Glen Taylor is in advanced discussions with former Memphis Grizzlies minority owner Daniel E. Straus to purchase both the Minnesota Timberwolves and Lynx, sources tell Jon Krawczynski and Shams Charania of The Athletic.
The two sides have issues to resolve before any full agreement can be completed, but Straus has emerged as the frontrunner to purchase the team.
Representatives from the Straus Group visited the Twin Cities two weeks ago for official meetings, toured the team facilities and reviewed financials as part of their due diligence. The sides had entered an exclusivity agreement that formally expired last week, and both parties have continued discussions about a deal.
Straus would keep the Wolves in Minneapolis as Taylor has mandated for his sale.
Straus amassed his fortune in the health-care field, starting with a handful of nursing homes inherited from his father and eventually building CareOne into one of the dominant inpatient providers in the New York area.
Straus ended his run as an owner in Memphis in 2018 during a complicated buy/sell process with majority owner Robert Pera. It was a tense setup, with Pera owning around 26 percent of the team and Kaplan and Straus each owning about 14 percent.
Sources tell The Athletic that Straus took the money he made form his investment in the Grizzlies and began canvassing the New York area for more investors to put a group together to pursue another NBA franchise.
Kevin Garnett, who has expressed interest in the Wolves, is not involved with the Straus group.