Blatter Not Traveling To Canada Orlando City To Own USL Club Emmert's Compensation Reached $1.8M In '13 UFC, Reebok Introduce Fight Kit Classified Advertisements Fifth Third Bank Signs Deal With Daytona Int'l Hurricanes' Karmanos Elected To Hockey HOF Charlotte Considers MLS Stadium Plan Phillies' MacPhail To Observe For First Few Months NASCAR Teams Look For Long-Term Value
SBD/13/Facilities VenuesPrint All
"Finally putting the Target Center issue behind them," the Minneapolis City Council voted 9-3 Friday to approve the city's $72M buyout of the arena. The city's purchase, "part of a public-private plan" to keep the T-Wolves in MN, is linked to Glen Taylor's $88.5M deal to buy the team. The city will pay for the building by selling bonds, and about 20 local corporations will loan the city $12.6M. As part of the deal, the city will pay about $54.6M to former Target Center owners Harvey Ratner and Marv Wolfenson, and assume $16M in debt. NBA Commissioner David Stern says the deal is "a good sign." Stern: "Everything seems to be in place. Now we have to wait for the bonds to be issued after what we believe will be a 30-day or so period" (Patrick Sweeney, SAINT PAUL PIONEER-PRESS, 2/11).