Glen Taylor, who has owned the Timberwolves for 18 seasons and the Lynx for 13, has found the successor he has been looking for. In the near future, Taylor will close a deal to sell 25 percent of the franchises, and eventually the new owner will own the majority.
Unfortunately, the buyer is from outside the Twin Cities, but Taylor insists he will continue to own a share of the two teams and will make sure that they don't move out of the state.
"Yes, I have [found a buyer], and we're working on trying to put a deal together, and it would be a deal that would leave me involved for a number of years yet, but it would be a good transition," Taylor said Sunday.
"I will be an owner for a number of years but gradually bring in a partner, if this would work out. I'd bring in a partner and ... we'd work together. In the initial years, he would have less than 50 percent and then in the later years he would have more than 50 percent and would have the ownership."
Until the papers are signed, Taylor refuses to reveal the future owner's name. Apparently, though, he has agreed to keep the two teams in Minnesota as a part of the purchase agreement.
The Wolves and Lynx have 10 minority owners, and because the teams have been losing money, several of those owners have been trying to sell their shares, but Taylor hasn't allowed any to get out of ownership unless they can find someone else to buy their shares.
Taylor said that before turning the reins over in the future, his big goal is for the Wolves to be a contender for an NBA championship. They haven't been to the playoffs since reaching the Western Conference finals eight years ago.
Taylor, 71, saved the Wolves from moving in 1994 after former owners Marvin Wolfenson and Harvey Ratner were ready to sell the team to a group that wanted to move it to New Orleans. NBA Commissioner David Stern stepped in and refused to allow the move at the time, but had a buyer not been found the team would have been allowed to relocate eventually.