The Minnesota Timberwolves have been for sale for several months, leaving NBA owners and league officials to monitor the situation, especially since expansion is also being considered.
Valuations put the Wolves in the $1.3-1.5 billion range including debt, sources said, less than Taylor was hoping to fetch. Taylor has been close to a deal with a group led by Daniel Straus but unable to close. Straus remains the favorite but he revised his offer after it was clear fans would not be back in the arena in large numbers this season. Other firm offers have been tepid.
"I think Glen was hoping team values were still going up," one owner said. "I think we're finding out they may not be right now."
A potential Wolves sale of $1.5 billion or less would mean a correction in the NBA market after a decade of growth. The Wolves are viewed as an attractive relocation franchise, which could lead to a higher purchase price should Taylor be willing to sell it to a group intent on moving the team.
The Utah Jazz sold last month for $1.66 billion, but that might have been an outlier.