In 1995, Glen Taylor purchased the majority ownership in the Timberwolves for $95 million, and if Forbes is to be believed, the Wolves are worth $720 million some 20 years later. But Taylor said recently that if anything, the current status of the franchise — at least from a basketball perspective — is very similar to when he purchased it.
"I just think when we first bought it, we had a franchise that was pretty down and hadn't done very well," recalled Taylor, who also owns the Star Tribune. "We put a plan to get some young guys in here. That's when we went out and took a gamble on KG [Kevin Garnett] and [Stephon] Marbury and our goal was to build for the long run and get a better team. We did that. It took us a while to get a championship team.
"In one sense we're sort of like that again. We have a lot of young guys and we have to be patient, and I'm hopeful we'll have a chance for the championship again, just like we did during those earlier years. So I'd say we're similar."
Taylor got some great news Friday when the city of Minneapolis finally approved the $129 million remodeling of Target Center, of which the Wolves will pay $49 million. Construction will start this spring.
But one thing that Taylor has had difficulty with lately, through no fault of his own, is his attempt to sell a minority ownership to Memphis Grizzlies minority owner Steve Kaplan.
The deal looks to be in trouble because of reported infighting in the Grizzlies organization. Taylor had planned to sell to Kaplan with the idea that Kaplan would take over majority ownership down the road.
Taylor talked about his current ownership status. "At the start I think I had about 15 partners that came in with me," he said. "Right now we have, I think, seven of those, I haven't changed any, except I think about eight of them have left and seven are still here."
League has great growth
The biggest development in the NBA in the past decade has been the influx of money from television rights. In October 2014 the league announced a new nine-year, $24 billion deal with ESPN and Turner Sports, and the deal was extended last month.