Magic Hire Legends To Sell Amway Center Naming Rights
The Magic have "hired Legends to sell a new naming-rights deal" for Amway Center when the team's "current agreement for the arena ends" in '22, according to John Lombardo of SPORTS BUSINESS JOURNAL. After "vetting multiple agencies to sell the naming rights," the Magic "settled on Legends in part due to the deals it secured" for SoFi Stadium (20 years at $30M annually) and Allegiant Stadium (around $20M per year). Magic CEO Alex Martins said, "There are certain industries that are looking for elevated brand recognitions. We are confident that there is a strong market out there and with time we will be able to secure a new partner for the naming of the building." Legends President of Global Partnerships Chris Hibbs will "lead negotiations for the Magic’s new naming-rights deal. The Magic "also hired Navigate to help with market analysis." Amway has been the team’s naming-rights sponsor "since the arena opened" in '10 and last year signed a $4.6M "annual renewal that runs through" June '22. Amway, partly owned by Magic owners in the DeVos family, is "expected to continue as a team sponsor and focus on the NBA’s international market" (SPORTS BUSINESS JOURNAL, 10/5 Issue).