per The Athletic:
An investment group led by former NBA player Arron Afflalo has engaged in talks to buy the Minnesota Timberwolves and Lynx, sources told
The Athletic.
Afflalo’s team held discussions with the Raine Group, the search firm working with Wolves owner Glen Taylor to identify candidates, on Wednesday. Afflalo is partnering with entrepreneur Jay Bloom and several other deep-pocketed investors to make a run at buying the team, which first became available at the end of July. The group has not yet met with Taylor or any representatives of the Timberwolves for advanced discussions but is confident it has the financial means and long-term vision for talks to progress to that point.
The 34-year-old Afflalo played in the league for 11 years for the Pistons, Nuggets, Magic, Trail Blazers, Knicks and Kings. He has an affinity for the Wolves organization, in large part because of the Saunders family. Flip Saunders was Afflalo’s first NBA coach with the Pistons and Afflalo has strong relationships with Wolves coach Ryan Saunders and president of basketball operations Gersson Rosas, among others in the organization.
Afflalo’s group first expressed interest in making a bid for the Wolves in July, when it was reported that Taylor was looking for a successor. Taylor entered into a 30-day exclusive negotiating agreement with former Memphis Grizzlies minority owner Daniel Straus not long after, which prevented Afflalo’s group from engaging in formal talks. The exclusivity has since expired without an agreement with Straus, opening the door for Afflalo’s group to make a push.
The Straus Group remains interested in completing a deal with Taylor, sources said. As the negotiating window came to a close, there were several deal points that had gone unresolved, but the Straus Group was moving forward with hopes of finalizing a purchase this month. Taylor has an offer in hand from the Straus Group, but talks have since stalled and there are no immediate plans for further in-person meetings between Taylor and Straus.
Taylor has been vocal in his mandate that any new owner
commit to keeping the team in Minnesota for the long term. Any new owner coming from outside of Minnesota would naturally bring questions about the long-term security for a team playing in the second-oldest arena in the NBA, and one that has struggled to draw fans through 15 years of mostly losing basketball.
If Afflalo’s group emerges as winners in the process, there would be a desire to become pillars in the Twin Cities community, sources said. The group has observed from afar as CEO Ethan Casson, Rosas, Saunders and the rest of the organization has thrust itself into community engagement following the death of George Floyd, which sparked riots across the country and put law enforcement relations with people of color under the microscope. The group includes several people of color who have an interest in the franchise playing a role in the discussion, sources said.
No deal is imminent, but Afflalo's group is stepping in as Wolves owner Glen Taylor's negotiating window with another party expired.
theathletic.com
Howl Wolves!!