Marine Midland Bank has agreed "in principle" to obtain the
naming rights to Buffalo's Crossroads Arena. Marine Midland and
Crossroads Arena LLC (CALLC) have signed a letter of intent that
will see the still-under-construction complex called the "Marine
Midland Arena." The bank will pay $15M for a 20-year deal. A
majority of the arena, set to open next fall, was financed
through private sources, with Erie County, NY State and the City
providing additional financial support (Marine Midland Arena).
The bank, and its parent company, HSBC Holdings, will feature
their "red bow tie" logo around the arena and on the ice. Kevin
Collison reports in the BUFFALO NEWS that the $15M "is the first
major source of revenue" that will go toward repaying the private
sources who helped finance the $127.5M project. The project was
originally named Crossroads after the neighborhood it which it is
located. The $15M/20 year deal is roughly three times what North
AmeriCare paid for the naming rights to Pilot Field, a AAA
stadium in downtown Buffalo (BUFFALO NEWS, 10/26).
