Timberwolves owner Glen Taylor “proceeding” towards selling 30 percent stake

AP
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The Timberwolves are in a period of transition. The recent passing of head coach and president of basketball operations Flip Saunders has left the franchise without its most prominent voice, and owner Glen Taylor is thinking long-term about how long he’ll own the team. With that in mind, he’s in talks with investor Steve Kaplan to buy a 30 percent stake in the team and eventually take over once Taylor decides he’s ready to step away.

From the Minneapolis Star Tribune‘s Jerry Zgoda:

Timberwolves owner Glen Taylor said Tuesday night he is proceeding toward selling 30 percent of the team to a group led by Los Angeles private-equity investor Steve Kaplan, with conditions that Kaplan — a minority owner of the Memphis Grizzlies — would buy controlling interest when Taylor eventually decides to sell the team.

Taylor has said any prospective limited partner must guarantee the franchise will stay in Minnesota if that person or group eventually buys majority interest. At age 74, he said he is preparing for the day he’ll no longer own the franchise.

Given Taylor’s age (he’s 74) and his closeness with Saunders, it’s not a surprise that he’s starting to wind down as owner, making this move for the long-term future of the franchise. Whenever he does fully sell the team, the new owners will inherit a group with two of the brightest young stars in the league in Andrew Wiggins and Karl-Anthony Towns, as well as some other intriguing young talent, and likely Kevin Garnett still involved in some sort of front-office capacity.