Report: Timberwolves owner in talks to sell “significant” minority stake

2 Comments

Part of Kevin Garnett‘s motivation for returning to Minnesota to end his career with the Timberwolves was the intention to eventually become a minority owner. He might have some company, as a group of current and former Grizzlies executives—including Jason Levien—are reportedly in talks to buy a 20 percent stake in the team from Glen Taylor.

From Yahoo’s Adrian Wojnarowski:

Minnesota Timberwolves owner Glen Taylor is engaged in serious talks to sell an approximate 20 percent stake in the franchise to a group led by Memphis Grizzlies minority partner Steve Kaplan, league sources told Yahoo Sports.

For the Kaplan group, a significant motivation in purchasing the minority share of the Timberwolves is vested in hopes to position itself to buy the majority stake once Taylor decides to sell in the future, sources said.

Kaplan is partnering with controversial ex-Memphis Grizzlies CEO Jason Levien and Indonesian billionaires Handy Soetedjo and Erick Thohir, league sources said.

Levien has had previous stints with the Kings, Sixers and Grizzlies as an executive, and was ousted from the Memphis front office in 2014.