Appearing on Chad Hartman's show on WCCO radio, Wolves owner Glen Taylor revealed some of the short term future of the Minnesota Timberwolves.
The key points:
First, the deal to sell part of the team (and eventually the majority share) to a group led by Grizzlies minority owner Steve Kaplan is dead. Kaplan cannot resolve his ownership interest in the Grizzlies, and Taylor doesn't see him being able to for the foreseeable future. That kills the deal, and there are no current plans for a sale.
This is disappointing since the Wolves have needed new voices in the organization for a long time, but Taylor has been unable to find a suitable purchaser who will meet his conditions, which happily include keeping the team in Minnesota, but also include occupying a minority ownership position for an unspecified amount of time.