Red Sox Willing To Go Over Luxury Tax Threshold Silver Optimistic About New Bucks' Arena Hurricanes Seeing Smaller Crowds So Far Roberts Challenges Silver As She Settles In Orlando City's Rawlins Still A Fan First Franchise Notes Red Sox Spend Big With Ramirez, Sandoval Bills Say Stadium Will Be Ready For Sunday AHL Checkers Likely To Leave Hornets' Arena 2014 Reader Survey: NBA
WOLVES SALE MIGHT NOT BE COMPLETED BY NBA TARGET DATE
Published September 23, 1994
The sale of the Timberwolves "is on the verge of unraveling because negotiations on a Target Center lease have hit 'huge hurdles.'" Metropolitan Sports Facilities Commission Chair Henry Savelkoul said that he has "a significant fear" that a lease agreement between businessman Glen Taylor and the commission will not be worked out by October 5 -- when the NBA is set to approve the sale. Savelkoul, who for a year has "steered a plan to publicly" buy the Target Center from Marv Wolfenson and Harvey Ratner, made his comments after a team of bond lawyers told him and Taylor's representatives that their proposed lease includes legal flaws with "deal-breaking tax implications." Taylor is also seeking to place a limit on a ticket surcharge mandated by the legislation that authorized the public buyout of the Target Center. The legislation authorized a $42M buyout paid for by ticket taxes and $750,000/year for 15 years. NBA Commissioner David Stern was optimistic: "It's the normal ups and downs of a deal that's destined to get done." Wolfenson and Ratner agreed to sell the Wolves for $88.5M, but Taylor might not buy the team if a lease deal is not worked out. "One remote solution, Taylor could buy Target Center." Taylor: "Nothing is out of the question for me" (Jay Weiner, Minneapolis STAR TRIBUNE, 9/22).