CHICAGO -- A Minneapolis official said on Friday the city is preparing to go to market Dec. 13 with $86 million of bonds to finance a public buyout of the Target Center stadium.

The deal would transfer ownership of the center, home of the Minnesota Timberwolves basketball team, to the Metropolitan Sports Facilities Commission, a board that represents the city and state of Minnesota. Owners Marvin Wolfenson and Harvey Ratner are selling Target Center and the team to help eliminate more than $72 million of the stadium's debt.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.