NBA basketball franchise the Minnesota Timberwolves has signed five founding partners to support a development project at its Target Center home arena.
Insurance provider Federated Insurance, financial services company US Bank, television manufacturer TCL, snack brand Jack Link’s and local gambling facility Treasure Island Resort & Casino have all agreed to serve as founding partners.
The renovations include the upgrade of the 19,000-seat arena’s exterior, seats and technology.
The Timberwolves, together with WNBA sister team the Minnesota Lynx, which also plays its home matches at the arena, said that the companies have agreed to “long-term commitments” and also made “significant investments” in the teams.
Each of the founding partners will have a customised package that includes category exclusivity, as well as indoor and outdoor digital exposure and physical presence inside the venue.
Discount retailer Target Corporation holds the naming rights to the venue, and local medical practice and research group Mayo Clinic, which has a similar deal in place for the team’s practice centre, also agreed to “long-term commitments”.
Ethan Casson, chief executive of both the Timberwolves and Lynx, said: “These founding partners embody the same values and like-mindedness, and they are seeking to use their association with us to drive awareness and engagement. We are thrilled to welcome them to our Founding Partner family.”
The final phase of the renovation project is on schedule to be completed in time for the 2017-18 season.
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