TD Bank has had "serious discussions" with Miami-Dade County about "acquiring naming rights" to the Heat's arena, according to sources cited by Jackson & Hanks of the MIAMI HERALD. One source referred to TD Bank as the "front-runner." But another said that "other companies also remain in the mix" to replace American Airlines at the 19,600-seat facility. American in September announced that it was not renewing its 20-year deal, which expires Dec. 31, so Miami-Dade "hopes to have a new name on the building as soon as possible." American has been paying $2M a year for "naming rights to the tax-funded arena," costing the county about $5.5M a year in subsidies. Superlative Group President Myles Gallagher, hired as a county consultant to pursue the deal, told commissioners in October '18 that the building's naming rights were "worth at least triple" what American has been paying. Meanwhile, if the county cannot secure a new sponsor by Jan. 1, it is "required to pay the Heat" $2M in sponsorship revenue even if "no deal is in place." This provides an "incentive for the county to consummate a deal fairly quickly." Superlative Group negotiated a 5% commission on "any sponsorship revenue." Currently, TD Bank is 14 years into a 20-year, $100M contract for naming rights at TD Garden (MIAMI HERALD, 11/4).
