There’s something endearing, even adorable, in the faith shown in the power of a sports arena‘s name.
Beckerman has a vision, all right. A vision of dollar signs. Somehow he got Crypto.com to pay more than $700 million over 20 years for the arena name, one of the biggest such deals ever. Remember Enron Field? That was the name of the Houston Astros’ ballpark starting in 1999, when the energy company reached a 30-year, $100-million deal for the rights. Three years later Enron was bankrupt, its name synonymous with corporate fraud. The Astros bought back the rights for $2.1 million in 2002. The field is now named Minute Maid Park.Tesla Chief Executive Elon Musk has changed his stance on bitcoin.
And what of Staples, the office supply company that owned the naming rights to the downtown Los Angeles arena when it opened in 1999? That year, Staples Inc. earned $315 million in profit on $8.9 billion in revenue. For all that, the quest to stick one’s corporate name on a sports venue seldom ebbs. The most interesting saga concerns one of the first naming deals ever. The target was a new stadium for the NFL’s Buffalo Bills.
Finally, a local entrepreneur named Robert Rich stepped up with a 10-year offer for a total of $1 million. Rich made his money from a non-dairy coffee creamer, and his goal was to name the stadium Coffee Rich Park.
hiltzikm 'Tales from the Crypt.'
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