SBD/30/Franchises

TAYLOR REACHES AGREEMENT ON TARGET CENTER LEASE

     Timberwolves buyer Glen Taylor has reached an agreement with
the Metropolitan Sports Facilities Commission (MSFC) to finalize
his team's lease at Target Center.  There had been speculation
among the business community that Taylor was ready to back out of
buying the team, which has "performed poorly on the court and at
the gate."  But Taylor said any unraveling of the arena deal
"won't be because of me ... I'm signing a 30-year lease.  I am in
it for the long run."  Taylor and the MSFC agreed that the
commission can finance the purchase of the Target Center from
Wolves sellers Marv Wolfenshon and Harvey Ratner with "short-term
variable-rate bonds rather than long-term fired-rate bonds."  All
that is left to conclude the "public-private" Target Center deal
is an agreement with Ogden Corp., which will manage the facility.
Ogden VP Dana Warg was optimistic a deal could be completed by
the December 31 deadline (Hartmann & Weiner, Minneapolis STAR-
TRIBUNE, 11/30).
Return to top
Video Powered By - Castfire CMS Powered By - Sitecore

Report a Bug