Sponsorships: Barclays Nets Naming Rights Deal In New York

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Barclays the London-based banking giant has paid a reported $400 million for 20-year naming rights to the future Brooklyn home of the NBA’s New Jersey Nets.
 
It’s not Barclays’ only big deal—in September the company paid $60 million to re-up its sponsorship of Premier League soccer in England through 2010 and it sponsors The Barclays PGA Tour in Rye NY. But the new agreement signals what is reportedly a major marketing push into the U.S. market. The U.S. franchise is the bank’s most important market outside the U.K. and the deal will provide greater visibility in the nation’s most important financial hub.
 
The Frank Gehry-designed Barclays Center is scheduled to open for the 2009-10 basketball season. Until then Barclays will leverage the partnership via the Nets-Barclays Sports Alliance a nonprofit program that plans to repair and renovate Brooklyn basketball courts and sponsor amateur athletic tournaments and clinics.
 
The Barclays Center is one of three megamillion-dollar naming deals announced recently for New York City-area venues including Prudential Financial’s 20-year $105.3 million agreement for a new New Jersey Devils arena in Newark NJ and Citigroup’s $400 million 20-year pact for the New York Mets’ new stadium.

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