The Minnesota Timberwolves are for sale, and franchise icon Kevin Garnett is part of a group of investors looking to buy the team, the Hall of Famer has announced.

Sportico reported owner Glen Taylor had retained the Raine Group to sell the franchise, adding that several parties have bid on the team.

Others interested in purchasing the team, according to ESPN's Adam Schefter, include the Wilf family, which owns the Minnesota Vikings, and Timberwolves minority owner Meyer Orbach.

Taylor confirmed to The Athletic website that he has received inquiries, including from groups who want to relocate the franchise, which is a nonstarter.

"People have inquired who are interested, but they want to move the team," Taylor told The Athletic, adding that the WNBA's Lynx would likely be included in any deal. "They are not a candidate. We've made that very clear... Everybody's been told it has to stay in Minnesota."

Taylor, 79, bought the franchise in 1994 for just under $90 million and has sold off a few minority stakes in recent years. Sportico reported he is seeking at least $1.2 billion to sell the team and that a deal could be reached within a month.

Forbes pegged the franchise's value at $1.38 billion. Taylor has a net worth of around $3 billion.

Garnett took to Instagram on Tuesday, replying to a post about the potential sale of the Timberwolves, "I'm one of the groups trying. ...LAWD PLSS LET MY GROUP GET THIS."

He also wrote on Twitter:"My passion for the Minnesota Timberwolves to be a championship team is well known but I have a deeper affection for the city of Minneapolis. I once again want to see Minneapolis as the diverse and loving community that I know it is.

"No two people love the city more than myself and Glen Taylor and I look forward to trying to work with him to achieve my dream."

The Athletic reported that Garnett's group is preparing a bid to submit to Taylor.

Garnett, 44, said in December 2017 that he would like to own part of the team he played for from 1995-2007 and in 2014-15 and 2015-16, but only if Taylor were to sell his stake, after the two had a falling-out. Garnett played for the Boston Celtics from 2007-08 to 2012-13, winning his lone championship ring in 2008. He also spent 2013-14 and part of the 2014-15 season with the Brooklyn Nets.

REUTERS