CHICAGO (AdAge.com) -- Phillips-Van Heusen Corp.'s Izod brand has secured naming rights on the Meadowlands Arena, the New Jersey Sports and Exposition Authority announced today. The five-year deal is reportedly worth about $2 million annually.
Izod beat out Rocawear and Southpole for the rights on the arena, which will host the National Basketball Association's New Jersey Nets for two more years before the team relocates to Brooklyn. The National Hockey League's New Jersey Devils, which played at the arena through last season, are moving to a new facility in Newark for the coming season.
Contintental opts out
Continental Airlines held the naming rights on the arena for the past 12 years but opted out after the two major team tenants made it clear they would eventually vacate the arena.
Even so, the facility, located just outside New York City, remains one of the No. 1 market's top concert venues.
"We are thrilled to have Izod as the naming-rights partner for the arena at the Meadowlands," said the sports authority's chairman, Carl Goldberg. "This was an extremely thorough process, and we were most impressed by Izod's presentation to our selection committee, including its plans for rebranding, activation and refreshing of the arena. Izod also presented the best economic benefits to the authority of the three bidders."
The deal was brokered by Nets Sports and Entertainment, which in a press release said it focused on fashion-industry marketers due to the proximity to New York City as well as to the massive Xanadu retail-and-entertainment complex being constructed nearby.
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CORRECTION: An earlier version of this story referenced the former Izod-Lacoste alligator logo, which since the 1990s has been associated exclusively with Lacoste products.