NEW YORK (The Deal) -- One month after the Milwaukee Bucks fetched a record price for a National Basketball Association franchise, ownership of the Minnesota Timberwolves is considering various strategic options for the team, according to sources.
Less than two years after his attempt to sell the franchise foundered, Timberwolves owner Glen Taylor has received renewed bidder interest, sources said. One source said the Timberwolves were approached earlier this month by an investor consortium looking to buy the franchise outright.
Timberwolves chief marketing officer Ted Johnson told The Deal that the team is "fielding requests and entertaining requests" but that no sale process is currently taking place, and the team has not hired an investment bank to sell its assets. Johnson declined to address any specific bidders, only saying that Taylor will consider offers from potential minority investors.
This isn't the first time Taylor has flirted with the idea of exiting his investment. He considered selling the entire franchise in 2012, then considering potential buyers including Flip Saunders, who approached him with an investment consortium looking to buy the franchise. He ultimately declined to sell, instead taking Saunders on as team president and a minority investor in 2013.
Perhaps emboldened by the $550 million price tag that the league's worst team, the Milwaukee Bucks, fetched from hedge fund investors Wesley Edens and Marc Lasry on April 16, Taylor is once again reviewing the team's strategic options.
The Timberwolves could also be seen as a relative bargain compared to another NBA franchise on the block, the Los Angeles Clippers.