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Barclays Bets on Brooklyn Nets
By
tien mao
Published Jan 17, 2007
Modified Mar 7, 2008
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By
tien mao
Published Jan 17, 2007
Modified Mar 7, 2008
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Assuming an arena for the Nets ever gets built in Downtown Brooklyn, it will bear the name of Barclays Bank. The Post is reporting that the Nets and Barclays have reached a record setting, multi-year agreement for the naming rights of the proposed arena. No specific dollar amount was mentioned in The Post's article, but it does say that the rights will cost Barclays more than the $9.3 million-a-year figure that Philips is paying for the rights to Philips Arena in Atlanta. The article also says the deal "blows away" Prudential's agreement of $195.3 million over 20 years for the new Devils arena. The Barclays Center deal will be for 20 years and will be the most ever paid for the naming rights of an arena. It doesn't seem like it will be the richest deal ever, as that title still belongs to the $400 million agreement between the Mets and Citibank for Citi Field.
Why is Barclays buying naming rights when they don't even have any locations in New York? According to The Post, "the Nets deal allows Barclays to put a major flag in the ground in its U.S. operations and could be viewed as part of grand expansion plan." It's a good thing that they don't have any operations in New York, because with the amount of opposition to the Atlantic Yards project, they would certainly be subject to boycott. Maybe the Nets can use some of Barclays money to grease the wheels to finally get Bruce Ratner's project built.
The Nets and Barclays are expected to announce the deal tomorrow during a press conference at the Brooklyn Museum.
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