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December 5, 2009

Nets naming-rights deal at Brooklyn arena pays half of original figure

The Star-Ledger

Barclays has proclaimed it is committed to the proposed Nets arena. Perhaps the fact that they're paying half of what was originally announced for naming rights could be a factor.

The British-based Barclays Bank is paying half of what it originally agreed to for naming rights on a planned Brooklyn arena for the NBA's Nets team, a report in NorthJersey.com said.

The newspaper said the once-record $400 million naming rights deal was chopped to $200 million, according to a statement prepared by Goldman Sachs sent out to investors for the $900 million arena. The original $400 million deal would have shattered the record for the most lucrative deal for an indoor arena in the United States, according to the New York Post. Still, at $10 million a year, the renegotiated deal would be double what Prudential paid for naming rights on the Devils’ hockey arena in Newark, the report said. And the document indicates the New York Islanders could be another potential tenant.

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NoLandGrab: Yet to be rationally explained is how a hockey team will play in an arena that cannot accommodate a hockey rink.

Posted by steve at December 5, 2009 8:13 AM