New Timberwolves and Lynx CEO calls arena a 'huge priority'

Ever since new Timberwolves majority owners Alex Rodriguez and Marc Lore took full control of the franchise earlier this year, they've been public about future plans to build a new arena.

The man now tasked with strategizing arena plans is Matt Caldwell, the new CEO hired to oversea the Timberwolves and Lynx after a decade as CEO of the two-time defending NHL champion Florida Panthers. Caldwell was interviewed by the Minnesota Star Tribune on Monday and he gave a bit of a glimpse into how long it could take before a new arena comes to life.

"There’s permitting that’s involved, zoning, architects, whether or not we’re going to have a development partner," Caldwell told Christopher Hine. "That could all be within a two to four-year process. You’re probably looking at least five years to have it open, but it’s a huge priority for us. But I want to set the stage that it’s going to be a massive operation."

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It's unclear how far down the road the Timberwolves and Lynx are with any arena plans, but Caldwell painting a five-year picture and calling it a "massive operation" sets the tone for what could be a newsworthy undertaking in the months and years to come.

The Wolves have played home games at the Target Center since 1990. The arena was renovated in 2004, 2014 and 2017, but the only NBA arena older than it is Madison Square Garden in New York.

As for the short term, the Target Center will have new lighting during the 2025-26 season. It was previously reported that the franchise plans to spend $1.6 million on theatrical-style lighting, which mimics what the Knicks and Lakers do at their arenas. Caldwell confirmed the new lighting to the Star Tribune.

Ultimately, Rodriguez and Lore are taking the franchise into a new era. It may just be a matter of where and when a new arena is built.

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