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GOING TO CALIFORNIA: STAPLES INKS LARGEST NAMING RIGHTS DEAL
Published December 2, 1997
MA-based Staples has agreed to pay $100M over 20 years for the naming rights to L.A.'s downtown arena complex scheduled to open in fall '99. The facility will be named the Staples Center, and the company will also be awarded marketing, promotional and signage rights, community-based programs -- including the Staples Center Foundation which will raise $1M for inner-city kids -- and various amenities in Staples Center over the next 20 years (Staples). DC- based ProServ, which was retained by the NHL Kings, negotiated the rights deal (ProServ). The facility will seat 20,000 for basketball, 19,000 for hockey; includes 162 suites and 2,500 club seats (L.A. TIMES, 12/2). REAX: In L.A., Randy Harvey notes the visibility of the arena, and writes that "one reason Staples paid so dearly for the naming rights is that the arena will be at the interchange of the 10 and 110 freeways" (L.A. TIMES, 12/2). In N.Y., Stefan Fatsis writes that at $5M per year, the Staples Center naming rights deal "raises the bar even higher." ISI President Frank Vuono: "It's a dynamic market and a dual-purpose facility" (WALL STREET JOURNAL, 12/2). Developers are also looking for "an additional 10-12 smaller founding sponsors that will result in arena signage" (Marc Pollack, HOLLYWOOD REPORTER, 12/2).