Glen Taylor Confirms He’s Negotiating Minority Stake Sale of Timberwolves

December 16th, 2015 by Alec Nathan Leave a reply »
Minnesota Timberwolves owner Glen Taylor is in negotiations to sell 30 percent of the franchise to Memphis Grizzlies minority owner Steve Kaplan, according to the Minneapolis Star Tribune's Jerry Zgoda. 

The two sides have reportedly agreed to an undisclosed price, but the deal is contingent upon Kaplan selling his interest in the Grizzlies and NBA approval. 

"Am I working with him? I am," Taylor said, per Zgoda. "Is it proceeding? The answer is yes. Is it absolutely a deal? No, I can't say I have a deal. I don't want to come out and say I have it done. We're proceeding and I'm satisfied with how it's going." 

Yahoo Sports' Adrian Wojnarowski previously reported Kaplan was looking to purchase "an approximate 20 percent stake," in an effort to potentially one day gain a controlling interest in the Timberwolves. 

According to Zgoda, "Taylor has said any prospective limited partner must guarantee the franchise will stay in Minnesota if that person or group eventually buys majority interest."

Although the Timberwol ...

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