Arena to Score New Name

Arena to Score New Name

Continental Airlines last week withdrew its $1.3 million annual sponsorship of the East Rutherford arena that carries its name, but four other aspirants sprung up with offers to pay more.

Continental Airlines has been a sponsor for the past 11 years, but is believed to have lost interest as the arena has failed to retain major sports franchises such as the New Jersey Nets basketball team and the New Jersey Devils hockey team.

The Devils are moving to a new arena in Newark and the Nets are headed for Brooklyn. The New Jersey Sports and Exposition Authority, which owns the arena, will accept fresh sponsorship bids through Sept. 24 and retain Continental’s name until a replacement is found.

The Sports Authority might view Continental’s shift as an opening to land a bigger check. Prudential Financial has agreed to pay the Devils $105 million over 20 years for naming rights, and a similar deal Barclays has with the Nets is said to be worth between $300 million and $400 million.

Copyright Journal Publications Inc. Aug 27, 2007

Provided by ProQuest Information and Learning Company. All rights Reserved