Devils' Arena Is Now Prudential Center

By the numbers, the deal calls for Prudential Financial, which was founded in 1875 and has been headquartered here from the beginning, to pay approximately $105 million over the next 20 years to have its name on the building. Prudential will pay $4.5 million a year for the first five years, after which the payments will escalate by 2.5% a year for the following 15 years.

"But this is more than just a revenue deal for the team and a branding deal for Prudential," Devil's principal Jeffrey Vanderbeek said at yesterday's press conference. "Prudential has a long history here in Newark and have been instrumental in the revitalization of this community, which makes them the ideal naming-rights partners."

"When developing the naming-rights strategy, Prudential was at the top of the list," says Dean Jordan of OnSport, the North Carolina-based firm representing the Devils in the deal. "There is a mutual interest by the partners in the arena being a central component of Newark's resurgence. Prudential appreciates the positive impact that the arena will have."

"Prudential Center will be a beautiful new arena that will help bring economic growth and excitement to Prudential's hometown," says Prudential chairman and CEO Art Ryan, whose company is headquartered a couple of blocks away from the arena site. "We look forward to all of the benefits it will bring to our community."

Currently well along in construction and slated for completion in the fall, the arena has seen its price tag escalate from the original estimate of $310 million to upwards of $375 million. The City of Newark is contributing $210 million of that total, with the team paying the rest. Besides the Devils, who will move here from the Continental Airlines Arena 10 miles to the north in the Meadowlands, the venue is also expected to host a professional indoor soccer franchise, other collegiate and professional sporting events, as well as concerts and other entertainment events.

In November 2006, as GlobeSt.com reported, Citigroup purchased naming rights and signage for the now under construction Mew York Mets baseball stadium, agreeing to pay $20 million per year for up to 20 years. The field will be renamed Citi Field when it opens in 2009.