Glen Taylor purchased the Minnesota Timberwolves for $88 million in 1995. This week, Taylor confirmed he’s looking to sell the team.
The price tag? At least $1.2 billion.
Several groups have already made bids for the team. One includes former Minnesota Timberwolves superstar Kevin Garnett, who retired in 2016.
What’s more, Taylor is working with The Raine Group, an integrated merchant bank, to find a buyer.
As a result, a sale could be finalized within a month, Sportico reported on Tuesday.
Minnesota Timberwolves owner outlines ideas
Taylor acknowledged the potential sale of the Minnesota Timberwolves is in the works in a statement.
“I was recently approached by The Raine Group to discuss the future of our franchise. From the time I bought the team in 1994, I have always wanted what’s best for our fans and will entertain opportunities on the evolution of the Timberwolves and Lynx ownership structure,” the statement said.
A source told Forbes that the Minnesota Timberwolves are worth $1.38 billion.
According to published reports, keeping the team in Minnesota is a prerequisite for a deal.
Garnett interested in owning Timberwolves
Kevin Garnett, who suited up for the Minnesota Timberwolves from 1995-2007 and from 2015-16, detailed his desire to be part of a new ownership group on Twitter.
“My passion for the Minnesota Timberwolves to be a championship team is well known but I have a deeper affection for the city of Minneapolis…,” Garnett tweeted on Tuesday.
He added: “No two people love the city more than myself and Glen Taylor and I look forward to trying to work with him to achieve my dream.”
Therefore, NBA insider Shams Charania tweeted that “Garnett and a group of investors are seriously interested in and exploring bid for Minnesota T’Wolves.”