When it comes to naming rights deals, you have several examples just in New York alone. For one, you have MetLife Stadium, which is actually located just over the Hudson River in New Jersey, and it’s the home stadium for both the New York Giants and New York Jets of the NFL. The MetLife corporation has a major presence in New York City, right in the heart of Manhattan, and it has had that presence for decades. So, to see that corporate name associated with major, professional sports franchises certainly serves as a ringing endorsement for both sides in the agreement.
As you continue looking around New York, the New York Mets of MLB have a naming rights deal for their ballpark, Citi Field. That agreement is with Citibank, part of Citicorp, which is another major New York institution. Then, if we move to Brooklyn, there’s the Barclays Center, where the Brooklyn Nets of the NBA play their home games. That naming rights deal is a case of a bank based in the United Kingdom wanting to increase its presence in the United States, and it did so by acquiring the naming rights for a major arena in a major city.
Interestingly enough, when we look at Yankee Stadium in the Bronx, there is no specific naming rights deal for the home of the New York Yankees of MLB. This is a classic example of a stadium being difficult to put another name on, despite the fact that the team has terrific sponsors and gets a large portion of its revenue through sponsorships and naming rights for other parts of the venue. Another similar example is Madison Square Garden. It’s so historic and valued in a very different way that, although there are naming rights opportunities around the venue, it’s still just called Madison Square Garden.
Lastly, there’s Prudential Arena in Newark, New Jersey, which isn’t too far from MetLife Stadium. Prudential purchased the naming rights for the stadium not only to gain a little brand and name recognition but also to signal their presence to the community. It’s important for them that in addition to people recognizing the name of the company, the brand, and what it represents, they also know that the company is physically present in the area.
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