Friday, January 02, 2015

Nassau Coliseum complex selling naming rights; county will get 8% (as with the rest of revenue)

We've long known that the bid led by Forest City Ratner to renovate the Nassau Coliseum--promising to invest at last $229 million--includes the option to sell naming rights, a giveaway of public assets not counted as such.

Indeed, as marketer-in-chief Brett Yormark harvests publicity about the search for a naming rights partner, more details of the deal have surfaced. Nassau County will receive 8% of the gross revenue from Nassau Events Center, according to the deal announced last year--and that includes naming rights.

That seems a rather small percentage, but it's better than nothing. Remember, New York State got zilch for giving Forest City the ability to sell naming rights to the Brooklyn arena, and Barclays is paying at least $200 million over 20 years. (At 8%, the state would get $16 million.)

Looking for sponsors

The 12/7/14 Wall Street Journal, in What’s in a Name?, quoted Yormark as saying Nassau Events Center was reaching out to "possible sponsors in the fashion, health, banking and other businesses.

“It is more about branding the entire project,” he said. “We’re taking a very holistic approach.”

Indeed, Refurbished Nassau Coliseum will keep its name, Newsday reported 12/25/14, which means the sponsor's name will precede the phrase "Sports and Entertainment Village."

"We wanted to be respectful of the community," Yormark claimed. "Keeping the existing name is the right thing to do."

Of course, respect for community only goes so far to not interfere with revenues; they didn't name the Brooklyn arena after the non-sponsor Jackie Robinson, as some suggested.

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