Three Firms Bid For Naming Rights For Meadowlands Arena
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Three Apparel Firms Bid On Naming
Rights To Continental Airlines Arena |
Apparel firms Izod, Rocawear and Southpole all made bids for the naming rights to Continental Airlines Arena by yesterday's deadline, according to sources cited by Maura McDermott of the Newark STAR-LEDGER. One NJSEA official indicated that Southpole, a sportswear company, made the highest bid, offering nearly $2M per year. The NJSEA BOD "will review the bids and make a decision" as soon as October 4. NJSEA President & CEO George Zoffinger said the new sponsor "will increase our deal, both in gross and net." McDermott notes Continental now pays $1.3M annually for the naming rights, but "recently backed out of the deal because the facility has lost its main attractions" -- the Devils, who are relocating to Newark, and the Nets, who are moving to Brooklyn. Both Rocawear, which is owned by Nets investor Shawn "Jay-Z" Carter, and Izod are Nets sponsors (Newark STAR-LEDGER, 9/25). In New Jersey, John Brennan cites sources who said that Izod "expressed the greatest initial interest, which may give it the inside track unless it is significantly outbid." Zoffinger said, "I'm optimistic that we'll be able to over-achieve the current financial deal that we [had] with Continental." Brennan notes Continental was paying about $650,000 annually. The NJSEA, which had split the Continental naming rights revenue almost equally with the Nets and Devils, is "expected to get about two-thirds of the new revenue stream." Nets President & CEO Brett Yormark has helped the NJSEA in its search for a new naming-rights partner (Bergen RECORD, 9/25).
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