(Bloomberg) -- The Straus Group, the family office of Daniel E. Straus, is exploring a purchase of the NBA's Minnesota Timberwolves from billionaire owner Glen A. Taylor, according to people with knowledge of the matter.
The firm is one of multiple suitors for the basketball franchise, said the people, who asked not to be identified because the information is private. It couldn't immediately be learned if the group was working alone or as part of a consortium.
A representative for Straus declined to comment. The Fort Lee, New Jersey-based firm invests in assets such as hedge funds, real estate, private credit and equity. Straus accumulated his wealth in part via building health-care businesses, including MultiCare, CareOne and InnovaCare Health.
Taylor retained the Raine Group advisory firm to explore a sale of the franchise, which could fetch $1.2 billion, Sportico reported last week.
Raine declined to comment, and Taylor didn't immediately respond to requests for comment.
NBA Hall of Famer Kevin Garnett, who spent more than a decade playing for the Timberwolves, posted a link to the story on Instagram with the caption, “I'm one of the groups trying,” accompanied by fingers-crossed and prayer-hands emojis.
“My passion for the Minnesota Timberwolves to be a championship team is well known, but I have a deeper affection for the city of Minneapolis,” he separately wrote on Twitter. Garnett added: “No two people love the city more than myself and Glen Taylor and I look forward to trying to work with him to achieve my dream.”
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