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March 4, 2011
Media meme #1: why is the Barclays Center naming rights deal reported as "nearly $400 million"?
Atlantic Yards Report
How exactly are sports reporters still reporting that the Barclays Center naming rights deal resembles the $400 million deal announced in January 2007?
The article begins:
New Jersey Nets CEO Brett Yormark looked at Brooklyn and saw the world, a melting pot of humanity.
He also saw a world of opportunity for the Nets as the franchise planned its move to Brooklyn starting with the 2012-13 season.
Yormark began an aggressive pursuit of international brands the Nets could partner with, scoring a lucrative 20-year naming-rights deal worth nearly $400 million for the Brooklyn arena with Barclays, the London-based banking and financial services giant.
How does the reporter know the value of the naming rights deal?
Because the $400 million figure was promoted relentlessly by the Nets and Forest City Ratner, and repeated dutifully by journalistic outlets like the New York Times.
What about the cut?
The cut in the agreement, to $200 million and unspecified "certain fees," got covered in a few media outlets. The Times barely covered the story; it referred to "an additional sum" and later reported the Nets claimed "that the bank’s total annual payments, including fees for other rights, remain unchanged."
No evidence was cited. The available evidence, as noted at bottom, suggests otherwise.
Posted by eric at March 4, 2011 10:32 AM