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SBJ/September 3-9, 2012/Franchises
New seats, signs for Wolves
Published September 3, 2012, Page 9
The Wolves have added eight new courtside seats between the team benches priced at $29,670 each per season. The new seats come as the Wolves have sold out of all 120 existing floor seats ranging in price from $25,800 to $68,800 a season.
|With courtside seats sold out, Minnesota has added eight more at Target Center.
“We were low on courtside inventory and we were sold out, so we have reformed everything,” said Timberwolves President Chris Wright.
Wright would not disclose how much new revenue the courtside changes will generate, but said that demand for inventory has increased, with the team enjoying a 95 percent season-ticket renewal rate along with full-season-ticket sales of 9,000 with two months left during the offseason sales cycle. The Wolves so far have sold more than 2,000 new full-season packages.
The courtside changes come while the team renovates and renames its suite-level space at the Target Center that has been known as Club Cambria. The Wolves are spending $150,000 to convert six suites into additional space for the club, increasing its capacity to 208 from 128 in time for the team’s preseason home opener Oct. 13. The upscale club includes fine food, a full bar and plush seating.
The club will be called the Treasure Island Resort & Casino VIP Terrace under the terms of a three-year sponsorship renewal with Treasure Island Resort & Casino. Cambria Holdings’ naming-rights deal for the suite expired, but the company is in talks with the Wolves about the creation of a new Cambria-branded space in Target Center as part of a major renovation slated to begin next year.
The Wolves wanted to expand the club this year because of strong demand for tickets there. The club’s 128 seats have sold out each of the past two years at a price of $4,644 a seat for season tickets.
“As we looked at that space, we obviously see the opportunity to grow capacity,” Wright said.
John Vomhof Jr., a writer for the Minneapolis/St. Paul Business Journal, an affiliated publication, contributed to this report.