Target and Minnesota Timberwolves extend arena partnership

Target® Corp. (NYSE: TGT) and the Minnesota Timberwolves, along with AEG Facilities, announced today they have extended the Target Center naming rights partnership through 2014. The three-year extension allows the parties to gain a better understanding of the potential for future renovations to Target Center.

“Target is pleased to continue our sponsorship of the Target Center and help provide our hometown with a facility where guests can experience exciting sports, entertainment and events,” said Shawn Gensch, vice president, marketing, Target. “Target Center is important to the vibrancy of downtown Minneapolis, and we look forward to carrying on our great relationship with the Timberwolves.”

Target has been the sole naming-rights holder of Target Center since the building opened in 1990.

“We are excited to extend our partnership with Target for the naming rights of Target Center," said Timberwolves President Chris Wright. "This short-term extension allows both Target and the Timberwolves to fully understand the future renovation plan to Target Center. 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 is managed by AEG Facilities and owned by the City of Minneapolis. Steve Mattson, vice president and general manager, AEG Facilities, added, “We are honored and excited to continue our association with Target. Target Center is a world-renowned arena that has consistently offered our community a diverse mix of the best entertainment available. We have been lucky enough to share an incredible brand identity with Target for 21 years. We look forward to many more years to come.”

Courtesy: Michael Cristaldi/Minnesota Timberwolves