FIRST UNION'S PURCHASE OF CORESTATES TO ALTER SPORTS ENTITIES
In the "biggest bank merge ever," PA-based CoreStates
Financial Corp. has agreed to be acquired by NC-based First
Union Corp., according to Joseph DiStefano of the
PHILADELPHIA INQUIRER. No new names have been announced for
the CoreStates Spectrum or CoreStates Center in Philadelphia,
but under terms of CoreStates' 29-year, $40M deal signed in
'94, "the rights to the names of the two buildings passes to
its successor." CoreStates is also title sponsor of the U.S.
Pro Cycling Championships (PHILADELPHIA INQUIRER, 11/19). In
Philadelphia, Edward Moran writes that the deal will probably
"result in a change of address for the Flyers and Sixers."
CoreStates Complex President Peter Luukko: "It looks like
we'll be changing a lot of business cards, but really, it's
just a sponsorship deal and it has no effect on our own
management" (PHILADELPHIA DAILY NEWS, 11/19).