Timberwolves Now Want Help Paying for New Arena; Will They Get It?

September 24, 2026 · Yahoo Sports

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Shortly after Marc Lore and Alex Rodriguez began their purchase process of the Minnesota Timberwolves and Lynx, from former owner Glen Taylor, both guys began floating the idea of a new arena, to replace Target Center.

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Of course, we’ve heard this song and dance before. But who is going to pay for it? That’s always the deciding question, and where the Lore/A-Rod arena plan stood out.

Because the new owners claimed they would pay for it, alone, through private investments/fundraising efforts and their own pocketbooks… but no taxpayer dollars.

Of course, that was before Marc Lore sold his controlling interest in the MN Timberwolves to private hedge fund manager out of California, Marc Stad, who crowned his wife Elisa Stad as the Wolves’ official team Governor.

And just like that, the higher-ups in the organization have changed their arena plans, at least when it comes to how they plan to pay for it… and where it might be built.

MN Timberwolves now asking for public funding for new arena

This week, Timberwolves CEO Matt Caldwell spoke at the North Star Summit, while on the Star Tribune stage next to Minneapolis Mayor Jacob, where he reaffirmed eventual plans to build a new arena. This time, however, they are looking to partner with local and state lawmakers, in order to pay for it.

The Timberwolves and Lynx are still “100% committed” to building a new arena in Minnesota despite a pending ownership change, the teams’ top executive said Tuesday.
However, CEO Matt Caldwell did not promise to keep the venue in downtown Minneapolis and implied the project would seek some form of public assistance — a subtle but notable shift from previous statements that ownership was prepared to privately finance a development.
Katie Galioto – Star Tribune

Historically, Frey has been opposed to supporting any sort of public funding to build a new arena or stadium in downtown Minneapolis, which is why the Minnesota Timberwolves are keeping their options for a final location open.

That’s smart because, despite Frey changing his tune a bit at the North Star Summit, it remains extremely unlikely the Wolves will get financial support from both the City of Minneapolis and the State of Minnesota.

Good luck getting money from city or state

The Minnesota Wild have found that out the hard way in recent years, as they’ve been trying to secure $200 million in State funding, in order to renovate Grand Casino Arena. He even got St. Paul Mayor Her on board.

Unfortunately, the State of Minnesota — under Governor Tim Walz — has shown zero interest in funding another stadium or arena project, even if they can get local officials on their side.

As mentioned above, just getting Mayor Frey’s support would require a major change in philosophy, on his end. However, he did show some intrigue over the idea of another brand new arena in downtown Minneapolis and what it could bring financially to the area.

Frey, who opposed direct subsidies for U.S. Bank Stadium, said he cannot deny the effect of the NFL venue on the east end of downtown. It has generated $1.3 billion in direct spending and $2.77 billion in economic activity in the surrounding neighborhood, he added.
Both Frey and Caldwell pointed to the development around Allianz Field in the Midway neighborhood of St. Paul as an example. Two new restaurants are opening on the site soon, and a hotel, office building and parking ramp are under construction.
“We’re not just talking about an arena,” Frey said. “This is a massive opportunity to shift how downtown functions.”
Star Tribune

No matter where they Minnesota Timberwolves decide to build the arena, they will struggle to get approval if it needs hundreds of millions of dollars from the State of Minnesota.

Their best and easiest path to success, if the new owner isn’t going to pay for a new arena himself, is to find a suburb of the Twin Cities that would agree to foot whatever part of the bill ownership won’t. That way, you eliminate the need for state funding.

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