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Source: Owner Glen Taylor in negotiations, but no sale of Wolves and Lynx is imminent

Former Memphis Grizzlies minority owner Daniel E. Straus is said to be negotiating with Glen Taylor, but a source told the Star Tribune that a sale is not imminent.

August 25, 2020 at 6:15PM
Glen Taylor is is negotiations to sell the Timberwolves and Lynx. But no deal is imminent, a source told the Star Tribune.
Glen Taylor is is negotiations to sell the Timberwolves and Lynx. But no deal is imminent, a source told the Star Tribune. (Howard Sinker/The Minnesota Star Tribune)

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.

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about the writer

Chris Hine

Sports reporter

Chris Hine is the Timberwolves reporter at the Minnesota Star Tribune.

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