AP Source: Taylor, Kaplan Talks on Minnesota Timberwolves Ownership Hit Wall
MINNEAPOLIS (AP) — Two people with knowledge of the discussions tell The Associated Press that Memphis Grizzlies minority owner Steve Kaplan's pursuit of a minority stake of the Minnesota Timberwolves has hit a wall.
Kaplan and partner Handy Soetedjo met with Timberwolves owner Glen Taylor before the game against the Washington Wizards on Wednesday night. The two are spearheading a group trying to acquire 30 percent of the Timberwolves in hopes of taking over majority ownership from Taylor in the future. The people spoke on the condition of anonymity because of the private nature of the talks.
Kaplan owns a significant stake in the Grizzlies, which has complicated his ability to divest from the team.
League rules prohibit ownership stakes in two teams. So Kaplan's inability to remove himself from Memphis has prevented a deal from being completed to this point.
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