MINNEAPOLIS (AP) — Minnesota Timberwolves owner and printing magnate Glen Taylor has signed a letter of intent to buy the Minneapolis Star Tribune.
Publisher Michael Klingensmith announced the letter in a note to staff Tuesday.
Klingensmith says Taylor is going through due diligence that should lead to the sale of the company.
He gave no other details. Taylor told the Star Tribune he has made a cash offer without any other investors but declined to say how much. He told the newspaper he expects the sale to close in May.
The Star Tribune emerged from bankruptcy in 2009. A pair of investment companies, Wayzata Investment Partners and GE Capital, together own about 80 percent of Star Tribune shares.