Timberwolves to get $97 million arena renovation

7 Comments

You can check Minnesota off the list of teams that could be moving.

It was never likely they would be gone — Timberwolves owner Glen Taylor is a former state senator, not the guy likely to turn his back on the state — but a an agreement on a new, $97 million renovation of the Target Center comes with a new lease through 2032, the team announced Monday.

“The new Target Center will be stunning. I am thrilled that Timberwolves and Lynx fans will soon have a first class experience when they come to our games,” Taylor, majority owner of the Minnesota Timberwolves and WNBA’s Lynx, said in a released statement. “This is a fair and sensible solution. Target Center has a perfect location and good bones, so we’re excited about building something truly special on that strong foundation.”

As part of the deal, the City of Minneapolis will contribute $48.5 million to the project, the Timberwolves and Lynx will pay $43 million and AEG (which operates the building) will pay $5.5 million.

The renovations will be interior and exterior. Of course, there will be more premium seating as part of the renovation because that is what pays the bills in modern sports economics.

In case you’re curious about the next team that could move, it is the Milwaukee Bucks, their lease is up in four years. However, I wouldn’t bet on it, especially with Adam Silver taking over as commissioner — he is more committed to market stability than his predecessor.