Glen Taylor, the billionaire owner of the Minnesota Timberwolves basketball franchise, has signed a letter of intent to acquire the Star Tribune.
In a joint statement April 1, Star Tribune Media Company and Taylor said they are engaged in a 60-day due diligence process.
"We think this vote of confidence by Glen Taylor reflects the significant journalistic and business progress that we’ve made over the last several years to become one of the country’s top performing major metro news organizations," Star Trib publisher and CEO Michael Klingensmith.
Private equity firm Wayzata Investment Partners took a majority stake in the company in 2012, three years after a bankruptcy filing.
Taylor, who made his fortune in the printing business, said he believes "ultimately it would be in the best interest of both the Star Tribune and our community for the company to have local, Minnesota ownership."
"The Star Tribune is a critically important local institution and one that I would be proud to be associated with."
Taylor told the Star Tribune that he will not take a management role nor change its current leadership, but he might put a family member on its board.