Kevin Garnett, who nearly eight months ago expressed his interest in purchasing the Minnesota Timberwolves, will not be involved in the team's ownership acquisition moving forward.
In Garnett's Instagram story on Thursday, he wrote that he "got the news that the process in trying to acquire the Timberwolves was over" for him and his group.
The 15-time NBA All-Star did not provide specific details as to why his group was no longer a part of the bidding process to purchase the Timberwolves. Chris Hine of the Star Tribune said that a potential buyer has not yet emerged to take control of the franchise from Glen Taylor.
Garnett spent 12 of his 21 NBA seasons in Minnesota before playing with the Celtics and Nets. Garnett returned to the Timberwolves in 2015 to finish his playing career. When he rejoined, Garnett discussed wanting to join ownership or have a key role with the franchise. However, after coach Flip Saunders passed away, Taylor went back on the plan and upset Garnett.
While Garnett has been a longtime critic of Taylor, he was willing to set aside differences to get a deal done.
"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 in July. "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."
Garnett took a shot at Taylor in his latest Instagram story, saying "thank you for being yourself and what I know you to be." Garnett also wrote "good luck and all the best with what we built."
While Garnett's plan to purchase the Timberwolves is over, he is still interested in owning other NBA teams, according to his post.
"Guess it's time to focus on other places, Seattle and Vegas," Garnett wrote.
Sportico's Scott Soshnick was first to report in July that Taylor 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.
Since then, according to the Tribune, other people interested in the team included former NBA player Arron Afflalo and Daniel E. Straus, a former minority owner of the Memphis Grizzlies. In August, Straus and Taylor had an agreement on negotiations but the agreement expired.
Taylor wants to sell the team to an owner willing to keep the T-Wolves in Minnesota long term. In December, he said that the COVID-19 pandemic slowed the process of selling the team.
"It's because of all the unknowns that are happening in basketball or any sports right now," Taylor told the Tribune.
Taylor, who purchased the franchise for $88 million in 1995, has a net worth around $3 billion. In February 2020, Forbes projected the Timberwolves' value at $1.38 billion, and Taylor reportedly sought $1.2 billion for the team.
Minnesota (7-29) sits at the bottom of the Western Conference. The Timberwolves have reached the playoffs just once in 15 years while recording two winning seasons during that time.