Owner Glen Taylor is exploring a sale of the Minnesota Timberwolves.
Taylor said in a statement on Tuesday that he has retained The Raine Group, a global merchant bank, to explore a potential sale of the team.
"I was recently approached by The Raine Group to discuss the future of our franchise," he wrote. "From the time I bought the team in 1994, I have always wanted what's best for our fans and will entertain opportunities on the evolution of the Timberwolves and Lynx ownership structure."
Taylor told The Athletic that he will not sell the team to a group that wants to move it out of Minneapolis.
"People have inquired who are interested but they want to move the team," he said. "They are not a candidate. We've made that very clear."
Sportico, which first reported Taylor's interest in selling the Wolves, says he's seeking "at least $1.2 billion" for the franchise. The website also reported that a deal for the team could be agreed to within a month, although Taylor told The Athletic that nothing is imminent.
It wasn't immediately clear how many groups have expressed interest in buying the Wolves, although former Minnesota star Kevin Garnett wrote on social media that he is part of one of them.
"I'm part of one of the groups trying," Garnett wrote on Instagram, with fingers crossed and folded hands prayer emojis. "Lawd please let my group get this."
Garnett shared more thoughts on Twitter, this time about his love for Minneapolis as an organization and as a city.
My passion for the Minnesota Timberwolves to be a championship team is— Kevin Garnett (@KevinGarnett5KG) July 21, 2020
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. (1/2)
No two people love the city more than myself— Kevin Garnett (@KevinGarnett5KG) July 21, 2020
and Glen Taylor and I look forward to trying to work with him to
achieve my dream. (2/2)
In regard to the timing of the sale, Taylor told The Athletic that he feels good about where the Wolves are now after a period of uncertainty following Flip Saunders' death. He said a combination of factors -- the desire of some limited partners to move on, his age (79) and work with other companies he owns, the uncertainty of the economy due to the coronavirus -- helped lead him to the decision.