Devils Officially Announce Arena Naming Deal With Prudential

Prudential Paying Around $105M Over 20 Years For Naming Rights To Devils’ Arena

The Devils officially announced a deal with Prudential Financial in which the company will pay “about $105[M] over 20 years for naming rights” to the team’s new arena in Newark, according to Greg Saitz of the Newark STAR-LEDGER. The arena will be called Prudential Center. Devils Owner Jeff Vanderbeek indicated that Prudential will pay $4.5M a year for the first five years of the agreement, and “payments will increase 2.5[%] annually for the rest of the term.” Vanderbeek said that the arena, scheduled to open in the fall, is “now projected to cost as much as $376[M], ... up from an earlier $365[M] price tag.” Saitz notes the new arena is being built “just a few blocks” from Prudential’s headquarters (STAR-LEDGER, 1/9).