Timberwolves owner Glen Taylor recently entered into an exclusivity agreement with former Grizzlies minority owner Daniel E. Straus to sell the Wolves and Lynx, according to reports from the Athletic and KSTP.
That exclusivity agreement expired last week, but the Athletic reported the sides are engaged in advanced talks.
But a source told the Star Tribune that while Taylor and Straus are engaged in talks, a sale is not imminent.
Information and paperwork needs to be exchanged before either side makes a decision on a deal, the source added.
Straus is the latest name to emerge in Taylor’s quest to find a buyer. Former Timberwolves star Kevin Garnett expressed interest as part of a group, as did former NBA forward Arron Afflalo. The Wilf family, which also owns the Vikings, also engaged in talks with Taylor.
Straus was a minority owner of the Grizzlies along with Steve Kaplan, who expressed interest in acquiring the team from Taylor in 2017.
Taylor, who owns the Star Tribune, has said he will sell the team only on the condition that it remain in Minnesota. The Wolves’ lease of Target Center expires in 2035, but the penalty is only $50 million to break that lease, which might look small in a purchase of more than $1 billion for the franchise.