The new Twins ballpark set to open in 2010 has a new name: Target Field.
(See high resolution computer renderings of Target Field)
Target Corporation and the Minnesota Twins today announced that they have reached an agreement in principle on an exclusive 25-year partnership that includes the naming rights for Target Field, the new ballpark for the Twins. Beyond Target Field, Target and the Twins also will collaborate on the design of Target Plaza - a pedestrian bridge and public gathering space connecting Target Field to downtown Minneapolis. The Minnesota Ballpark Authority, the public owner of the facility, will oversee the design, construction and operation of the new ballpark and plaza. Financial terms were not released.
"The Minnesota Twins are extremely pleased to announce our partnership with Target Corporation, which includes the naming of our new home, Target Field," said Twins owner Jim Pohlad. "Our state is lucky to have many businesses that provide outstanding support and commitment to our community but none do it better than Minnesota-based Target. We are honored to be their partner."
"We are excited about our partnership with the Minnesota Twins and the opportunity to continue our long history of community support. We are confident that Twins fans and community residents will enjoy this wonderful addition to our area for many years to come," said Gregg Steinhafel, President and CEO of Target.
In addition to naming rights for Target Field and Target Plaza as well as an extensive brand presence at the new ballpark, the Twins and Target plan to jointly develop a wide variety of marketing and promotional programs to delight Twins fans and Target guests alike. They also plan to partner on community programs across TwinsTerritory.
While financial terms were not released, according to Don Muret of the Sports Business Journal, “The deal could be worth $4-6M annually based on the team's market size, said Premier Partnership's Randy Bernstein, who helped the A's complete a 30-year, $120M deal for Cisco Field in '06.”
A tip of the hat to Ken Fang of Fang’s Bites
Source: Minnesota Twins, Sports Business Daily