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COREL ADDS TO SPORTS PRESENCE WITH PALLADIUM DEAL
Published February 28, 1996
The Palladium and Corel Corp. announced the signing of a 20- year, C$25M marketing deal under which the Ottawa facility will be renamed the Corel Centre. For Corel, the Ottawa-based software company, this is the second large sports marketing move in the past year, as they signed on as title sponsor of the WTA Tour In October. Corel receives naming rights, identification on the interior and exterior of the building, logos on all sales materials, stationery, tickets, advertising and signage, as well as an executive suite, employee tickets, and special access to the building for its employees (Corel). Corel will also pay another C$5M in advertising, bringing the total package to C$31M. Corel will pay C$300,000 immediately to change the Palladium's signs, plus another C$5M to "promote the new name of the building." The C$26M will be paid out in annual payments, starting at C$950,000 and increasing by 3% each year. Ron Bryden, CEO of the Palladium: "It would have been nice to keep the name Palladium. But it's not worth $25 million" (Jill Vardy, FINANCIAL POST, 2/28). Corel CEO Michael Cowpland: "We need to have our name as recognizable as Microsoft's. ... This is a very economical way to get the mentions" (Allen Panzeri, OTTAWA CITIZEN, 2/28).