Minnesota Timberwolves owner Glen Taylor hired Raine Group in July to sell the franchise. At the time, Forbes estimated the franchise was worth $1.38 billion.
Many around the sports world assumed the Minnesota franchise's value would decrease during the COVID-19 pandemic. However, according to Mike Ozanian of Forbes, the Timberwolves' value has actually somehow increased since July.
The sale price has been climbing due to significant interest from various buyers. According to my sources, who would not reveal the names of the bidders, Taylor has already turned down an offer of $1.45 billion for the Timberwolves. One of the sports bankers told me he expects the team to sell for about $1.5 billion—also about 6.4 times normalized revenue.
Taylor almost sold the Timberwolves in 2013 before taking the franchise off the market. While nothing can be set in stone in the world of finances, it appears the 79-year-old is intent on selling the team this time around to the highest bidder.
The Timberwolves' roster is headlined by All-Stars Karl-Anthony Towns and D'Angelo Russell. Since joining the NBA circuit all the way back in 1989, Minnesota has only made the playoffs nine times. Whoever the new owner of the franchise is will have a lot of work to do in terms of turning the team into a winning product.
Before the 2019-20 season was suspended in March due to COVID-19, the Timberwolves only won 19 games. Their putrid record, though, did net them the No. 1 overall pick in the 2020 draft.
