Minnesota Timberwolves Glen Taylor has hired The Raine Group to help him find a buyer for the team, according to a report from Sportico.com.
Taylor, who has a net worth of around $3 billion, bought the Timberwolves for $88 million in 1995. Per the report, two sources have revealed several bids have been placed by various parties, while another source claims a sale could be completed within a month’s time.
“Billionaire owner Glen Taylor has retained The Raine Group to sell the franchise he’s owned since 1995, according to three people with direct knowledge of the matter. There are several parties who have bid on the team, two of the people said. A deal could be completed within a month, one of the people said.”
Taylor consulted with Raine to find a buyer as he did not want a public auction and the attention that comes with it. He is understood to be looking for at least $1.2 billion for the team which, according to Forbes, is worth $1.38 billion. But, coronavirus-related financial hardship isn’t thought to be the reason for his intent to sell.
Should the team be sold, Hall of Fame inductee Kevin Garnett might finally have his jersey retired by the franchise he began his NBA career with. Garnett has refused to have his No.21 retired by the Timberwolves, due to a change in his relationship with the current owner.