STAPLE THE NAME ON L.A.'S NEW DOWNTOWN ARENA
MA-based Staples, Inc. has agreed to a 20-year deal with
the developers of L.A.'s proposed downtown arena to "become
the main corporate sponsor" for the $300M complex, according
to sources "within the company" and cited by White & Dillman
of the L.A. TIMES. The deal is worth "about" $100M, which is
the "largest amount ever" paid for naming rights to an arena.
In addition, GTE heads a group of "secondary sponsors" which
"could bring in" an additional $50M. The city "would not
receive" any of the money from the deals, however the money
"could be used" to pay the $58M in municipal bonds, which the
city is issuing to fund the new arena. Kings President Tim
Leiweke said Friday that there was no finalized deal, but
that talks will continue this week (L.A. TIMES, 10/25).