Time to raise the stadium/arena naming rights bar 02/09/2008 |
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The Jets and the Giants are negotiating with Allianz, the German-based financial services giant, to buy the naming rights to their new stadium, said a person with knowledge of the talks.
If the deal is completed, it will probably be for at least 30 years and for an estimated $25 million or more annually, which the teams would split.
At that price, the fee would exceed the $20 million that Citigroup will pay the Mets annually for the name Citi Field and that Barclays will spend on the Nets’ proposed arena near downtown Brooklyn.
Allianz, with interests in insurance, asset management and banking, has its name on the arena that is home to Bayern Munich, the soccer team in the Bundesliga, and is a sponsor of Formula One racing.
The teams and Allianz had no comment on the negotiations.
(Source: The New York Times)
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