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Old 07-30-2012, 12:04 AM   #1
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Default Eventual sale of Timberwolves makes progress

Minneapolis Star Tribune:

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."
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