As Barclays trims operations and reviews sponsorship deals, could Brooklyn arena naming rights be transferred?
(The Brooklyn arena has not been specifically mentioned as a target, but as we know, Atlantic Yards is full of surprises: who expected the Russian oligarch, the Chinese government-owned investment group, or the EB-5 investments?)
The Brooklyn deal was the brainchild of now-departed Chief Executive Bob Diamond. Heck, the Barclays logo on the arena roof should be covered by green in the next year.
What about a transfer?
Barclays is considering ending its £40m-a-year [$67.37 million USD] sponsorship of the Premier League after senior figures at the bank said it had “zero value” in the UK.
The bank’s present deal runs until the end of the 2015-16 football season and members of Barclays’ leadership team are concerned that rapid price inflation for sports rights will mean a much higher amount will be demanded by the Premier League for the next three-year deal.
Barclays PLC may end its long-running relationship with the English Premier League when its current sponsorship deal expires in 2016, according to a person familiar with the matterBarclays stepping back, May edition
The British bank is weighing its options for the world renowned soccer league amid a broader review of its sponsorship of high profile events, which include the tennis ATP World Tour Finals in London and the Barclays Center in New York.
The outcome of the general sponsorship review is ongoing and no definitive decision has been made, according to a person familiar with the matter....
Several of these flagship sponsorship deals were brokered under former chief executive Robert Diamond as the bank sought to raise its profile both in the U.K. and abroad.
After Years of Ambitious Growth, Barclays Seeks to Be Leaner, the New York Times reported 5/9/14:
The British bank announced on Thursday plans to take an ax to its investment banking business — which has major operations in New York as well as London and Asia — by slashing half of its capital and more than a quarter of its work force, or 7,000 jobs.Here's the key paragraph:
Instead, Barclays will focus on four core areas: retail and corporate banking, primarily in Britain; credit cards; banking in Africa; and, to a lesser extent, investment banking.
...The overhaul represents a turnaround from the empire-building ambitions of Robert E. Diamond Jr., the bank’s previous chief executive. Mr. Diamond, a former bond trader at Morgan Stanley and Credit Suisse First Boston, aggressively built a global banking franchise after joining Barclays in 1996, culminating in the 2008 acquisition of the bulk of Lehman Brothers’ investment banking operations.
But in the last few years, embarrassing regulatory investigations and penalties, combined with capital shortfalls and lackluster returns, have cast a cloud over what was once the swashbuckling and money-minting side of the bank and led to the 2012 ouster of Mr. Diamond after just 18 months as chief executive.
[Diamond] had infused the bank with American-style bravado, attaching the Barclays’ brand to the public bicycle rental system in London and the home of the Brooklyn Nets basketball team. (The bank will drop its sponsorship of the London bike program next year and is evaluating its other sponsorships.)
Barclays' investment bank will concentrate on its core markets of the United States and the UK and the top 1,000 clients who generated more than three quarters of revenue last year.