A New Era for the Timberwolves and Lynx?

As the second-oldest arena in the NBA, the Target Center is facing a potential upheaval. New owners Marc Lore and Alex Rodriguez have made it clear: they want a brand-new arena for their teams, the Timberwolves and the Lynx.

Challenges at the Aging Target Center

At 35 years old, the Target Center is showing its age. With limited premium seating and cramped concourses, the venue is struggling to keep up with modern demands and revenue generation. Notably, it's also lacking adequate storage and loading areas, which are crucial for hosting major events and concerts.

What’s Next for the Timberwolves?

Industry expert Don Kohlenberger highlighted that any new development would require a significant investment in urban planning, calling for a comprehensive solution that extends beyond the arena itself. There’s ongoing work to evaluate the feasibility of keeping the arena in downtown Minneapolis.

Transport Infrastructure: A Key Consideration

According to Adam Duininck, CEO of the Minneapolis Downtown Council, one of downtown’s biggest advantages is its robust transportation infrastructure. He believes this would facilitate the new arena's success, possibly akin to the transformative effects Target Field had on the North Loop.

City Leaders Weigh In

In response to the owners' plans, Minneapolis Mayor Jacob Frey expressed his support for maintaining a strong sports presence in the city, emphasizing that any new arena should not rely on taxpayer funding. Frey maintained that the economic and cultural identity of Minneapolis is deeply intertwined with its professional sports.

Financing the Future

While Lore and Rodriguez have not revealed specific funding plans, they're prepared to finance a new venue privately. This could be a significant shift in the current political landscape where other Minnesota sports teams had failed in their bids for state funding.

What Lies Ahead for Target Center?

Despite the proposed changes, the fate of the Target Center remains complicated. Minneapolis acquired the arena in 1995, and after a $74 million renovation funded by public bonds, there's still outstanding debt. The arena collected about $1.6 million in rent from the Timberwolves in 2024, alongside various revenue streams from the city, but the costs are also significant.

Lease Penalties and Long-Term Plans

The current owners would incur a hefty $50 million penalty for breaking their Target Center lease before 2035. With their hands full with team drafts and executive hires, a concrete plan isn’t expected anytime soon. As one industry expert put it, "None of these projects happen overnight. They involve significant time, effort, and multiple stakeholders." Timberwolves fans may have to wait a while longer for a new venue.