The Minnesota Timberwolves are for sale, and a serious buyer has emerged.
Daniel E. Straus, a former Memphis Grizzlies co-owner, is in advanced talks to buy the Timberwolves and Lynx, The Athletic’s Shams Charania and Jon Krawczynski reported on Monday.
Current owner Glen Taylor put his team up for sale last month. He received interest from several potential ownership groups, but talks have gone the furthest with Straus. Preliminary documents for a sale reportedly have been drawn up, and the sides are proceeding with negotiations.
Kevin Garnett was reported to have interest in buying the team for whom he played most of his career but reportedly has not had formal talks with Taylor.
Straus is a lawyer but made most of his fortune running multiple health care companies. He served as vice chairman of the Grizzlies but sold his stake in the team in 2018.
Straus reportedly has agreed to keep the Timberwolves in Minnesota as part of the deal, satisfying Taylor’s wishes. Minnesota also landed the No. 1 pick in the NBA Draft last week, which could make them even more attractive for a purchase.
