An investment group headed by former Grizzlies minority owner Daniel Straus is in advanced talks to buy the Timberwolves, The Athletic’s Jon Krawczynski and Shams Charania report.
The WNBA’s Minnesota Lynx would also be part of the deal. However, there are still a number of issues to be resolved before the sides reach an agreement.
The initial report about Timberwolves owner Glen Taylor mulling the sale of the team surfaced on July 21.
While a group that included former Wolves superstar Kevin Garnett was reportedly interested, the Straus Group has shown serious interest from the start. Its representatives visited the Twin Cities two weeks ago for official meetings, toured the team facilities and reviewed financial documents, according to The Athletic duo.
It entered an exclusivity agreement that expired last week. That didn’t slow the talks, though a handful of other groups were also initially interested in purchasing the team.
Garnett has not had formal discussions with Taylor during the process. Their relationship deteriorated over the years. Garnett referred to Taylor as a “snake” as recently as this spring.
Taylor reportedly wanted assurances that the franchise will remain in Minneapolis and Straus has made that pledge, The Athletic duo adds.