Penguins' Home To Keep Mellon Arena Name For 2009-2010 Season
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BNY Mellon Extends Naming
Rights To Mellon Arena Through 2009-2010 |
The Bank of New York Mellon has reached an agreement with the Penguins to "extend its naming rights deal to Mellon Arena by one year," according to Mark Belko of the PITTSBURGH POST-GAZETTE. The deal "assures that the Igloo, in its final year of existence before the team moves into its new home, will bear the Mellon name." The arena has been called Mellon Arena since '99, when Mellon Financial Corp., which last year merged with Bank of New York, "reached a 10-year deal with the team to affix its name to the Civic Arena." The extension was needed because the existing deal expires after the '08-09 season and the new arena is not scheduled to open until the 2010-2011 season. Neither BNY Mellon nor the Penguins would disclose the terms of the extension. The original 10-year naming rights deal worked out to about $1.8M a year. The extension "sets the stage for what is expected to be keen bidding for the rights to the new arena." SportsCorp President Marc Ganis said that a deal for the Penguins' new arena "could range anywhere from [$3-8M] a year." BNY Mellon "has the right of first refusal to the naming rights to the new arena" (PITTSBURGH POST-GAZETTE, 6/20).
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