Wednesday, August 05, 2015

In Billboard coverage of Nassau Coliseum makeover, Barclays Center naming rights deal myth persists (no, it's not $400M)

Billboard yesterday published Inside the Nassau Coliseum's $130 Million Makeover: Fewer Seats, More Retail, New Name:
[Barclays Center and Nassau Events Center CEO Brett] Yormark promises, "a re-created, re-imagined venue that will be state-of-the-art in every way, shape and form," calling the project, "great not only for the industry, but also for Long Island. We're anxious to get started, and [tonight] is the first step."
Yormark, who brokered the 20-year deal worth a reported $400 million between London-based financial group Barclays and the new Brooklyn arena, says he hopes to complete a naming rights deal for the Long Island project by the end of the month. "The whole sponsorship profile and program is something that has been taking up a lot of our time," he says, "and I feel very confident that by the end of the month we'll have a naming rights partner."
But, rather than simply a naming rights deal for the just the arena, as at Barclays Center, Yormark points out that, "we're putting a naming rights partner on the whole project, a very different approach. [The Nassau Coliseum development] is on 77 acres, that's a big footprint, with retail and the venue, and when you can brand the whole thing, that creates a lot of value for your partner."
In other words, it was another asset that a public entity is letting the developer monetize, in exchange for a modest 8% for Nassau County. Newsday reported last December that the sponsor's name will precede the phrase "Sports and Entertainment Village."

And that $400 million figure still has the stuff of myth. As I commented--in a comment Billboard has not approved:
A "reported $400 million" naming rights deal for the Barclays Center? Please. More like $200 million-plus." 

1 comment:

  1. Anonymous6:30 AM

    Comments allowed now there it seems, just posted one, maybe just not yours questioning their reporting...

    ReplyDelete