Garnett tweeted about the situation revolving the team, revealing that he is a part of a group which wants to buy the team from Glen Taylor, who has owned the Timberwolves since 1994. Still, the big picture here is that despite everything that has been going on, the NBA remains a hot item—both because of the bragging rights that come with owning a team and because potential buyers remain confident that, even at more than six times revenue, their investments will pay off in the long run. Glen Taylor was not happy with having to get reinvolved with the details of Taylor Corp. or the Timberwolves. Billionaire owner Glen Taylor has retained The Raine Group to sell the franchise he’s owned since 1995, … “Taylor is seeking at least $1.2 billion for the franchise that Forbes says is worth $1.38 billion, one of the people said,” Sportico reported. After all, he has had the Timberwolves on the market before, only to change his mind. Glen Taylor, owner of the Minnesota Timberwolves passes a ball before the game between the Minnesota Timberwolves and the San Antonio Spurs on November 15, 2017 at the Target Center in Minneapolis, Minnesota.Hannah Foslien | Getty ImagesA jigsaw puzzle.It's how one team front office member described the Minnesota Timberwolves, the… LOS ANGELES CLIPPERS: $2 billion (April 2014) Due to Donald Sterling’s disgraced exit, the Clippers … In this part, Taylor — who also owns the Minnesota Timberwolves and Taylor Corp. — confirms how much he paid for the Star Tribune ($100 million), his … The longtime team owner retained the Raine Group to explore the possibility of selli… My brother in arms is Kurt Badenhausen, whom I have worked with for many years and knows more about sports numbers than anyone. Rick Adelman is a step towards preventing that from happening again. Garnett, part of a group trying to buy the team with whom he spent the bulk of his career after word emerged Tuesday owner Glen Taylor was looking to sell the team, confirmed that evening on Twitter he is an interested party in one of several competing bids for the team. Minnesota Timberwolves worth As per Forbes, the Timberwolves are worth $1.375 billion as of 2020 and are the third least valuable franchise in the league. One of the sports bankers told me he expects the team to sell for about $1.5 billion—also about 6.4 times normalized revenue. Glen Taylor, owner of the Minnesota Timberwolves passes a ball before the game between the Minnesota Timberwolves and the San Antonio Spurs on November 15, 2017 at the Target Center in Minneapolis, Minnesota. It's no secret that Glen Taylor has thought about selling his stake in the Minnesota Timberwolves for years, but he's never pulled the trigger on a … Glen Taylor, who has owned the Timberwolves for 15 years, has put the team up for sale. Just because Glen Taylor has enough money to own the Timberwolves doesn't mean he knows how to run the team, and he's proven that over and over again with bad decisions in Minnesota. Sorry, your blog cannot share posts by email. Kevin Garnett despises Timberwolves owner Glen Taylor. MINNEAPOLIS (WCCO) — Minnesota Timberwolves legend Kevin Garnett is apparently out of the running to buy the franchise from owner Glen Taylor. Kevin Garnett wants to buy Timberwolves from Glen Taylor It looks like the Minnesota Timberwolves may be going on sale. A former state senator whose business and legacy are based in Minnesota, Taylor has also conditioned previous sales talks on the team staying in Minnesota, which could limit interested buyers. In July, Sportico reported that Glen Taylor had hired Raine Group to sell the Minnesota Timberwolves. Three of my longstanding publishing creations: the valuations of sports teams, ranking actors and movie studios on bang for the buck (ROI) and the Forbes Fab 40 (the most valuable sports brands). Soshnick reported Taylor is … Besides being an Assistant Managing Editor at Forbes I also have a gig as co-host and Managing Editor of the four-time New York Emmy award winning Forbes SportsMoney on the YES Network and Fox Sports 1 with my buddies at YES, co-host Bob Lorenz and producer David Alfreds, both of whom have taught me a tremendous amount. Soshnick reported that the deal could be complete in one month. A new owner could disrupt that plan, though Towns looks like a keeper in nearly any scenario. But that was before coronavirus upended the economy. I even wrote an Earnings Quality newsletter for Forbes for a brief period (I think it peaked at about 150 subscribers). Taylor isn’t a young 79 years old. Taylor has donated millions of dollars to charitable causes over the years … The Timberwolves entered the NBA in 1989 for $ 32.5 million and sold it to Glen Taylor in 1994 for about $ 90 million. Post was not sent - check your email addresses! He will personally own 100 percent of the Star Tribune; it will not be under the Taylor Corp. umbrella. The Timberwolves entered the NBA in 1989 for $32.5 million and sold in 1994 to Glen Taylor for approximately $90 million. Glen Taylor could soon be selling the Timberwolves and Lynx, or at least a large percentage of the organization. Larry has been a great mentor and friend. This is an important distinction. CUC's stock subsequently crashed and the CEO was convicted of fraud. 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