Stadium and arena naming rights has become a big income producer for professional sports teams and there's no shortage of businesses willing to pony up the dollars necessary to gain the exposure that comes with getting the company name on a facility.
Target, which already has its name on the arena that's home to the Minnesota Timberwolves, has picked up another sporting venue after reaching a deal to have the Minnesota Twins' new 40,000-seat ballpark named Target Field.
In addition to the ballpark, Target and the Twins are working together on Target Plaza, described by the parties as "a pedestrian bridge and public gathering space connecting Target Field to downtown Minneapolis."
Jim Pohlad, one of the Twins' owners, said, "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," said Gregg Steinhafel, president and CEO of Target.
In addition to naming rights and a strong brand presence at the new stadium, Target and the Twins are planning to jointly develop a wide variety of marketing and promotional programs. They also plan to work together on a number of community programs in the area.
Discussion Questions: Is there a strong business case to be made for companies seeking naming rights on professional sports facilities? What is your assessment of Target having its name on both the new stadium for the Twins and the arena where the Timberwolves play?