T'Wolves And Target Extend Naming-Rights Deal Through '14
Target Corporation, the T’Wolves and AEG Facilities announced yesterday they have extended the Target Center naming rights partnership for three years, through '14. Target has been the sole naming-rights holder of Target Center since the building opened in '90 (Target). SPORTSBUSNIESS JOURNAL's David Broughton reports the previous rights deal “expired Aug 31.” Financial terms of the extension “were not revealed,” but Target Dir of Strategic Partnerships, Events & Lifestyle Marketing Dan Griffis said that terms “were comparable to the company’s previous agreement” of about $1.5M a season. T’Wolves President Chris Wright said that the “physical condition of the arena will play a critical role when it comes time for the two sides to revisit the new three-year deal.” Wright: “Target demands an outstanding customer experience in all their stores, and they would like that to be true in the arena. Three years allows all parties to work together to get our building to where it really needs to be” (SPORTSBUSINESS JOURNAL, 9/19 issue). In Minneapolis, John Vomhof Jr. reports the three-year deal “is much shorter than what ... Timberwolves officials previously said they were seeking.” They had hoped to “land a 14-year deal to match the years remaining on the team’s Target Center lease.” As the previous deal neared expiration this summer, the T’Wolves had “engaged in talks with multiple companies, including Chanhassen-based Life Time Fitness Inc., about possibly renaming the facility.” The extension makes the arena's naming-rights deal “the longest running” in professional sports (BIZJOURNALS.com, 9/19).