Longtime owner Glen Taylor, 79, is reportedly trying to sell the struggling franchise known as the Minnesota Timberwolves. Glen has hired Raine to explore a sale for the franchise. Glen Taylor said he is seeking at least $1.2 billion for the franchise.
A lot of people have already made offers. Although some investors are trying to move the team, which is what Glen Taylor doesn’t want. Glen Taylor told The Athletic, “People have inquired who are interested but they want to move the team. They are not a candidate. We’ve made that very clear”.
Reportedly, NBA/Timberwolves legend Kevin Garnett and a group of investors are seriously exploring a bid for the Minnesota Timberwolves from Glen Taylor. Although for Garnett, this bid is personal because of his stature within the franchise. Garnett wants to purchase the team and keep it in Minnesota, sources said. Glen Taylor told Jon Krawczynski that keeping the franchise in Minny is a requirement.
Kevin Garnett has also posted on his Instagram story saying “I’m one of the groups trying”. While also stating, “Please let my group get this”. As everyone can tell, the legend KG is excited and hoping that he can win and own this franchise.
To add on, back in 1994, Glen Taylor bought the Timberwolves for around $88 million. Now according to Statista, they estimated that the Timberwolves are now valued at $1.375 billion, but this was before the Coronavirus pandemic, so there should be a significant loss in revenue.