New Timberwolves owners expected to 'formulate plans' for new arena soon

There's little doubt that Alex Rodriguez and Marc Lore will look to replace the Target Center with a modernized arena in the near future.

Jan 27, 2020; Minneapolis, Minnesota, USA; The Minnesota Timberwolves honor Kobe Bryant and his daughter Gianna outside the Target Center for the game against the Sacramento Kings. | Bruce Kluckhohn-Imagn Images

Ever since Alex Rodriguez and Marc Lore first agreed to purchase the Timberwolves from Glen Taylor in 2021, it has seemed logical that the new ownership group would look to replace Target Center with a modernized arena. It's the second-oldest venue in the NBA, behind only New York's iconic Madison Square Garden.

The ownership transfer hit a snag in 2024 when Taylor called off the sale, claiming the prospective buyers had missed a payment deadline. The dispute went to arbitration, where a panel ruled in favor of Rodriguez and Lore this February. Taylor declined to appeal that decision and officially agreed to the sale in April, meaning Rodriguez and Lore will take over full control following a vote from the NBA (which is expected to take place within the next month).

Unsurprisingly, one of the first major orders of business for the new owners will be putting the plan for a new arena into motion, according to The Athletic's Jon Krawczynski.

"They plan to be much more aggressive with their investment on the business side of the operations, including formulating plans for a new arena, team sources told The Athletic. The partners have openly stated their firm commitment to keeping the team in Minnesota, and team sources reiterated that is the long-term vision for a team that is booming in popularity locally, thanks to their playoff runs the last two seasons."

The idea of a new Timberwolves arena — which is more impending reality than idea — raises numerous interesting questions. How soon might it realistically open? Will it be fully privately funded or will the city of Minneapolis be asked to pay for a portion? Perhaps most notably, where will it be located?

If the Wolves look to knock down Target Center and build on that same site, the team will need a temporary home, like when the Minnesota Vikings played at the Gophers' stadium for two seasons while U.S. Bank Stadium was being built. Would U.S. Bank Stadium or the Minnesota Wild's arena in St. Paul work as a temporary NBA venue? Another possible location that has been rumored is the Minneapolis Farmers Market area. The City Center is also an interesting idea. The worst-case scenario for many fans in Minneapolis (barring the team leaving the state entirely) would be a suburban venue.

Regardless, it seems inevitable that the current Target Center — which underwent a $140 million renovation that was completed in 2017 — won't be the Timberwolves' arena for too much longer.