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October 5, 2007
Ratner exec helps bags Meadowlands naming-rights deal: Welcome to Izod Center
Izod was selected as the new corporate sponsor for the Meadowlands Arena on the same day the NY Post reported that "the New Jersey Sports & Exposition Authority asked Brett Yormark, president and chief executive of Nets Sports and Entertainment, to help line up sponsors to rename the Continental Airlines Arena."
AP, via amNY, New Jersey arena to be named Izod Center
The New Jersey Sports and Exposition Authority has awarded clothing maker Izod, best known for its sports shirts, naming rights to the arena at the Meadowlands. The building will be called the Izod Center.
...
Two other clothing companies _ Rocawear and Southpole _ had also been bidding to have their name on the arena. Rocawear was co-founded by Def Jam Records president Shawn "Jay-Z" Carter, who also is part-owner of the Nets. Southpole is based in nearby Fort Lee.Izod's 5-year deal is for roughly the same amount, but the Authority's chairman, Carl Goldberg, said Thursday that Izod will pay in cash only. Goldberg estimated that the total value of the contract is closer to $2 million per year when other factors are considered, such as Izod's commitment to provide marketing and advertising for arena events.
Though the Nets plan to move to a proposed new arena in Brooklyn sometime after the 2008-2009 season, team president Brett Yormark was instrumental in soliciting bids for the naming rights.
NoLandGrab: "Sometime after the 2008-2009 season?" Is that like, wa-a-ay after?
It's kinda weird that Yormark is working both sides of the deal: the Nets are trying to get out of the Meadowlands as soon as possible; meanwhile, their president just helped to facilitate a deal that will presumably provide less value for the corporate sponsor if the Nets get out of the Meadowlands as soon as possible.
Posted by lumi at October 5, 2007 10:54 AM