The City of Minneapolis, the Minnesota Timberwolves and Lynx and Anschutz Entertainment Group (AEG) have agreed to the major terms of a $97 million deal to renovate the 23-year old city-owned Target Center. Minneapolis will contribute $48.5 million to the project, the Timberwolves and Lynx will pay $43 million and AEG will pay $5.5 million.
“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,” said Glen Taylor, majority owner of the Minnesota Timberwolves and Lynx professional basketball teams, which both use Target Center as their home. “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 Wolves have extended their lease to 2032.