Hall of Famer Kevin Garnett and a group of investors are among those interested in purchasing the Timberwolves from owner Glen Taylor.
Garnett confirmed his interest in exploring a bid on Instagram Tuesday evening. The former center spent the first 12 seasons of his career in Minnesota before playing with the Celtics and Nets. Garnett returned to the Timberwolves in 2015 just before his final NBA season and has been a longtime critic of Taylor.
"My passion for the Minnesota Timberwolves to be a championship team is well known but I have a deeper affection for the city of Minneapolis. I once again want to see Minneapolis as the diverse and loving community that I know it is," Garnett wrote on Twitter Tuesday evening. "No two people love the city more than myself and Glen Taylor and I look forward to trying to work with him to achieve my dream."
When Garnett rejoined the team, he discussed eventually joining its ownership group or having a key role with the franchise. However, after coach Flip Saunders passed away, Taylor went back on the plan and upset Garnett. The 44-year-old refuses to have anything to do with Minnesota, including a jersey retirement, as long as Taylor remains the owner.
Sportico's Scott Soshnick was first to report Taylor had put the franchise up for sale and retained The Raine Group to handle the deal. Sources told Soshnick that several parties have bid on the team and a sale could be "completed within a month."
Taylor later confirmed to The Athletic's Jon Krawczynski that several options for buyers are being explored. According to Soshnick, Taylor reportedly doesn't want the sale to involve heavy public attention and asked Raine to keep the search for a buyer low key. A source said the sale of the team is not connected to financial struggles created by the coronavirus pandemic.
Raine has handled several high-profile sports deals, including U.S. private equity firm Silver Lake's $500 million investment into City Football Group, the parent of the Premier League's Manchester City.
Taylor, who purchased the franchise for $88 million in 1995, has a net worth around $3 billion. In February, Forbes estimated the Timberwolves' worth at $1.38 billion, and Taylor reportedly is seeking $1.2 billion for the team.
Minnesota has reached the playoffs just once in 15 years, with only two winning seasons during that span. The Timberwolves finished the 2019-20 season with a 19–45 record at the time of the NBA's coronavirus-induced hiatus on March 11. They were among eight teams not invited to the league's resumption in Orlando.