« Nets banking on Brits | Main | "That Money Has to Come From Somewhere" »
January 18, 2007
Barclays Pays Record Price to Put Name on Nets’ Arena
The NY Times
By Andy Newman
The city’s deputy mayor for economic development, Daniel L. Doctoroff, called the sponsorship deal particularly impressive given that Barclays does not even have retail banks in this country.
“To have an international investment bank without a major local presence to invest the way they are in the image of Brooklyn and the image of New York just is a remarkable vote of confidence,” Doctoroff said yesterday. “The idea of using Brooklyn and New York to build a global brand is one that we think is a very wise investment.”
Barclays is among the largest banks in the world by total assets, with more than $1.5 trillion.
...
One of the people with knowledge of the deal said the money would go a long way toward defraying the cost of the arena, which is expected to cost more than $550 million.“That money has to come from somewhere,” he said.
Posted by lumi at January 18, 2007 9:44 AM