Revolution Stadium Talks With UMass Break Off UNM, WisePies End Arena Naming-Rights Deal Memphis Breaks Ground on Football Facility Facility Notes Timbers Unveil Stadium Expansion Plan Baltimore Mayor, Stronach Group Want Pimlico Replaced No User Fee For U.S. Bank Stadium HS Games Facility Notes Officials Break Ground On Pro Football HOF Village Hotel Mercedes-Benz Stadium To Be Ready By Early August
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STAPLE THE NAME ON L.A.'S NEW DOWNTOWN ARENA
Published October 27, 1997
MA-based Staples, Inc. has agreed to a 20-year deal with the developers of L.A.'s proposed downtown arena to "become the main corporate sponsor" for the $300M complex, according to sources "within the company" and cited by White & Dillman of the L.A. TIMES. The deal is worth "about" $100M, which is the "largest amount ever" paid for naming rights to an arena. In addition, GTE heads a group of "secondary sponsors" which "could bring in" an additional $50M. The city "would not receive" any of the money from the deals, however the money "could be used" to pay the $58M in municipal bonds, which the city is issuing to fund the new arena. Kings President Tim Leiweke said Friday that there was no finalized deal, but that talks will continue this week (L.A. TIMES, 10/25).