But for those of you with little patience, Sports Business Daily is reporting that that the Sacramento-based Golden 1 Credit Union will be the arena naming rights partner.
The official name for the new downtown arena will be ‘Golden 1 Center’.
According to Sports Business Daily, Golden 1 will pay a total of $120 million over 20 years, which breaks down to $6 million annually. SBD also reported that it is one of the most lucrative naming-rights deals for a ‘single-tenant’ NBA arena.
This is a massive get for Sacramento, especially when you consider where they are coming from. Arco Arena was an iconic naming rights partner, and that 25-year contract brought in 750,000 per year. Then came the Power Balance Pavilion deal, which was cut short largely because that was a fake business. The exact contract terms with Sleep Train were never disclosed, but it was a five-year deal, and ‘Sleep Train Arena’ will remain Sleep Train Arena until 2017.
Of course, timing is everything with these arena naming rights deals. Most of them are locked in for 10+ years, and the NBA is growing faster than any other professional sports league in the United States. When the Staples Center’s naming rights are up, I’m sure Los Angeles is going to bring in $10 million+ annually.
I like the name about as much as you can like any arena name. I like the $6 million annually even more.
We’ll update this post after the live stream if any further news breaks.