Illustration: Aïda Amer/Axios
Minnesota Timberwolves owner Glen Taylor is exploring a potential sale of the NBA team.
The backdrop: This is a bizarre time to be selling a pro sports franchise, given how revenue has been battered by the pandemic and the uncertainty moving forward.
- What he's saying: Taylor, 79, who saved the Timberwolves from a potential move to New Orleans when he bought the team in 1995, told The Athletic that he will not sell to a group that wants to move out of Minneapolis.
Potential buyers: Suitors include the Wilf family (owners of the Vikings) and real estate mogul Meyer Orbach. Franchise legend Kevin Garnett also said he's forming a group to try to buy the team.
The bottom line: Recent sales of big market teams like the Nets (purchased for $2.35 billion), Rockets ($2.2 billion) and Clippers ($2 billion) have pushed the average NBA franchise value to more than $2 billion, up 476% since 2010.
- Minnesota is near the bottom of the pack with a value of $1.38 billion, per Forbes (third-lowest). Even so, Taylor is set to recognize a massive return, given that he paid just $88 million for the team in 1995.