fanfare that accompanies a franchise sale, said the people, who were granted anonymity because the matter is private. The sale isn’t related to financial hardship created by the COVID-19 pandemic, one of the people said.
The 79-year-old Taylor, chairman of Mankato, Minnesota-based Taylor Corporation, has a net worth of about $3 billion.
Colin Neville, a partner at Raine, declined to comment. Timberwolves spokesmen didn’t immediately return emails or calls seeking comment on the sale.
Taylor is seeking at least $1.2 billion for the franchise that Forbes says is worth $1.38 billion, one of the people said.
Billionaire owner Glen Taylor has retained The Raine Group to sell the franchise he’s owned since 1995, according to three people with direct knowledge of the matter. There are several parties who have bid on the team, two of the people said. A deal could be completed within a month, one of the people said.
Taylor, who bought the team for about $88 million, didn’t want a public auction and instead opted to ask Raine to find a buyer without the usual fanfare that accompanies a franchise sale, said the people, who were granted anonymity because the matter is private. The sale isn’t related to financial hardship created by the COVID-19 pandemic, one of the people said.
The 79-year-old Taylor, chairman of Mankato, Minnesota-based Taylor Corporation, has a net worth of about $3 billion.
Colin Neville, a partner at Raine, declined to comment. Timberwolves spokesmen didn’t immediately return emails or calls seeking comment on the sale.
Taylor is seeking at least $1.2 billion for the franchise that Forbes says is worth $1.38 billion, one of the people said.