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June 30, 2014 12:10 PM

Timberwolves Owner Closes Star Tribune Purchase

Minneapolis, MN

Minnesota Timberwolves owner and printing company billionaire Glen Taylor has completed his purchase of the Star Tribune.

The sale was finalized Monday. Terms were not disclosed, but Taylor has put the purchase price around $100 million.

The Minneapolis media company joins Taylor's group of more than 80 businesses worldwide, including the Timberwolves, the WNBA's Minnesota Lynx and dozens of companies in printing and other industries.

The 73-year-old Taylor has said he will not take a managing role with the Star Tribune, although he says he will appoint his daughter Jean Taylor to the board of directors. The company's current management, including publisher Michael Klingensmith, will remain in place.

The Star Tribune emerged from bankruptcy in 2009.

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