Timberwolves owner Glen Taylor said Tuesday night he is proceeding toward selling 30 percent of the team to a group led by Los Angeles private-equity investor Steve Kaplan, with conditions that Kaplan, currently a minority owner with the Memphis Grizzlies NBA team, would buy controlling interest when Taylor eventually decides to sell the team.
Taylor said he is working exclusively with Kaplan’s group and they have reached agreement on the minority interest 30 percent and a price Taylor wouldn’t disclose.
Taylor said Kaplan and his group of investors must complete their due diligence on financial and other information concerning the franchise that Taylor bought in 1994 for $88.