Prudential reaches agreement on arena naming rights
Goodbye, Continental Airlines Arena. Hello, Prudential Center.
The owner of the New Jersey Devils said Wednesday that Prudentual Financial has reached an agreement in principle to pay $5 million per year for the naming rights to the team's new arena in downtown Newark.
The multi-year agreement, reported in Thursday's Newark Star-Ledger, could be for as long as 20 years and calls for the $365 million arena to be named the Prudential Center.
"We have been in discussions and we're very close," Devils principal owner Jeff Vanderbeek told the Star-Ledger.
Sports marketing consultants told the Star-Ledger that Prudential, the insurance and financial services company whose headquarters are just a few blocks away from the new arena, had been considered a strong contender for the 18,000-seat arena's naming rights from the beginning.
Frank Vuono, principal at the 16W Marketing sports marketing firm in Rutherford, told the Star-Ledger the deal was good for both the Devils and Prudential.
"It's smart for Prudential," Vuono told the paper. "The new arena will get a lot of publicity, so they'll get their share of exposure."
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