Golden 1, one of the nation’s largest credit unions, has acquired naming rights for the $477M downtown NBA Kings arena set to open in October '16. Sources pegged the deal at $120M over 20 years, with an average annual value at $6M, making it one of the largest naming-rights deals for a single-tenant NBA arena. An associated co-branded credit-card program and the cost of out-of-home advertising program associated with the stadium could escalate the price even greater, a source said. Sacramento-based Golden 1 is the latest company to support a hometown naming-rights platform. It is the largest credit union in California and the sixth-largest in the U.S. with $9B in assets. The banks boasts 720,000 members in California, largely employees of the state gov't. Rights obtained by Golden 1 under the contract are not broadly exclusive across financial services, so the Kings, which handled the deal in-house, can sign additional partners within that category. The arena is designed to enhance both technology and sustainability in the region, and put a spin on flexibility, in an attempt to attract special events in one of the NBA’s smallest markets. The project extends to a new practice facility next to the arena and ties into a nearby mixed-use development. The arena's capacity will be 17,500, including standing room, with 34 suites, 40 "lofts" that are smaller premium spaces and three event-level lounges, connected to 1,200 club seats.
GIVE CREDIT: Golden 1 Center is believed to be the first major-league sports facility to have a credit union as a naming-rights sponsor. However, there are more than 10 college and minor-league facilities with credit unions in their nameplates, including SECU Arena at Towson Univ., SEFCU Arena at the Univ. of Albany and UCCU Center at Utah Valley Univ. Golden 1 continues a trend of unorthodox names for the Kings' home court. In '11, the former Arco Arena was rechristened as Power Balance Pavilion, and in '12 it was named Sleep Train Arena, after the California-based chain of mattress retailers.
