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August 8, 2008

Vonage makes deal with Izod Center

Newark Star-Ledger
by Maura McDermott

The internet phone company Vonage Holdings will pay more than $1 million to put its name on the concourse of the Izod Center, the Nets and the sports authority announced yesterday.

The four-year deal makes the Holmdel-based firm a "legacy sponsor," with naming rights to the concourse and signs along Routes 3 and 120, according to the Nets. The team brokered the deal for the New Jersey Sports and Exposition Authority, which operates the Meadowlands Sports Complex.
...

Enticing corporations to pay for the right to name a concourse or entryway -- in addition to selling the naming rights to the whole building -- is an increasingly popular way to raise money, said Howard Bloom, publisher of the Sports Business News online newsletter.

But when it comes to the Izod Center, it can't be easy to attract lucrative sponsorship deals, he said.

"A lot of people are imagining that building as a parking lot," he said. "Because the building has such an uncertain future, they'll take whatever reasonable offer they have."

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NoLandGrab: So the Nets brokered the deal on behalf of the New Jersey Sports and Exposition Authority, and it runs for four years, or through 2012, which is well beyond when the Nets claim they'll be all snuggled in in Brooklyn. Would you pay to have your name on the Concourse of an arena that wouldn't have any tenants during part of the term of your sponsorship? Would you pay to sponsor a Concourse period?

Posted by eric at August 8, 2008 12:36 PM