When in 2007, the Nets and Barclays Bank announced their naming rights deal, reports were that it was for $20 million a year over 20 years, a record $400 million and equal to what Citibank was paying for the Mets new stadium.
But since, there's been plenty of indications that the financial aspects of the deal, never confirmed officially, have been cut...if they were ever that rich. Twice, in fact, during the long (and failed) litigation by critics, the original deal was revised.
The official 2009 prospectus for arena bonds noted the Barclays deal was $10 million a year over 20 years, half what was first reported, plus other unspecified direct payments to the team.
Now, the authoritative Sports Business Journal lists the lower figure in a report on rights, but notes as well that it's the largest ever for an NBA arena, $5 million more than the $195 million Marc Cuban got for the American Airlines Arena in Dallas...and that was over 30 years. It's also richer than all but seven NFL venues, SBJ reports.
- Naming rights deals - Sports Business Journal
$10 million, not $20 million - John Brennan - Meadowland Matters