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FIRST UNION'S PURCHASE OF CORESTATES TO ALTER SPORTS ENTITIES
Published November 19, 1997
In the "biggest bank merge ever," PA-based CoreStates Financial Corp. has agreed to be acquired by NC-based First Union Corp., according to Joseph DiStefano of the PHILADELPHIA INQUIRER. No new names have been announced for the CoreStates Spectrum or CoreStates Center in Philadelphia, but under terms of CoreStates' 29-year, $40M deal signed in '94, "the rights to the names of the two buildings passes to its successor." CoreStates is also title sponsor of the U.S. Pro Cycling Championships (PHILADELPHIA INQUIRER, 11/19). In Philadelphia, Edward Moran writes that the deal will probably "result in a change of address for the Flyers and Sixers." CoreStates Complex President Peter Luukko: "It looks like we'll be changing a lot of business cards, but really, it's just a sponsorship deal and it has no effect on our own management" (PHILADELPHIA DAILY NEWS, 11/19).