A reclusive billionaire tries to resuscitate the Timberwolves' struggling arena

"Competition exists for all live entertainment options in the Twin Cities market, which we believe is healthy and keeps us all striving to be our best," he says.

But the arena-concert market is extremely volatile. Gary Marx, who has promoted shows in town for 33 years and has booked acts at both venues, says that the business has changed "rapidly and radically" in the last five years.

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"We all recognize that big companies are the way of the world now," Marx says. "It's so early in the relationship to see how it will play out. We'll see how AEG treats local promoters and audiences. The future of Target Center hinges on that."