A month after emerging from bankruptcy, Minneapolis’ Star Tribune is being offered to sell a minority stake to two local business, the paper reported (via Romenesko). Glen Taylor, owner of the Minnesota Timberwolves is partnering with local businessman Vance Opperman, the former president of Thomson Reuters’ West Publishing Company, on an offer buy 25- to 35 percent of the newspaper’s equity. The bid ranges from $6.25 million to $8.75 million.
The two have set up a company called the Atticus Fund to pursue the minority purchase. Taylor and Opperman say they do not want the paper to become a non-profit, an idea which has been floated by a number of newspaper industry observers as a bill that would make that process easier sits in Congress. A prospectus of the proposed bid was sent to 40 of the Star Trib’s shareholders, who include private equity groups Wayzata Investment Partners and Angelo Gordon & Co., Credit Suisse, CIT Bank and a unit of GE Capital.
The Star Trib filed for bankruptcy after missing several debt payments over the past year. The paper was bought a little over two years ago from The McClatchy Company (NYSE: MNI) by Avista Capital Partners for $530 million. As a result of the company

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