Glen Taylor told Sports Headliners in a phone interview this week he received more than the previously reported $1.5 billion for selling the NBA Timberwolves and WNBA Lynx. That figure was reported by media outlets late last month when news of the NBA approving the sale of the franchises happened.
Taylor said the transfer of ownership to a group headed by Marc Lore and Alex Rodriguez was finalized on June 25. Asked if the settlement price was $1.5 billion, Taylor said: “The answer is no but I am not going to get into it.”
Then he said the final figure “ended up to be on the plus-side of that ($1.5 billion).”
Estimates are the Wolves alone are worth at least double that figure. However, when Taylor and Lore and Rodriguez first agreed to a sale back in 2021 the $1.5 billion was the price settled on.
Taylor, the Mankato-based billionaire, was originally going to maintain a 20 percent share of the Wolves after the new owners took control. Asked about owning a small portion of the franchise now, he said: “No, they decided they didn’t want to and that was fine with me. The option was up to them.”
The four-year process in selling the franchises became contentious last year when Taylor disputed whether Lore and Rodriguez had met the deadline to become majority owners. He said the franchises were no longer for sale, and that led to litigation. A ruling earlier this year by an arbitration panel awarded the franchises to the Lore and Rodriguez group that also includes Michael Bloomberg, whose estimated net worth of over $100 billion makes him one of the world’s richest individuals.
The dispute involved hard feelings and cost tens of millions of dollars in legal fees but Taylor said now Lore and Rodriguez have been “cordial” toward him. “We wish them well,” Taylor added. “I’ve already talked to them and…told them that if I can be of assistance to them they should feel comfortable in calling me and talking with me. So, we’ll see if they do that.”
Taylor, 84 and long troubled by back pain, was joined in the sales process that began four years ago by his wife Becky. They are both big fans of the Wolves and Lynx. Taylor bought the Wolves in 1994 from original owners Marv Wolfenson and Harvey Ratner. He started the Lynx as an expansion franchise in 1999. Taylor owns various businesses including the Star Tribune. His Taylor Corporation is one of the largest privately held companies in the country.
What are his feelings now that his role is that of a fan? “I actually feel good. I think it was the right thing to do. You just look at all the things I am committed to. And now with my back (problem) and all that stuff. I think it was fine (the way things turned out).
“Since we signed (the deal) we’ve gone to…Lynx games. We still love to watch those women. We both feel really good on it. We haven’t done any travelling or anything, but we will.”
The Wolves and Lynx’s home arena, Target Center, is the second oldest facility in the NBA. It’s no secret the new owners want to replace the city of Minneapolis owned facility that opened in 1990. Not known, though, is that Taylor had research done regarding a possible new home for the teams.
Taylor didn’t want to say much about a new arena, positioning that as the role now of the new owners but he did offer this: “We had done quite a bit of work on it already so I’d just a soon kind of stay away (from discussing more.) I don’t know if they will use that. I think they will use some of that work that we had previously done.”
Location and financing of a new building will stir a lot of conversations and emotions. You can be sure Minneapolis supporters are agitated about talk the teams will leave for the suburbs. A site fight for a new Minnesota stadium or arena can be nasty and so, too, would public financing.
A privately financed facility avoids a lot of problems. “Yes, and I think that’s one of the things that they’re looking at,” Taylor said.
What kind of owners does he think the new group will be? “Well, I think they’re going to have to learn this market because they’re both from out East. I think things are different (than) the eastern markets.
“So, I think they have to spend some time and look at the sponsors and look at what people pay for tickets and all that stuff. There’s just a lot learning experience. I am sure they’ll do that.”
The Wolves have made the Western Conference Finals the last two years. The Lynx played for the WNBA title last year and could win the championship later this year. Fan expectations for both franchises will remain high under new leadership.
The two teams have not only of late excelled on the court, but finances are noteworthy also, Taylor said. “I feel proud and good about that,” he said about the status of the franchises.
What does Taylor believe his legacy will be for owning the two franchises for more than 25 years? “I think it will always be the same thing. That Glen Taylor kept them in Minnesota.”
Taylor’s name has been linked to being a possible buyer of the Twins but when asked about owning another local franchise he said “at my age I don’t think it would be good to get involved with another team.”