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Glen Taylor

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This article is about the businessman. For the Idaho politician and 1948 vice-presidential candidate, see Glen H. Taylor. For other people, see Glenn Taylor (disambiguation).

Glen Allen Taylor
Taylor in 2017
Minnesota Senate Minority Leader
In office
January 9, 1985 – January 5, 1987
Preceded byJames E. Ulland
Succeeded byDuane Benson
Member of the Minnesota Senate
from the 24th district
29th (1981-1983)
In office
January 6, 1981 – February 3, 1990
Preceded byArnulf Ueland
Succeeded byMark Piepho
Personal details
Born (1941-04-20) April 20, 1941 (age 83)
Springfield, Minnesota, U.S.
Political partyRepublican
Spouse
Becky Mulvihill
​
(m. 2007)​
Children6
Residence(s)Mankato, Minnesota, U.S.
Alma materMinnesota State University Mankato
Harvard Business School

Glen Allen Taylor (born April 20, 1941) is an American billionaire business magnate and politician from Minnesota.[1] Taylor made his fortune from being the founder and owner of Minnesota-based Taylor Corporation, one of the largest graphic communication companies in the United States.

Taylor has been the majority owner of the Minnesota Timberwolves of the National Basketball Association since 1994. He is also the owner of the Minnesota Lynx of the Women's National Basketball Association and the part owner of the Minnesota United FC of Major League Soccer. In addition to his sports team ownership, Taylor has been the owner of the Star Tribune, Minneapolis's newspaper and the largest newspaper in Minnesota, since 2014.

A former member of the Minnesota Senate from the Republican Party, Taylor served in the state senate from 1981 until 1990. He strongly considered running for the Republican nomination for Governor of Minnesota in the 1990 Minnesota gubernatorial election, but ultimately chose not to run due to problems in his marriage to Glenda Taylor.[2]

Ranked as the richest person in Minnesota,[3] Taylor is listed on the Forbes 400 and his company ranks on the Forbes list of America's Largest Private Companies.[4] In 2020, his net worth was reported by Forbes to be $2.5 billion.[5]

Early life and education

Taylor was born in Springfield, Minnesota, and grew up on a farm in Comfrey, Minnesota. He graduated from Comfrey High School in 1959, and received a Bachelor of Science in mathematics, physics and social studies from Minnesota State University, Mankato, in 1962.[6][7] In 1978 he received an executive MBA from Harvard Business School.[8]

Career

During and after college, Taylor worked at Carlson Wedding Service (later Carlson Craft), a Mankato print shop specializing in formal invitations. In 1975, company owner Bill Carlson wanted to retire, and Taylor offered to pay $2 million over the course of 10 years for the company.[9] The purchase (which he paid off early) formed the basis for the Taylor Corporation, a privately held multinational printing and electronics company with more than 10,000 employees and based in North Mankato, Minnesota. Taylor continues to serve as chairman and CEO.[9]

Taylor also owns Rembrandt Enterprises, a large egg producer, and several thousand acres of farmland across Minnesota and Iowa.[10]

Politics

Taylor was a Republican Minnesota State Senator from 1981 to 1990, serving as assistant minority leader from 1983 to 1985 and Minority Leader from 1985 to 1988.[8] He considered himself a member of the party's moderate wing.[11] He resigned in 1990 citing his need to focus more on his business interests.[12]

He strongly considered running for Governor of Minnesota in 1990, but he decided against it due to his divorce.[2] He was appointed as a member of the Minnesota Commission on Reform and Efficiency by fellow Republican and Governor of Minnesota Arne Carlson a year after Taylor left office. He served in that role for three years.

Still an active member of the Republican Party, from 2016 to 2020 Taylor donated $119,100 to Republican candidates and causes.[13]

Sports team ownership

Taylor purchased majority ownership of the Minnesota Timberwolves of the National Basketball Association in 1994 for a reported $94 million.[14] and purchased the Minnesota Lynx of the Women's National Basketball Association in 1999.[15] Taylor was in talks to buy the Minnesota Twins but nothing came of it.[8]

In 2000, Taylor received a nine month suspension after signing Joe Smith to a secret contract in violation of the league's salary cap rules.[16] Before Donald Sterling, Glen Taylor was the only NBA owner to be suspended for more than a couple of games.[citation needed]

In 2015, Taylor had a falling out with NBA legend Kevin Garnett over a miscommunicated agreement.[17] Garnett had been under the impression that after his retirement from the NBA he would be able to have a minority stake in the team, as he and coach Flip Saunders had talked about the idea when Saunders traded for Garnett; however, the death of Saunders apparently put an end to the idea, and Garnett retired in 2016 after a tense buyout negotiation with Taylor, who Garnett referred to as a "snake".[18] Taylor and Garnett are no longer on speaking terms,[19] and Garnett refuses to have his jersey retired by the Timberwolves after spending 14 seasons of his career there.[20]

In 2017, Taylor purchased the Iowa Energy of the NBA Development League (later called NBA G League) and renamed the team the Iowa Wolves as the developmental affiliate of the Timberwolves.[21]

He is a past chairman of the board of governors for the NBA, serving two terms from 2008 to 2012 and from 2014 to 2017.[22]

On April 10, 2021, it was announced that a sale of the Timberwolves was being finalized for approximately $1.5 billion, with former Major League Baseball player Alex Rodriguez and billionaire Marc Lore stepping in as new owners taking effect in 2023. Under the ownership of Taylor, the Wolves made the Conference Finals once but no further.

Taylor is also the part owner of the Minnesota United FC soccer team.[1]

Newspaper ownership

In 2014, he purchased the Star Tribune for about $100 million.[23] He told MinnPost that the famously liberal Star Tribune would be decidedly less liberal under his watch, but noted that the paper had already been shifting more to the center in recent years.[11]

References

  1. ^ a b "Glen Taylor". Forbes. Retrieved April 5, 2022.
  2. ^ a b Fiedler, Terry (April 1, 2014). "Glen Taylor: Soul of a billionaire". Star Tribune. Retrieved April 24, 2022.
  3. ^ Reilly, Mark (April 7, 2021). "Minnesota's billionaires include Glen Taylor, Stanley Hubbard and a pair of Cargill heirs". www.bizjournals.com. Retrieved August 11, 2022.
  4. ^ "America's Largest Private Companies". Forbes. Retrieved October 20, 2020.
  5. ^ "Glen Taylor". Forbes. Retrieved October 20, 2020.
  6. ^ Doug Anderson (September 14, 2015). "Glen Taylor biography". Minnesota State Press Releases. Minnesota State Colleges and Universities. Retrieved April 27, 2016.
  7. ^ "Influential Leaders". American Association of Colleges of Business. Archived from the original on June 23, 2017. Retrieved April 27, 2016.
  8. ^ a b c "Glen Taylor". Twin Cities Business Magazine. July 1, 2002. Archived from the original on May 13, 2016. Retrieved April 27, 2016.
  9. ^ a b "Taylor Corporation Website: About Glen Taylor". Taylor Corporation. Retrieved April 27, 2016.
  10. ^ "Glen Taylor's Golden Egg". Twin Cities Business. June 11, 2009. Retrieved April 24, 2022.
  11. ^ a b Robson, Britt (April 16, 2015). "New Owner Glen Taylor: Less Liberal Star Tribune Ahead". MinnPost. Retrieved March 7, 2015.
  12. ^ "Taylor, Glen A. - Legislator Record - Minnesota Legislators Past & Present". www.lrl.mn.gov. Retrieved April 24, 2022.
  13. ^ Ziegler, Sara (October 28, 2020). "Inside The Political Donation History Of Wealthy Sports Owners". FiveThirtyEight. Retrieved December 15, 2020.
  14. ^ August 6, 1994 – 5am, postbulletin Administrator | (August 6, 1994). "Wolves sale deal reached". Post Bulletin. Retrieved October 20, 2020.{{cite web}}: CS1 maint: numeric names: authors list (link)
  15. ^ Martin, Sloane. "Q&A: Glen Taylor on Lindsay Whalen, future of the Lynx, player pay and more". theathletic.com. The Athletic Media Company. Retrieved April 17, 2022.
  16. ^ Akers, John. "NBA Will Suspend Timberwolves Owner". abcnews.go.com. ABC News Internet Ventures. Retrieved April 20, 2022.
  17. ^ Gardner, Steve. "Kevin Garnett on Timberwolves owner Glen Taylor: 'I don't do business with snakes'". USA TODAY. Retrieved October 20, 2020.
  18. ^ "KG scoffs at idea of Wolves retiring his jersey". April 8, 2020.
  19. ^ "Kevin Garnett Rebukes Timberwolves Owner Glen Taylor: 'I Won't Forgive Glen... I Don't Do Business With Snakes'". April 7, 2020. Retrieved April 7, 2020.
  20. ^ "Kevin Garnett not interested in retired T-wolves jersey: 'I don't do business with snakes'". sports.yahoo.com. April 7, 2020. Retrieved April 7, 2020.
  21. ^ "New Timberwolves D-League team renamed Iowa Wolves". FOX 9 Minneapolis-St. Paul. May 30, 2017. Retrieved October 20, 2020.
  22. ^ Krawczynski, Jon. "Exclusive: Glen Taylor reflects on time as NBA chairman". theathletic.com. The Athletic Media Company. Retrieved April 20, 2022.
  23. ^ "July 1, 2014: Glen Taylor finalizes purchase of Star Tribune". StarTribune.com. July 1, 2014. Retrieved September 27, 2015.
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