NASCAR HOF Sponsors Revenue Plummets Glendale On Pace To Lose $8.8M On Arena Deal OU Prez Says Stadium Upgrades Not Delayed Indy Eleven Unveil Stadium Renderings Wisconsin Gov. Proposes Bucks Arena Funding Inglewood Likely To Vote On Proposed NFL Stadium Hillsborough County Hires Firm With MLB Ties NHL Jets' Downtown Development On Hold? Rams Convert To Annual Tenant At Jones Dome Packers Buy More Land For Development
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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).