Report: Glen Taylor negotiating sale of minority stake in Timberwolves
Minnesota Timberwolves owner Glen Taylor is reportedly negotiating the sale of approximately 20% of the franchise with a group led by Steve Kaplan, Memphis Grizzlies minority partner, according to Yahoo! Sports.
Sources told Adrain Wojnarowski that the Kaplan group hopes to put itself in a position to purchase the majority of the franchise once Taylor steps down.
Kaplan would be required to sell his stake in the Grizzlies before a deal with the Timberwolves can be finalized.
In 2014, Kaplan’s group attempted to buy the majority ownership in the Atlanta Hawks, but were outbid by a group led by Tony Ressler.
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According to Forbes, in 2015 the Timberwolves ranked as the league’s second-least-valuable team at $625 million. However, the worth of all NBA teams has increased due to extended television deals with TNT and ESPN.
The average NBA team is now estimated to be worth $1.1 billion, a 74% increase from 2014.
- Xandria James