Timberwolves owner Glen Taylor put the franchise up for sale and retained The Raine Group to manage the deal, according to Sportico’s Scott Soshnick.
Sources told Soshnick that several parties had made an offer for the team and that a sale could be “completed within a month”.
Taylor reportedly does not want the sale to involve strong public attention and has asked Raine to keep the search for a buyer low. A source said the team’s sale isn’t linked to the financial struggles created by the coronavirus pandemic.
Raine has managed several high-profile sports deals, including the $ 500 million investment by the US private equity firm Silver Lake in the City Football Group, the progenitor of Manchester City in the Premier League.
Taylor, who bought the franchise for $ 88 million in 1995, has a net worth of around $ 3 billion. In February, Forbes estimated the Timberwolves’ value at $ 1.38 billion, and Taylor is reportedly looking for $ 1.2 billion for the team.
Minnesota has only reached the playoffs once in 15 years, with only two winning seasons in that time frame. The team had their first success during Taylor’s tenure thanks in part to star Kevin Garnett. However, Garnett has long been a critic of Taylor and refuses to have anything to do with the franchise, including a withdrawal of the shirt, as long as Taylor remains the owner.
The Timberwolves finished the 2019-20 season with a record 19–45 at the time of the coronavirus-induced NBA hiatus on March 11. They were among the eight uninvited teams to resume the league in Orlando.
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