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AMEX Leaves Knicks for Nets

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In the latest sponsorship news, Sports Business Journal reports that American Express will be leaving the Knicks and Madison Square Garden for the Nets and Barclays Center. The financial services company has become a founding partner of the Nets and their new arena after signing a five-year deal worth more than $10 million.

As part of the deal, American Express cardholders will get early access to tickets and other privileges at the arena. In addition, the company will get naming rights for both the box office and Jay-Z's 40-40 Club in the arena. American Express filled the same sponsorship category at the Garden for more than 15 years, but that deal ended last year after the two parties could not agree on terms for an extension, SBJ reports. The Nets will soon announce an automotive sponsor.

Of course, the last time the Nets and American Express teamed up, we got this.