Timberwolves and Lynx co-owner says building a new arena is a 'necessity'
Go Deeper.
Create an account or log in to save stories.
Like this?
Thanks for liking this story! We have added it to a list of your favorite stories.
Former MLB all-star and now entrepreneur, Alex Rodriguez said it’s “very important” to him to get a new arena in Minneapolis.
“Back in the day, it was really a vanity or a luxury to have. Today it’s a necessity, and it's a necessity to compete,” he said on Tuesday at the University of Minnesota for a speaker series with the Carlson School of Management.
Target Center is the second oldest arena in the NBA and although they’re actively making improvements, Rodriguez said it’s not enough. He expects to secure funding mostly through private investment. He also said, he expects it to be a five- to seven-year project.
Additionally, new Timberwolves and Lynx CEO Matt Caldwell said they’re continuing to bring in new systems to increase revenue in the meantime. They’ve added a new ticketing system called “Jump.” He said while most owners outsource their ticketing systems to a third party, “Jump” allows a team’s ownership to get more targeted data on their fans.
Turn Up Your Support
MPR News helps you turn down the noise and build shared understanding. Turn up your support for this public resource and keep trusted journalism accessible to all.
“The sports industry is still a little bit archaic in that they don't have a lot of data on their fans. You can't get to know them,” Caldwell said.
He also said they’re planning on incorporating more artificial intelligence into their ticket pricing. This includes using models that incorporate factors like the weather, the teams playing, and even the political environment to adjust pricing per gameday.
“All these things we're generally doing somewhat manually,” Caldwell said. “But AI is going to be able to get us the price every second. What's the exact penny that we should be going up or down to maximize revenue?”
Listen to a snippet of the conversation by clicking the player above. You can find previous “1st Tuesday” events here.
