Timberwolves sign up partners for arena development

The Minnesota Timberwolves NBA basketball franchise has signed up five founding partners to support a renovation project at its Target Center home arena.

Insurance products provider Federated Insurance, American financial services company US Bank, television manufacturer TCL, snack company Jack Link’s and local gambling venue Treasure Island Resort & Casino have become partners.

In a statement, the franchise said that all of the companies have made “long-term commitments and significant investments” in the Timberwolves, as well as sister WNBA team Minnesota Lynx, which also plays its home games at Target Center.

Each company has acquired a customised package with the Timberwolves and Lynx, including category exclusivity, indoor and outdoor digital exposure and a physical presence inside the arena.

Discount retailer Target Corporation holds the naming rights to the venue, while local medical practice and research group Mayo Clinic has a similar deal in place for the team’s practice centre. Both companies have also agreed to “long-term commitments”.

Renovation work at the Target Center is on schedule, with the final phase to be completed in time for the 2017-18 season. The teams are now in the process of securing a series of legacy partners for the venue and will make announcements in due course.