Target has struck a 25-year partnership deal with the Minnesota Twins that includes naming rights to the team’s new downtown Minneapolis ballpark, to be dubbed Target Field when it opens in 2010.
Part of the ballpark project includes construction of Target Plaza, a public gathering space that will incorporate a pedestrian bridge between the ballpark and downtown Minneapolis. The Minnesota Ballpark Authority, public owner of the facility, will oversee the design of both the ballpark and the plaza. Financial terms of the deal were not disclosed. The most lucrative baseball stadium rights deal in recent years was the one Citigroup struck with the New York Mets two years ago to name that team’s new stadium Citi Field in a 20-year pact reportedly worth $400 million.
“Our organization has been active in the community for years and we wanted a partner with similar values,” said Twins spokesman Kevin Smith, who said the Twins also wanted a locally based partner.
Target’s corporate headquarters is in Minneapolis.