MINNEAPOLIS (AP) An ownership group led by longtime NBA player Arron Afflalo is putting together an offer to buy the Minnesota Timberwolves, two people with knowledge of the bid said.
The people spoke to The Associated Press on condition of anonymity Friday because the deal was still in the process of being submitted. The group will consist of two to five individuals with a net worth of more than $10 billion. According to the people, Afflalo's group will submit the bid no later than this weekend.
Timberwolves owner Glen Taylor, who bought the club in 1994 to keep it from moving to New Orleans, has put the franchise up for sale on the condition it remain in Minnesota. Taylor has hired a merchant bank, The Raine Group, to broker talks. There are multiple groups interested, the 79-year-old Taylor said earlier this week. He also owns the WNBA's Minnesota Lynx.