An ownership group led by longtime NBA player Arron Afflalo is putting together an offer to buy the Minnesota Timberwolves, two people with knowledge of the bid said. The people spoke to The Associated Press on condition of anonymity Friday because the deal was still in the process of being submitted. The group will consist of two to five individuals with a net worth of more than $10 billion. According to the people, Afflalo’s group will submit the bid no later than this weekend.
The people familiar with Afflalo's group said the team won't be relocated. The 34-year-old Afflalo would be the face of the group, with venture capitalist Brock Berglund spearheading the financing. The only Black primary owner in the NBA now is Michael Jordan in Charlotte. It's a diverse group seeking to place minorities in positions of power and uplift the community in the wake of the death of George Floyd, the handcuffed Black man who died after a Minneapolis police officer pressed a knee into his neck for nearly 8 minutes.
Jon Krawczynski: Sources tell @TheAthleticMIN that the Raine Group approached the Vikings to inquire about interest purchasing the Wolves a few months ago. There were initial discussions, but there are no active talks with the Wilfs/Vikings about the Wolves at this time
Jon Krawczynsky: Sources also tell @TheAthleticMIN that the Vikings ownership group very much wants the Wolves to stay in Minnesota. But the Vikings are not currently engaged on buying the team.
The Wilf family that owns the Minnesota Vikings has emerged as a serious candidate to buy the Minnesota Timberwolves, NFL sources told ESPN. Only recently did the Wilfs emerge as one of the groups bidding to buy the NBA team in their city from billionaire Glen Taylor, sources said. There are several bidders for the team, including metropolitan New York real estate developer Meyer Orbach, who bought a minority stake in the Timberwolves in 2016. Former Timberwolves standout Kevin Garnett also said he is forming a group to try to purchase the team.
But the Wilfs appear to be in a prime spot at this time to buy the Timberwolves, though a decision on the sale might not be made until September, sources said. Taylor has owned the team since 1994, when he bought it for about $88 million. He has retained The Raine Group to sell the franchise. He is seeking at least $1.2 billion for the team that has been valued at close to $1.4 billion.
Christopher Hine: Just got off the phone with Glen Taylor. Taylor mentioned one interested family from out of state is further along in the process of buying the team than others. Said he wasn't sure which group Kevin Garnett was attached to.
Darren Wolfson: I talked to Glen for 15ish minutes earlier this hour. We'll have a sound byte on @KSTP at 6:55. He did mention some groups talking to him about remaining on, thus he can help protect his guys in the organization. Will post full chat when editing computer frees up. #Timberwolves
Kevin Garnett: My passion for the Minnesota Timberwolves to be a championship team is well known but I have a deeper affection for the city of Minneapolis. I once again want to see Minneapolis as the diverse and loving community that I know it is. No two people love the city more than myself and Glen Taylor and I look forward to trying to work with him to achieve my dream.
Shams Charania: For Garnett, this bid is personal because of his stature within the franchise. Garnett wants to purchase the team and keep it in Minnesota, sources said. Glen Taylor told @JonKrawczynski that keeping the franchise in Minny is a requirement.
Shams Charania: Kevin Garnett and his group are preparing a bid to submit to Glen Taylor to purchase the Timberwolves, sources tell @TheAthleticNBA @Stadium.
Jon Krawczynski: Glen Taylor says he thinks the Timberwolves and Lynx will remain under one house should a sale happen. "The way I run it, it's all one thing. I would assume we would want to keep it that way and make it more efficient."
Shams Charania: NBA/Timberwolves legend Kevin Garnett and a group of investors are seriously interested in and exploring bid for Minnesota T’Wolves from Glen Taylor, sources tell @The Athletic @Stadium.
Christopher Hine: As @John Meyer pointed out, Kevin Garnett posted to his Instagram story that he’s involved with a group trying to buy the team
Jon Krawczynski: Glen Taylor to @TheAthleticMIN on potential Wolves sale: "People have inquired who are interested but they want to move the team. They are not a candidate. We’ve made that very clear."
The Minnesota Timberwolves are for sale. 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, who bought the team for about $88 million, didn’t want a public auction and instead opted to ask Raine to find a buyer without the usual fanfare that accompanies a franchise sale, said the people, who were granted anonymity because the matter is private. The sale isn’t related to financial hardship created by the COVID-19 pandemic, one of the people said.
July 23, 2021 | 3:20 pm EDT Update
Shams Charania: Sources: NBA’s COVID-19 health and safety player protocols for 2021 Summer League in Las Vegas:
Ryan Wolstat: Evan Mobley, the top big man prospect in the NBA Draft, says Raptors are “a good player development organization. Players go there, they get better. Great city and all that. There’s a lot of different teams that have that aspect and Toronto is definitely one of them.”
Jonathan Wasserman: The Warriors are bringing back Trey Murphy and Chris Duarte for second workouts this weekend, per sources
In partnership with the Lakers, world-renowned fine artist Charly Palmer and a panel of three judges will select 15 up-and-coming and established artists of color to create original pieces of work that will be showcased at the inaugural 2022 In the Paint Art Exhibition at the Los Angeles Lakers’ UCLA Health Training Center next spring. The proceeds will benefit the Contributing Artists and support the growth and development of In the Paint initiatives. In addition, Mr. Palmer and accompanying panelists will select 10 local artists to receive grants supporting their development as artists and mentorship opportunities.