Minnesota Timberwolves owner Glen Taylor has done a lot of good for his home state of Minnesota. He's donated an incredible amount of money to charities, employed thousands of people, and he was even a state senator from 1981 to 1990. One more thing he's making sure he does for the state of Minnesota is guaranteeing it won't lose its NBA team. As Taylor announced the hiring of new president of basketball operations Flip Saunders, he also told reporters Friday he was no longer actively looking to sell the team to a limited or minority partner who would eventually take over his majority ownership. In fact, Taylor is looking to buy out existing limited partners to own an even greater percentage of the franchise he saved from being moved to New Orleans in 1994. "I have made the decision not to sell the team at all," Taylor announced at the press conference to reintroduce Saunders. "Matter of fact, I have made an offer to my limiteds who have said that they might want to get out, that I offered to buy them out. So we're going to go the opposite direction. Rather than me having a smaller interest in the team, it would be a larger interest in the team. Any limiteds that are in a place in life where they want to take advantage -- and they'll make a healthy reward on their investment in the Timberwolves -- but want to take advantage of that, I will personally buy them out. "But I would also say, as Flip is coming in as a limited [partner], that I still think that it would be in our interest to find some other people who live in Minnesota, who have a keen interest in our state and this organization, to come in as limiteds. So we're open to doing that." Taylor said he currently has 12 limited partners and estimated that half of them might sell and the other half would stay in. Saunders has remained friends with Taylor, even after being replaced by Kevin McHale as coach of the Wolves back in 2005. When Taylor announced last summer that he was looking for someone to buy a minority stake in the team with the intentions of moving the majority ownership over to them at some point, Saunders stepped in and attempted to help Taylor find a group willing to keep the team in Minnesota. But selling off the team wasn't that simple for Taylor. As he searched for a group of local investors, he realized he didn't want to sell after looking at the organization's current state and the future of the NBA. "I think just going through the whole process," Taylor explained, "I think it would be accurate if you just said maybe I had seller's remorse. All of a sudden I realized, ‘Gee, what if I do sell this team? I like coming here, watching the games! I like being involved in this type of stuff.' Also, just that we didn't have the year that I thought we would have. The idea of selling it after a bad year doesn't taste good to me. Seems like to me, if I ever sell it, I would want to be close to the top, like we've built it up to the top. I think it's just the combinations of that. "Then I talked to Flip, we were talking about selling the team and Flip was trying to figure it out. Then I can remember one day, he said to me, ‘God, are you really interested in selling the team? You don't act like it.' And I said, ‘No, I'm not really.' He said, ‘Let's start thinking about another program here.' I don't mind people saying, ‘Glen had seller's remorse and changed his mind and needs a better plan now.' ” Taylor was approached by various groups from out of state that were looking to move the team or to get a cheaper price than the Wolves owner was comfortable with giving them. Other potential buyers wanted to take the team over immediately, which wasn't something Taylor wanted to do. He didn't want to just relinquish controlling interest in the team right away.
Glen Taylor takes Timberwolves off market, prepares for bright future
CBS Sports | May 5