Since July of 2020 Minnesota Timberwolves owner Glen Taylor has had his team up for sale. But Taylor has not found a buyer.
Now, Taylor might simply wait until the NBA expands before he sells his team. A decision that could bring him somewhere between $160-200 million.
When asked by the Pioneer Press about the potential influx of cash from expansion, Taylor said, “Obviously I’m aware of that — you’ve got to pick your time.”
Taylor did not give much away for when the NBA could be expanding, but he added that expansion “could be one source of money that could stimulate each of the teams during this (pandemic) difficult time.”
If the NBA expands, each new franchise will have to pay an expansion fee. NBA commissioner Adam Silver has said that $2.5 billion might not be enough to land an a new franchise. If two teams enter the NBA with a price tag closer to $3 billion each, the current 30 NBA owners would bring in $200 million.
Taylor is reportedly looking to sell the Timberwolves for $1.5 billion. Would he hold up that sale to wait around for $200 million?
It might be a worthwhile wait for Taylor. But even without the treat of an expansion fee, Taylor might be the owner in Minnesota longer than he wants. He put the team up for sale in the middle of a pandemic and has realized that might be bad timing.
“Well, it’s not coming is the best way to say it. I haven’t found anything that for sure says I should move ahead,” Taylor said.
Taylor continued to the Pioneer Press: “The other question: Is now a good time to sell when you don’t have fans? And it’s not a good time.”
Don’t get your hopes up for the Timberwolves being sold and relocating to Vegas, because one of the requirements for the new owner is to keep the team in Minnesota. Though that could change if Taylor can’t find a buyer.