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Early Withdrawal Penalty: BofA Pays To Exit FleetCenter Deal
Published January 5, 2005
BofA Signs Deal To Get Out
Of FleetCenter Naming-Rights Deal
Bank of America and Delaware North Cos. have reached an agreement on the naming-rights deal for the FleetCenter. The FleetCenter name and logo, including all interior and exterior signage, will remain in place until Delaware North signs a new naming-rights partner or through October 14, 2005, whichever comes first. Financial terms were not disclosed (Delaware North). In Boston, Sasha Talcott reports the cost for BofA to get out of the final six years of FleetBoston Financial Corp.’s $15-year, $30M naming-rights deal is “likely in the range of [$2-3M].” Arena execs indicated that they are “receiving phone calls from about a dozen interested companies,” though they declined to reveal names. FleetCenter President & CEO Richard Krezwick said that “half his inquiries have been from national companies,” and added that both national and local companies “have expressed ‘varying degrees of interest.’” Former FleetCenter President Larry Moulter, now a sports marketing consultant, said that the arena will have two potential problems in inking a new sponsor: the “diminishing number of big companies headquartered in the region, and the fact that naming-rights deals may be less popular than they were in the mid-1990s.” But Moulter added that the arena “should have no trouble finding a sponsor because the building already has established itself as a major sports and entertainment hub” (BOSTON GLOBE, 1/5).