New T'Wolves Owner Would Face Penalty For Leaving Target Center
T'Wolves Owner Glen Taylor has "some help" in trying to hold any potential new owner to his promise of keeping the team in Minnesota, thanks to an agreement he made in '16 with the city of Minneapolis for the continued use of Target Center, and the "financial penalty that comes with breaking that agreement," according to Chris Hine of the Minneapolis STAR TRIBUNE. The '16 agreement states that the T'Wolves "would agree to play" in the Target Center "through the 2034-35 season." Section 3 of the agreement also notes the Taylor Corporation "agrees to pay $50 million to the city if it does not fulfill that obligation to play its home games at Target Center before the end of the 2034-35 NBA or WNBA seasons." Taylor reportedly is "asking for around" $1.2B for the franchise. A $50M penalty "equates to about 4.2% of that price." A city spokesperson confirmed that those "would be the damages owed the city, and that responsibility would transfer to new ownership." Hine: "In other words, if new owners tried to move the team before 2035, they would owe Minneapolis $50 million." It is "unclear if that agreement also applies to the Lynx remaining at Target Center through 2035" (Minneapolis STAR TRIBUNE, 7/30).