Timberwolves owner Glen Taylor said the process to sell 30 percent of the team to Los Angeles private equity investor Steve Kaplan's group is at a "standstill" while Kaplan pursues selling his minority portion of the Memphis Grizzlies. NBA rules prohibit a person from owning parts of two teams.
"We can't do anything until he works a deal in Memphis," Taylor said.
Taylor said he has no set no deadline to complete the sale and said the process likely will take months and "not weeks."
Taylor said he believes the transaction still will be completed.
When asked if there could be complications with Kaplan selling his portion of the Grizzlies, Taylor said, "He hasn't told me that."
Taylor said his team isn't seeking a contract buyout with Kevin Martin by next Tuesday's 11 p.m. deadline (Central time) for players to be waived so they can be eligible for the playoffs with another team.
That doesn't mean it won't happen, though.
Taylor also indicated the team will work a deal with 39-year-old guard Andre Miller so he can join a playoff team.
(UPDATE, 4:10 p.m.: The Wolves announced Miller's buyout late this afternoon. The move leaves the Wolves with 14 players under contract and opens up a roster spot to sign someone now that Miller is gone and Nemanja Bjelica, Kevin Garnett and Nikola Pekovic all our out injured.
In a team release, Wolves GM Milt Newton called Miller "a consumate professional" and said he "set a good example for our younger players on what it takes to be a pro in this league. We wish him the best."
But Taylor said he'd be "open" if Martin's side calls and makes a proposal.
"I'm not pursuing that," Taylor said. "You always need some guys with experience who can shoot threes."
Martin played only four minutes in Wednesday's loss at Toronto and it's pretty clear he doesn't fit in the team's current plans.
Last week's trade deadline came and went without Martin being dealt. A buyout agreement now would take Martin's summertime decision out of play and guarantee the Wolves $7.4 million more to spend this summer on a free agent(s) when the salary cap balloons thanks to the NBA's new $24 billion television deal.
Miller and Tayshaun Prince both are on one-year contract signed for the $1.5 million veteran's minimum salary.
Taylor said he's "willing to work" with Miller's side so he can join a playoff team but said there have been no discussions about Prince seeking such a deal.
MIller hasn't played in any of the last four games now that Sam Mitchell has turned to rookie Tyus Jones here after the trade deadline has passed and the season heads into its final weeks.