By Anthony Caruso III | Publisher
The Minnesota Timberwolves could be sold in the future. Glen Taylor appears ready to sell the team that he has owned since 1994.
There are several bidders for the team, according to ESPN. This bidders reportedly include Minnesota Vikings owners Zygi Wilf, Mark Wilf, and Leonard Wilf.
Other bidders include former superstar Kevin Garnett and Meyer Orbach, who has a minority stake in the team. Orbach bought his stake in the team in 2016.
While Orbach and Garnett are mentioned, the Wilf family is considered the front-runners to purchase the team. However, ESPN is reporting that a decision to sell the team will not come until September.
When the billionaire Taylor purchased the team, he bought it for $88 million. Now, he’s seeking $1.2-1.4 billion to sell the team.
The Raine Group will help in selling the team. Taylor wants the owners, who purchase the team, to keep it in Minneapolis.
“People have inquired, who are interested, but they want to move the team,” Taylor said to The Athletic. “They are not a candidate, We’ve made that very clear.”
It’s not unusual for owners to own teams in different sports. But it’s a rarity for owners to own teams in the same city.
The Wilf family previously purchased the Vikings from Red McCoombs in 2005. They bought the franchise for $500 million.
Stan Kroenke is the owner of the Los Angeles Rams, the Denver Nuggets, Colorado Avalanche, Colorado Mammoth, Los Angeles Gladiators, and the Los Angeles Guerrillas. The 72-year-old has the Nuggets and Avalanche franchises under his wife Ann Walton Kroenke, as the couple satisfies the NFL’s ownership restrictions that forbids an owner from having teams in other markets.
The Glazer family, who owns the Tampa Bay Buccaneers, also owns Manchester United. Shad Khan is the owner of the Jacksonville Jaguars and also owns Fulham F.C.
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