''It wasn't my idea, it was Gerald Levin's,'' Mr. Last week, Psinet Inc., a computer services company in Herndon, Va., agreed to pay $105.5 million over 20 years for a broad-based deal to put its name on the new football stadium of the Baltimore Ravens.Īlthough the trend is toward corporate deals, Turner Field, the Braves' home, was named the old-fashioned way: for a person, Ted Turner, the vice chairman of Time Warner. While some older, existing facilities have been renamed, naming-rights deals have grown apace with newer arenas and stadiums, such as the MCI Center in Washington, Bank One Ballpark in Phoenix and the National Car Rental Center in Miami. The sale of naming rights to corporations has become an increasingly popular revenue source for teams trying to defray the cost of construction or pay for soaring player salaries. ''We see this as a unique branding opportunity, but also as a relationship that goes far beyond the name,'' John Losier, the president and chief executive of Philips Electronics North America, said yesterday. Philips will also advertise heavily with Time Warner and Turner properties, provide 1,000 video monitors in the arena and create a retail showroom inside the facility, which will open in September, replacing the Omni.
''We weren't looking for someone just to be a billboard on a box,'' said Stan Kasten, the chairman of the arena and president of the Hawks and Braves baseball team, all parts of Turner Broadcasting System, a unit of Time Warner. The Philips Arena agreement is the richest arena or stadium-naming rights deal, exceeding the $116.5 million that Staples Inc., the office supplies retailer, will pay for 20 years at a new Los Angeles arena to house the Lakers and Clippers basketball teams and Kings hockey team starting next season.įor Philips, the deal not only places its name on the $213 million arena but will also let the consumer electronics giant and Time Warner explore how to develop on-line, video, merchandising, digital and new media products. to house its Atlanta Hawks basketball team and new Thrashers hockey club. of the Netherlands will pay an estimated $180 million to emblazon its name on the 20,000-seat arena being built by Time Warner Inc. In an attempt to elevate its brand awareness and forge a strategic bond, Royal Philips Electronics N.V.
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