Costs Rise For Wizards' Practice Facility NASCAR Tracks Cashing In With Non-Racing Events Bypass To Put Its Hardware In Sports Venues San Diego Chamber Endorses Chargers' Plan Sources: Ballmer Wants New Arena For Clips Vikings Select Firms To Build New HQ LAFC Mulls HQ, Complex In Tustin Beaver Stadium Capacity Likely To Get Smaller Seahawks/Sounders Looking For Naming Rights Turner Field Area Could Become College Stadium
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).