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‘Straus looking to slam dunk a deal with Minnesota Timberwolves’
Posted on Wednesday, 29 July 2020 12:51
The Straus Group is eyeing a possible acquisition of US-based basketball club the Minnesota Timberwolves from Glen Taylor, people close to the situation told Bloomberg.
Last week, Sportico reported the billionaire owner had retained global merchant bank the Raine Group to help sell the franchise.
Citing sources in the know, the broadcaster noted a possible deal could be worth up to USD 1.38 billion and may take place within a month.
People familiar with the matter, who asked to remain anonymous as the information is confidential, told Bloomberg that Straus is one of multiple suitors looking to buy the club.
That said, it is not known whether the firm is acting alone or as part of a consortium.
According to Bloomberg, former Minnesota Timberwolves star Kevin Garnett posted a story on Instagram in which he said he was one of the groups trying to pick up the club.
The potential transaction is not due to the fallout from the ongoing global coronavirus pandemic, one insider told Sportico.
Formed in 1989, Minnesota Timberwolves competes in the National Basketball Association (NBA) as a member of the league’s Western Conference Northwest division.
The team qualified for the NBA playoffs in eight consecutive seasons from 1997 to 2004 and won their first championship division in 2004.
Its roster includes players such as D’Angelo Russell, James Johnson, Naz Reid and Jarrett Culver.
The club is sponsored by the likes of Target, Mayo Clinic and Fitbit.
Raine and Taylor either declined or were not immediately available for comment when approached by Bloomberg.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been 65 deals targeting sports teams and club operators announced worldwide in 2020 to date.
RAG-Stiftung, via Evonik Industries, sold a 5.4 per cent stake in Germany-based Borussia Dortmund for EUR 43.82 million in the most valuable of these.
© Zephus Ltd