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.
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.