Naming Rights
On January 18, 2007 it was announced that the arena would be called Barclays Center, after London-based Barclays PLC. It was reported that banking and financial services company has agreed to pay the team $400 million over the next 20 years for the naming rights of their Brooklyn home, eclipsing the previous record for naming rights to an American indoor arena, set by Royal Philips Electronics in 1999, for $185 million over 20 years for Philips Arena in Atlanta. However, the rights were renegotiated by the end of 2009, and are somewhat more than $200 million. The proceeds of the naming rights go to the developer, not to the state of New York, which owns the land. Barclays does not have any retail banks in the US and will not have its own ATMs in the arena.
Read more about this topic: Barclays Center
Famous quotes containing the words naming and/or rights:
“Husband,
who am I to reject the naming of foods
in a time of famine?”
—Anne Sexton (1928–1974)
“... the structure of our public morality crashed to earth. Above its grave a tombstone read, “Be tolerant—even of evil.” Logically the next step would be to say to our commonwealth’s criminals, “I disagree that it’s all right to rob and murder, but naturally I respect your opinion.” Tolerance is only complacence when it makes no distinction between right and wrong.”
—Sarah Patton Boyle, U.S. civil rights activist and author. The Desegregated Heart, part 2, ch. 2 (1962)