Glen Taylor Rumors
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.
In the wake of considerable fan criticism of Saunders, Timberwolves owner Glen Taylor had resisted calls to fire the coach while star Karl-Anthony Towns was out of the lineup with COVID-19. Taylor felt that Saunders deserved a chance to coach a team built almost entirely around Towns’ versatility before making such a big decision, sources said. But the Wolves were 1-7 since Towns returned Feb. 10, prompting Taylor to sign off on the move.
Darren Wolfson: #Timberwolves owner Glen Taylor to @Minn_Sports on KAT’s playing status: “I would think it would be this week, yes.” KAT is out tonight, but is on the road trip.
Ryan Saunders will remain coach of the woeful Minnesota Timberwolves, at least until he gets an opportunity to coach a stretch with star Karl-Anthony Towns in the regular lineup. “I haven’t even talked to (basketball president Gersson Rosas) about that — he hasn’t brought it up, but you’re asking me, and it’s probably hard to tell a guy that you aren’t doing the job when your best guy isn’t playing,” Wolves owner Glen Taylor said Saturday from his home in Mankato.
Taylor could make a popular diversity statement by naming hard-driving Lynx coach Cheryl Reeve to coach the Wolves. “I kid her about that, but I’m not making any changes — I’m talking to Cheryl, and we’re trying to put a really good team together for the Lynx right now,” Taylor said. “She’s planning on coaching them. “But,” Taylor added, “she’s an interesting person, isn’t she?”
For most of a year, Taylor has explored a sale of the Wolves and Lynx. How’s that coming? “Well, it’s not coming is the best way to say it,” Taylor said. “I haven’t found anything that for sure says I should move ahead.” Taylor’s price tag for the Wolves and Lynx is estimated to be in the $1.5 billion range. With NBA expansion — Las Vegas and Seattle have been mentioned — current team owners could each be in for a reported $160 million expansion fee windfall. “Obviously I’m aware of that — you’ve got to pick your time,” Taylor said, adding that no definite decision for expansion has been made. “The other question: Is now a good time to sell when you don’t have fans? And it’s not a good time.”
Two NBA seasons have been hammered by COVID-19, leaving owners and league officials to examine expansion as an option to make up for the revenue shortfall. And that has left them watching a drawn-out sales process of the Minnesota Timberwolves as an indicator for franchise value health. After putting the Wolves on the market in both 2012 and 2015 only to back out each time, longtime owner Glen Taylor announced again in July 2020 that he was selling the team. It has not been a brisk process as firm offers have been tepid, sources said.