Taylor looking for possible successor as Timberwolves owner
Minnesota Sports-- Mankato's Glen Taylor, owner of the Minnesota Timberwolves, said yesterday in an interview with the Associated Press he is looking for a minority partner for the NBA franchise who could eventually succeed him as owner.
Mankato's Glen Taylor, owner of the Minnesota Timberwolves, said yesterday in an interview with the Associated Press he is looking for a minority partner for the NBA franchise who could eventually succeed him as owner.
However, Taylor made it clear that any partner he brings in has to agree to keep the team in Minnesota.
Taylor, a former state senator who made his money in the printing business, is worth over a billion dollars and became the team's owner in 1994. He bought the club in to keep it from moving to New Orleans when T-Wolves' original owners, Marvin Wolfenson and Harvey Ratner, tried to sell the team to group of investors know as Top Rank because of large debts and property taxes incurred after Target Center was completed in 1990. However, the NBA blocked the sale due to Top Rank shaky financing and the Minnesota State Legislature agreed to allow public funds to be used to buyout the Target Center's debt in order to facilitate the transfer of ownership of the team to Taylor.
Taylor also said in the interview he has no plans of stepping down as owner anytime soon and eager to see the team turn its fortunes around especially after he helped negotiate the new collective bargaining agreement last fall as Chairman of the NBA's Board of Governors.
Tags: minnesota sports, proam, basketball, timberwolves
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