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TIMBERWOLVES SALE MAY NOT BE ON TARGET JUST YET
Published September 14, 1994
The Timberwolves' deal -- "so long in the making, seemingly completed five weeks ago -- is not done yet." The Wolves' lease at the Target Center remains a major "stumbling block." Wolves buyer Glen Taylor said his reps. were meeting with officials from the Target Center and the Metropolitan Sports Facilities Commission in an effort to resolve key issues in negotiations for the Wolves' new 30-year arena lease. Taylor said the arena lease must be completed within 10 days to satisfy the NBA's Board of Governors, which is set to vote on his purchase of the Wolves on October 4. Taylor made optimistic comments about resolving the lease problem only 12 hours after he told members of The Dunkers, a Twin Cities breakfast group: "If we don't get a lease with the commission, we will not buy the team." The sale of the Wolves goes hand-in-hand with the sale of Target Center to the sports facilities commission; both the team and arena still are owned by Marv Wolfenson and Harvey Ratner. The commission will buy the Target Center for $42M, using bonds issued by the Metropolitan Council and backed by the city of Minneapolis (Weiner & Hartman, Minneapolis STAR TRIBUNE, 9/14).