Target, Wolves Renew Target Center Naming Deal
The Minnesota Timberwolves, Target Corporation, and AEG Facilities on Monday announced a three-year extension of the Target Center's naming rights partnership.
The agreement will continue an existing partnership between the three entities through 2014. Financial terms of the extension were not disclosed.
Target has been the sole naming-rights holder of the Target Center since it opened in 1990. The downtown Minneapolis arena has been home to the Timberwolves ever since. It is managed by AEG Facilities and owned by the City of Minneapolis.
The city and the Timberwolves in February introduced a proposal to spend $155 million to renovate the 21-year-old building. The proposed renovation includes a new, more modern-looking main entrance and lobby on the corner of First Avenue and Sixth Street; wider spaces and glass walls; a new restaurant overlooking Target Field and Target Plaza; new club-seating areas; and an in-arena public bar.
Then in May, Minneapolis officials announced a new, $895 million plan that would renovate the Target Center to the tune of $100 million, build a new Vikings stadium at the Metrodome site, and cut property taxes through a partnership between the city, the state, and the Vikings.
“This short-term extension allows both Target and the Timberwolves to fully understand the future renovation plan to Target Center,” Timberwolves President Chris Wright said in a statement. “Target has been a tremendous partner for our franchise and this agreement demonstrates Target's continued commitment to the building, downtown Minneapolis, and the Timberwolves.”
The Target Center cost $104 million to build-$7.3 million of which came from the state.