Report: T-Wolves Owner Taylor Selects Likely Successor
Glen Taylor, longtime owner of the Minnesota Timberwolves, has reportedly found a likely buyer for the franchise.
Taylor is nearing a deal to sell a 25 percent stake in the team, according to a report by the Star Tribune. Under the terms of the deal, Taylor would maintain a stake for several years and work with the new owner, who would eventually acquire majority ownership, Taylor told the Minneapolis newspaper.
Taylor, who has owned the Timberwolves for 18 seasons and the Lynx women’s basketball team for 13, declined to identify the buyer until the deal is finalized.
The Star Tribune reported that the buyer is not from the Twin Cities, but has agreed to keep the team in Minnesota as part of the deal.
“Yes, I have [found a buyer], and we’re working on trying to put a deal together, and it would be a deal that would leave me involved for a number of years yet, but it would be a good transition,” Taylor told the Minneapolis newspaper.
Read the full Star Tribune story here.
Taylor told the Pioneer Press, however, that the agreement is thus far only a verbal one, and it “doesn't necessarily mean it’s going to get pulled off, but we’re proceeding.”
Taylor—founder, chairman, and CEO of Mankato-based Taylor Corporation—acquired the Timberwolves in 1994 when its former owners were looking to move the team out of the state. In 2010, he was named one of the “200 Minnesotans You Should Know” by Twin Cities Business, and he’s also a member of the Minnesota Business Hall of Fame.