NBA Kings In Talks For 20-Year Naming-Rights Deal For New Downtown Arena
The NBA Kings have "hit the naming-rights market with a minimum asking price" of $120M to sponsor their planned $448M downtown arena, according to John Lombardo of SPORTSBUSINESS JOURNAL. A source said that the Kings are "in talks with companies for a 20-year deal" ranging between $6-8M annually. The team hired Front Row Marketing Services to "conduct a valuation study for naming rights for the proposed new arena," which would open in late '16. A source said that the Kings to date have "no plans to hire an agency to help sell a deal, though that strategy could change." Kings officials declined to comment on the naming-rights talks, but one source said that they include "'solid discussions' from companies in the health care, technology, and financial services sectors" (SPORTSBUSINESS JOURNAL, 12/9 issue).