09/29/2009 10:59 AM ET
Twins announce Best Buy as founding partner of Target Field
Deal designed to enhance the Twins fan experience with more than 625 customized viewing screens throughout the new ballpark
MINNEAPOLIS-ST. PAUL, Minn. - Best Buy and the Minnesota Twins today announced a new seven-year partnership that includes a founding partner designation for Target Field, the new world-class home of the Twins opening in April 2010.
As part of the agreement, Best Buy developed - under its exclusive brand Insignia - customized LCD displays that will allow the Twins to link together every viewing screen in the ballpark. The Twins will purchase more than 625 screens from Best Buy, 400 of which are Insignia.
In addition, Best Buy will have a number of fan encounters located throughout Target Field. These experiences will focus on Best Buy products and technology offerings that will enhance the Twins fan experience, enabling them to stay connected to their favorite team from anywhere.
"The Twins are proud of our continuing partnership with Best Buy and we're excited they will be joining us as we make our move into Target Field," said Eric Curry, Twins vice president of corporate partnerships. "The Best Buy team has worked closely with us to develop an outstanding customized line of Insignia TV's that will continue to take our fan experience to a new level."
Best Buy also becomes a cornerstone partner of the Minnesota Twins Community Fund, which enriches local and regional communities by providing resources for the healthy development of children and families through an association with baseball, softball and the Minnesota Twins.
"We're thrilled to continue our partnership with the Minnesota Twins, and this deal is especially exciting," said Brian Dunn, CEO of Best Buy. "Not only can we continue to connect with passionate Twins fans and show our commitment to the people in our home state, but we'll have the opportunity to make the experience of attending a Twins game even better with the latest technology. And that's what Best Buy is all about."
With the announcement of the seven-year deal, Best Buy becomes the third of four founding partners at Target Field. The Twins and Best Buy have been partners for the past 10 years.
About Best Buy Co., Inc.
With operations in the United States, Canada, Europe, China and Mexico, Best Buy is a multinational retailer of technology and entertainment products and services with a commitment to growth and innovation. The Best Buy family of brands and partnerships collectively generates more than $45 billion in annual revenue and includes brands such as Best Buy; Audiovisions; The Carphone Warehouse; Future Shop; Geek Squad, Jiangsu Five Star; Magnolia Audio Video; Napster; Pacific Sales; The Phone House; and Speakeasy. Approximately 155,000 employees apply their talents to help bring the benefits of these brands to life for customers through retail locations, multiple call centers and Web sites, in-home solutions, product delivery and activities in our communities. Community partnership is central to the way we do business at Best Buy. In fiscal 2009, we donated a combined $33.4 million to improve the vitality of the communities where our employees and customers live and work. For more information about Best Buy, visit www.bestbuy.com.
About Target Field
Target Field, one of America's most urban ballparks, will be located in the historic Warehouse district of downtown Minneapolis. Site clearing began May 15, 2007 with actual construction commencing in August 2007. Designed by Populous (formerly HOK Sport) with Mortenson Construction serving as construction manager, the 40,000 seat ballpark is slated for completion prior to Opening Day 2010 and the cost of construction is $425 million. The Twins and Target Corporation announced a historic 25-year naming agreement for Target Field and Target Plaza on September 15, 2008. The Twins Ballpark Webcams provide fans the opportunity to view progress on the construction of the new downtown Minneapolis ballpark through completion in the spring of 2010. For more information on Target Field and to view the site through the Webcam, visit twinsbaseball.com/newballpark.
The Minnesota Legislature in 2006 approved legislation to fund the new Minnesota Twins ballpark. The legislative action was the culmination of a 10-year effort to return outdoor baseball to Minnesota. Under the terms of the legislation, the public contribution totaled $350 million, which included $90 million for infrastructure and $260 million for ballpark construction. The legislation called for the primary public contribution to be financed by Hennepin County issued bonds that will be repaid from a County sales tax. Since the legislation was adopted, public sources such as the Minnesota Department of Transportation, the Northstar Project and the Minnesota Ballpark Authority (MBA) have contributed an incremental $5.525 million to the Public Infrastructure Budget. The MBA was created to oversee the design, construction and operation of the new ballpark. The MBA will own the ballpark and the site on which it sits on behalf of the public. Under the original legislation, the Minnesota Twins' contribution was $130 million for ballpark construction costs and any cost overruns. Since the legislation was adopted, the team also has committed to contributing an additional $55 million ($15 million for non-land infrastructure expenses, $4.5 million for plaza enhancements and $35.5 million for ballpark enhancements). Target Corporation has also matched the Twins contribution of $4.5 million for plaza enhancements. The total ballpark budget stands at $425,491,694 with the Public Infrastructure budget at $119,525,000 as approved by the MBA on May 15, 2009.