Glen Taylor will not move forward with his prior plans to sell the Minnesota Timberwolves, as the 71-year-old billionaire reportedly pullling the team off the sales block:
According to sources, Wolves owner Glen Taylor has decided to take the team off the market and will not sell it.— Brian Windhorst (@WindhorstESPN) May 3, 2013
Taylor, who has owned the team since 1994, has been looking for over a year to find his successor. But he has gone on record saying he didn't need to get rid of the team; he was just looking for someone to take over a franchise he clearly cares about a lot. But Taylor, who also serves as president of the NBA's Board of Governors, told a local ESPN affiliate Tuesday evening that he had found a potential owner for the team, and that nobody would be able to guess who it was.
Apparently, that plan has fallen through. The former Minnesota State Senator and CEO of printing and electronics company Taylor Corporation will remain in charge.
The news came on the same day David Kahn was removed as team president. As expected, he brought in a coach with whom he had a strong relationship and who will apparently take over part of the ownership of the team:
Flip Saunders has officially signed a multi-year deal to become pres. of basketball ops with an ownership stake in Timberwolves”.— Brian Windhorst (@WindhorstESPN) May 3, 2013
Saunders' new stake of the team probably had a role in convincing Taylor he didn't need to follow through with the sale.