
Sources said Glen Taylor, billionaire owner of the Minnesota Timberwolves, went to the NBA a few months ago with a pitch to sell to Arctos, a private-equity firm formed in 2019, to buy small stakes in teams. But the idea was shot down because Arctos had not been approved by the NBA, sources said. Arctos also recently filed to raise money via a blank-check company that will be used to buy stakes in basketball or baseball teams that need capital to cover losses. This is happening even though neither the NBA nor MLB has approved the controversial idea.