Now is a good time to sell an NBA franchise, which is all but guaranteed to sell at an astronomical price. NBA franchise valuations have skyrocketed to unimaginable prices, as the Houston Rockets sold for $2.2 billion this summer, while the Los Angeles Clippers sold for $2 billion in 2014.
Minnesota Timberwolves owner Glen Taylor, who purchased the Timberwolves in 1994 for $88 million, is in a position to make the call whether he wants to remain an NBA owner for a bit longer or if he wants to capitalize on his original initial investment.
Taylor spoke with Jon Krawczynski of The Athletic to give some insight into what he really wants, which apparently is a bit more than the $700 million offer for the team recently.
“Even right now I have people that would call me up and give me substantially more than the number you just said, And I’ve said I’m not interested in selling. I just want to play this thing out.”
It's not all about the money with Taylor, but he is looking for a resurgence of the team being a contender. The Timberwolves have not qualified for the playoffs since the 2003-04 season (13 years), and while he has seen the team in its worst state, it's important to Taylor to see the franchise both become a playoff team and remain in Minnesota.
“I certainly could sell the team if money was my driving factor. But it wasn’t when I bought it. I never anticipated selling it (to make money).”
The 76-year-old owner won't live forever and can't pass the franchise down to his children because they don't want to be involved in the NBA business. He has invested in arena renovation projects, extended the lease for at least 15 years and poured money into staff and gave big extensions to players.
The city of Minnesota has an owner committed to making sure the team remains at home and that a contender is reborn. Until Taylor can see the team in a winning position, he won't budge on his decision to not sell and will put his money where his mouth is.
“I looked at my age and decided, if we’re going to do it, we ought to do it now.”
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