The Straus Group, an investment firm founded by Daniel Straus, is exploring the possibility of purchasing the Timberwolves, people with knowledge of the matter tells Gillian Tan of Bloomberg. It’s not clear if The Straus Group is operating alone or as part of a consortium, according to Tam.
Straus has been involved in NBA team ownership in the past, having controlled shares of the Grizzlies up until 2018. Majority owner Robert Pera bought out Straus and fellow minority stakeholder Steve Kaplan two years ago after a clause in their purchase agreement was triggered — if Pera hadn’t purchased Straus’ and Kaplan’s shares in the team, he would’ve had to sell the Grizzlies to them at the same valuation.
Straus is one of just many potential bidders in the mix for the Timberwolves, per Darren Wolfson of 5 Eyewitness News, who tweets that a number of people and groups with interest have not yet been publicly identified. Former NBA players Kevin Garnett and Arron Afflalo are believed to be part of two separate groups with interest in purchasing the franchise.
[RELATED: Glen Taylor Discusses Potential Timberwolves Sale]
According to Charley Walters of The St. Paul Pioneer Press, Garnett’s group includes a pair of billionaires from California and another one from Florida. Walters suggests that the plan would be for KG to invest $200MM and to become the head of basketball operations if his group were to buy the team. If that’s accurate, it’s not clear what it would mean for current president of basketball operations Gersson Rosas.
Walters also reports that the asking price for the Timberwolves – along with the WNBA’s Minnesota Lynx – is expected to be in the $1.2 billion range, though that’s obviously subject to change depending on how the bidding plays out.
Kevin may be just what is needed to turn this sorry excuse for an NBA team around.
GOOD LUCK KEVIN !!!!
Worked out well for Jordan and the Bobcats/Hornets.
What are the odds the Lynx devalue the overall price when it’s sold?
Why on earth would they get rid of Rosas?!?!? To put KG that hasn’t got any experience in the job, really? Way to start a new era making dreadful decisions! Leave Gersson alone he has done a great job so far, KG can do other things in other places, not needed, right?
Agree el Don. Wolves have been a mess forever, but it’s not the fault of Rosas. I’ve liked the moves he’s made in his short time. Would love to see KG be part of an ownership group, but give Rosas a chance to finish what he’s started.
Kevin DOES have a High School Diploma in addition to his years of on court experience, his exposure to all different types of players, a bunch of different head coaches, a bunch of GMs, a bunch of assistant coaches AND he has seen David K A H N operate !!
I I agree with El Don as well. Michael is arguably the GOAT, but he hasn’t done a great job assembling a team. Great player doesn’t always equate to being a great GM, or executive.
i think Covington for Beasley is a bad trade
Beasley contract won’t be better than Covington
Beasley was a steal.
GSW owning their first round pick becomes huge if they change direction and rebuild, that pick will be another potential top 3 one for GSW, which means multiple top 3 picks to the Bucks for Giannis. Then steal AD away from the Lakers by freeing up money by trading Draymond there, so Green can play with his BFF Lebron, and Bron can recruit some other star like he always does (funny how what he does is ok but what KD did wasnt) and lose to GSW every time, meanwhile GSW wins 5 rings in a row.
Just writing it feels nice: AD+Giannis+Klay+Steph = say goodbye to the next 5 seasons, they will all belong to GSW.
Beautiful.
Light Years.
GSW might join the Lakers and Celtics in total rings when all is said and done.
IDK what role a part-owner could make, positively, that would fit a Kevin Garnett. I would trust Gerssas more, but, owners are what they are. A player under contract has limited choices.
Anyway. I doubt Taylor sells to him. He will have choices.
Who wants to invest 1B in murderopolis??? Better buy some fire insurance. Taylor exiting at the right time.
If Minneapolis de-funds everything in blue, Wolves could be in trouble!