Taylor: Thanks to recent sales, Wolves' value on way up

  • Article by: MIKE KASZUBA , Star Tribune
  • Updated: May 31, 2014 - 12:37 AM

Owner Glen Taylor said sales of Kings, Bucks matter more than Clippers’ price.

hide

Wolves owner Glen Taylor

Timberwolves owner Glen Taylor said his team almost certainly is worth more than the $430 million listed by Forbes Magazine in January, based partly on the recent sales of NBA teams that continue to drive up franchise values.

Taylor spoke Friday just before the NBA announced that the sale of the Los Angeles Clippers would go ahead in light of the scandal involving owner Donald Sterling. Taylor, who confirmed the Clippers’ $2 billion selling price, said the Timberwolves’ value was likely being more affected by the recent sales of the Sacramento Kings ($534 million) and the Milwaukee Bucks ($550 million) than what was happening with the Clippers.

“The Milwaukee sale, again, I think there were four strong bidders in that, that probably pushed it up more than what Glen Taylor thought it might go for,” he said. “[It] pushed up the value, which was good for the Timberwolves.

“What it’s probably telling you right now,” Taylor said of the recent sales, “is that there’s more buyers out in the market than there are teams for sale.”

Taylor, the interim chair of the NBA’s board of governors, has been at the center of the political storm involving Sterling, whom the NBA is trying to oust as the Clippers’ owner following recordings that were made public in which Sterling made racist remarks. The NBA said Friday that it was canceling a hearing that had been scheduled for Tuesday over Sterling’s sale of the team. The NBA reported Friday that the team would be sold to Steve Ballmer, former Microsoft chief executive.

In Minnesota, Taylor on Friday also expanded on reports that he was considering selling at least a minority interest in the Wolves. Taylor purchased the franchise in the early 1990s for $88.5 million.

Taylor, who also has a purchase agreement to buy the Star Tribune, the state’s largest media outlet, said he is interested in selling a minority interest in the Timberwolves, with the understanding that a new partner eventually might take over the team. “We’re looking for somebody to come in as a partner, but not that Glen Taylor is going to go out,” he said. “It’s a different type of sale than where [former Milwaukee Bucks owner] Herb Kohl just sold the club.”

Added Taylor: “We have no financial reason to do it, or a rush to do it.”

In its latest rankings, Forbes listed the Timberwolves’ value at $430 million, and ranked the team 26th out of the NBA’s 30 teams. Forbes said the Timberwolves had $116 million in revenues — the New York Knicks, the top-valued team, had $287 million in revenues. The business magazine also said the Wolves had a $2.7 million operating loss for the 2012-13 season, one of four NBA teams that Forbes said posted operating losses.

The Bucks, before the team’s sale, were last among NBA teams in value in the Forbes’ rankings, at $405 million.

Richard Painter, a professor of corporate law at the University of Minnesota, said even though NBA teams seem to be drawing more interest from buyers, owning a team still has to make financial sense.

“Having the teams go for more money is great,” he said. “But, ultimately, the value’s going to be driven by whether it’s a successful business or not. There are only so many people who, for ego, are going to go buy teams and then [expect to] lose money.”

Painter, a onetime adviser to President George W. Bush, said Taylor’s ownership of the Timberwolves — buying for $88 million and now having the team worth at least $430 million — is “a pretty good investment. [It’s] nothing outlandish. He would have been better off [investing] in Microsoft or Apple.”

  • related content

  • Chart: Growth industries in pro sports

    Friday May 30, 2014

    Growth industriesA look at the finances of Minnesota’s four major professional teams with purchase price and year purchased and Forbes...

  • Chart: Notable sports franchise transactions

    Friday May 30, 2014

    CLIPPERS COMPARABLESSteve Ballmer has agreed to purchase the Los Angeles Clippers for $2 billion, which if completed would roughly tie...

  • Summer of waiting, maybe trading, for Wolves and Love

    Saturday May 31, 2014

    As Kevin Love hints at leaving, the Wolves must size up trade options. Wolves beat writer Jerry Zgoda breaks down the possibilities of where Love might go.

  • Glen Taylor:Wolves owner said recent franchise sales have pushed team’s value above the $430M listed in Forbes.

  • get related content delivered to your inbox

  • manage my email subscriptions

ADVERTISEMENT

Minnesota 16 FINAL
Buffalo 17
Atlanta 7 FINAL
Baltimore 29
Tennessee 17 FINAL
Washington 19
Seattle 26 FINAL
St. Louis 28
Cleveland 6 FINAL
Jacksonville 24
Cincinnati 0 FINAL
Indianapolis 27
Miami 27 FINAL
Chicago 14
New Orleans 23 FINAL
Detroit 24
Carolina 17 FINAL
Green Bay 38
Kansas City 23 FINAL
San Diego 20
Arizona 24 FINAL
Oakland 13
NY Giants 21 FINAL
Dallas 31
San Francisco 17 FINAL
Denver 42
Houston 7:30 PM
Pittsburgh
San Diego 10/23/14 7:25 PM
Denver
Detroit 10/26/14 8:30 AM
Atlanta
Boston 95 FINAL
Brooklyn 90
Minnesota 112 FINAL
Oklahoma City 94
Golden State 83 FINAL
Houston 90
Charlotte 96 FINAL
Chicago 101
Utah 91 FINAL
LA Lakers 98
Minnesota 1 FINAL
Los Angeles 2
San Jose 0 FINAL
NY Rangers 4
Calgary 4 FINAL
Winnipeg 1
St. Louis 0 FINAL
Anaheim 3
TX-San Antonio 20 FINAL
Louisiana Tech 27
Syracuse 30 FINAL
Wake Forest 7
Purdue 38 FINAL
Minnesota 39
Western Ky 38 FINAL
Fla Atlantic 45
(12) Baylor 27 FINAL
(22) West Virginia 41
(11) Kansas State 31 FINAL
(17) Oklahoma 30
Iowa 31 FINAL
Maryland 38
So Florida 38 FINAL
Tulsa 30
Tulane 13 FINAL
UCF 20
Virginia 13 FINAL
Duke 20
Akron 20 FINAL
Ohio U 23
Western Mich 26 FINAL
Bowling Green 14
Eastern Mich 14 FINAL
Massachusetts 36
Appalachian St 53 FINAL
Troy 14
(25) UCLA 36 FINAL
California 34
Texas A&M 0 FINAL
(4) Alabama 59
Army 17 FINAL
Kent State 39
Kansas 21 FINAL
Texas Tech 34
UAB 22 FINAL
Middle Tennessee 34
Rutgers 17 FINAL
(13) Ohio State 56
(8) Michigan State 56 FINAL
Indiana 17
New Mexico 31 FINAL
Air Force 35
NC State 18 FINAL
Louisville 30
(21) Clemson 17 FINAL
Boston College 13
Ball State 32 FINAL
Central Mich 29
Cincinnati 41 FINAL
SMU 3
(9) Georgia 45 FINAL
Arkansas 32
Oklahoma State 9 FINAL
(10) TCU 42
San Jose St 27 FINAL
Wyoming 20
Miami-Ohio 41 FINAL
Northern Ill 51
New Mexico St 17 FINAL
Idaho 29
Colorado 28 FINAL
(20) USC 56
(23) Marshall 45 FINAL
FIU 13
Southern Miss 30 FINAL
North Texas 20
Georgia Tech 43 FINAL
North Carolina 48
Tennessee 3 FINAL
(3) Ole Miss 34
Utah State 13 FINAL
Colorado State 16
Missouri 42 FINAL
Florida 13
Kentucky 3 FINAL
(24) LSU 41
(16) Nebraska 38 FINAL
Northwestern 17
Georgia State 27 FINAL
South Alabama 30
Washington 20 FINAL
(6) Oregon 45
Iowa State 45 FINAL
Texas 48
(7) Notre Dame 27 FINAL
(2) Florida State 31
Nevada 42 FINAL
BYU 35
Stanford 10 FINAL
(14) Arizona State 26
Hawaii 10 FINAL
San Diego St 20
Arkansas State 10/21/14 7:00 PM
Louisiana
Connecticut 10/23/14 6:00 PM
(18) East Carolina
Miami-Florida 10/23/14 7:00 PM
Virginia Tech
So Florida 10/24/14 6:00 PM
Cincinnati
Troy 10/24/14 6:30 PM
South Alabama
BYU 10/24/14 8:00 PM
Boise State
(6) Oregon 10/24/14 9:00 PM
California
North Texas 10/25/14 11:00 AM
Rice
UAB 10/25/14 11:00 AM
Arkansas
Rutgers 10/25/14 11:00 AM
(16) Nebraska
Maryland 10/25/14 11:00 AM
Wisconsin
Texas 10/25/14 11:00 AM
(11) Kansas State
Minnesota 10/25/14 11:00 AM
Illinois
Memphis 10/25/14 11:00 AM
SMU
North Carolina 10/25/14 11:30 AM
Virginia
San Jose St 10/25/14 12:00 PM
Navy
Northern Ill 10/25/14 12:00 PM
Eastern Mich
(25) UCLA 10/25/14 1:00 PM
Colorado
Akron 10/25/14 1:00 PM
Ball State
Massachusetts 10/25/14 1:00 PM
Toledo
Ohio U 10/25/14 1:00 PM
Western Mich
Ga Southern 10/25/14 1:00 PM
Georgia State
Kent State 10/25/14 1:30 PM
Miami-Ohio
Oregon State 10/25/14 2:30 PM
Stanford
Fla Atlantic 10/25/14 2:30 PM
(23) Marshall
Louisiana Tech 10/25/14 2:30 PM
Southern Miss
(1) Miss State 10/25/14 2:30 PM
Kentucky
Georgia Tech 10/25/14 2:30 PM
Pittsburgh
(22) West Virginia 10/25/14 2:30 PM
Oklahoma State
Texas Tech 10/25/14 2:30 PM
(10) TCU
Michigan 10/25/14 2:30 PM
(8) Michigan State
Boston College 10/25/14 2:30 PM
Wake Forest
Central Mich 10/25/14 2:30 PM
Buffalo
Vanderbilt 10/25/14 3:00 PM
Missouri
Old Dominion 10/25/14 3:00 PM
Western Ky
UNLV 10/25/14 3:00 PM
Utah State
Temple 10/25/14 4:00 PM
UCF
(15) Arizona 10/25/14 5:00 PM
Washington St
Texas-El Paso 10/25/14 6:00 PM
TX-San Antonio
Wyoming 10/25/14 6:00 PM
Colorado State
Syracuse 10/25/14 6:00 PM
(21) Clemson
Texas State 10/25/14 6:00 PM
ULM
(3) Ole Miss 10/25/14 6:15 PM
(24) LSU
(4) Alabama 10/25/14 6:30 PM
Tennessee
So Carolina 10/25/14 6:30 PM
(5) Auburn
(13) Ohio State 10/25/14 7:00 PM
Penn State
(20) USC 10/25/14 9:00 PM
(19) Utah
(14) Arizona State 10/25/14 9:45 PM
Washington
Nevada 10/25/14 10:59 PM
Hawaii
Columbus 3 FINAL
Red Bull New York 1
Seattle 2 FINAL
Los Angeles 2
Ottawa 6 FINAL
Hamilton 16
Montreal 20 FINAL
Toronto 12
Calgary 33 FINAL
Winnipeg 23
Edmonton 24 FINAL
Saskatchewan 19
Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

question of the day

Poll: Which local team are you currently most excited about?

Weekly Question

ADVERTISEMENT

ADVERTISEMENT

 
Close