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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.

Reproduced from Forbes; Chart: Axios Visuals

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.

Go deeper

Amazon posts strong Q3 results despite ongoing pandemic costs

Photo: Ina Fassbender/AFP via Getty Images

With the pandemic driving consumers to shop online, Amazon beat analyst expectations on Thursday with its Q3 results, though its stock price didn't see much of a bump.

Why it matters: Despite incurring what it estimates was about $2.5 billion in pandemic-related costs during the quarter, Amazon's revenue grew 37% year-over-year to $96.1 billion and its profits to $6.3 billion, up 197% year-over-year.

Ina Fried, author of Login
Oct 29, 2020 - Technology

Apple sets September quarter sales record despite later iPhone launch

Apple CEO Tim Cook, speaking at the Apple 12 launch event in October. Photo: Apple

Apple on Thursday reported quarterly sales and earnings that narrowly exceeded analysts estimates as the iPhone maker continued to see strong demand amid the COVID-19 pandemic.

What they's saying: The company said response to new products, including the iPhone 12 has been "tremendously positive" but did not give a specific forecast for the current quarter.

Off the Rails

Episode 4: Trump turns on Barr

Photo illustration: Eniola Odetunde/Axios. Photos: Drew Angerer, Pool/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. Axios takes you inside the collapse of a president with a special series.

Episode 4: Trump torches what is arguably the most consequential relationship in his Cabinet.

Attorney General Bill Barr stood behind a chair in the private dining room next to the Oval Office, looming over Donald Trump. The president sat at the head of the table. It was Dec. 1, nearly a month after the election, and Barr had some sharp advice to get off his chest. The president's theories about a stolen election, Barr told Trump, were "bullshit."