MINNEAPOLIS — Glen Taylor could soon be selling the Timberwolves.
The longtime team owner retained the Raine Group to explore the possibility of selling the franchise, Sportico’s Scott Soshnick reported Tuesday.
Taylor bought the team in 1995 for nearly $90 million. In February, Forbes estimated the franchise’s current value to be $1.375 billion. Soshnick reported Taylor is seeking in the neighborhood of $1.2 billion. Taylor’s estimated net worth is north of $3 billion.
Taylor, 79, reportedly has kicked around the idea of selling the team in the past, but any discussions never seemed to get this serious.
Taylor told The Athletic’s Jon Krawczynski that the ownership group has “several options” available to it that are being explored.
One of those options appears to be a group featuring Wolves legend Kevin Garnett. Garnett posted a screenshot of the Sportico report to his Instagram on Tuesday with the commentary, “I’m one of the groups trying. Lawd, plss let my group get this.”
Garnett reportedly was supposed to join the Timberwolves’ ownership group upon his retirement from playing, before he and Taylor had a falling out after the death of former coach Flip Saunders. That falling out has left a major divide being the franchise and its all-time greatest player.
Taylor told Krawczynski that all prospective buying groups have been told the franchise must remain in Minnesota. Taylor also owns the Lynx, and told Krawczynski he thinks any sale should include both teams to keep both under the same ownership.
Taylor has caught a lot of flack from fans for issues ranging from his relationship with Garnett to the people he’s hired to run the Timberwolves, but the businessman also has poured a lot of resources into the team, including a massive, state-of-the-art practice facility that both the Timberwolves and Lynx enjoy.