Key To The City: Seattle Renegotiates Arena Naming-Rights Deal
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City Of Seattle Reworks KeyArena
Naming-Rights Deal With KeyCorp |
The city of Seattle "has regained $615,000" of $2.3M lost in naming-rights revenue when Cleveland-based KeyCorp "agreed to renegotiate its deal and continue as the title sponsor of KeyArena," according to Percy Allen of the SEATTLE TIMES. When Seattle accepted a $45M buyout that allowed the Sonics to move to Oklahoma City in July, it terminated a 15-year deal signed in '95 with KeyCorp that "generated $1.1[M] in revenue in 2007." City officials approached KeyCorp in September and the two sides "settled on a two-year deal in which KeyCorp pays the city $300,000 next year and $315,000 in 2010." The agreement is "subject to approval by the City Council, which will vote in December." The city was "forced to offer a substantial discount to KeyCorp after losing the Sonics and [the WHL] Seattle Thunderbirds." The WNBA Storm are now the primary tenant of the arena at Seattle Center (SEATTLE TIMES, 10/7). The PUGET SOUND BUSINESS JOURNAL reported the $615,000 amount is "down from about $1.2[M]" per year KeyCorp would have paid the city had the Sonics not moved to Oklahoma City. Seattle officials indicated that as part of the naming-rights deal, KeyCorp "could have walked away from the deal after the Sonics left Seattle, but the bank's decision is 'very positive'" (BIZJOURNALS.com, 10/6).
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