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SPECTACOR SELLS NAMING RIGHTS
Published September 12, 1994
Spectacor and CoreStates Financial Corp. announced a $40M, 29-year marketing contract Friday which includes renaming Philadelphia's Spectrum Arena as the CoreStates Spectrum and its unfinished neighbor (formerly Spectrum 2) as the CoreStates Center. Spectacor founder and owner Ed Snider "said he felt a little bit of regret" about having to sell the arena's name, but that he made the deal to avoid raising ticket prices to pay for construction. CoreStates will get exclusive marketing and financial services rights in the arena, as well as placement of its name throughout the complex, including the roof. CoreStates' logo will also appear on arena workers' uniforms and event tickets, and all broadcasts, advertising and publicity materials will "prominently" CoreStates. The deal includes an annual rent- free corporate event, space for four advertising dioramas per arena, and access to luxury suites and meeting rooms in the complex (Gary Miles, PHILADELPHIA INQUIRER, 9/10).