It looks like the Minnesota Timberwolves may be going on sale. Longtime Wolves owner Glen Taylor, 79, has reportedly retained The Raine Group—a financial advisory company—to spearhead a sale of the struggling franchise.

Taylor, who boasts a net worth of $3.2 billion, has owned the Timberwolves since 1995. According to Sportico's sources, there have already been several bidders for the franchise, and a deal could be reached within a month.

Raine orchestrated private equity firm The Silver Lake Group's $500 million investment in Manchester United in 2019.

Taylor, the chairman of the Minnesota-based Taylor Corporation, originally paid about $88 million for the team. He opted to forego a public sale, instead tasking Raine to find a buyer privately. Taylor's interest in selling is apparently not related to financial losses caused by the Covid-19 pandemic.

Taylor is reportedly looking for at least $1.2 billion for the Wolves. Forbes valued the franchise at $1.38 billion in February, before the coronavirus hit.

Taylor is also the former chairman of the NBA Board of Governors, and has long been one of the most influential owners in a variety of league matters.

The Timberwolves have qualified for the postseason just once in the past 15 seasons, and haven't reached the NBA Finals since their inception in 1989. Before the 2019-20 regular season was halted, the Wolves were last in the league in attendance, averaging 15,066 fans per night at the Target Center.

Minnesota was 19-45 at the time the season went on hold, second-worst in the Western Conference. On Feb. 6, the franchise acquired point guard D'Angelo Russell from the Golden State Warriors in exchange for former no. 1 pick Andrew Wiggins. Russell is a good pal of franchise centerpiece Karl-Anthony Towns.