Basketball - Brooklyn Arena To Be Named Barclays Cent

Barclays PLC, a British bank, will be spending $400 million in the next 20 years in order to have its name on the New Jersey Nets’ Brooklyn Arena. This is considered to a strategically investment for the bank which is hoping to expand its profile in the United States. It was announced by the Nets’ owner Bruce Ratner that the stadium, which will seat 18,000 people, will be called The Barclays Center when it opens. The stadium is designed by Frank Gehry, who is an architect. Ratner, however, refuse to divulge the amount Barclay would be paying. However, the bank executives and city officials confirmed that the investment is that $300 million. On conditions of anonymity, a person who has knowledge about the deal, said that the total value of the deal was almost worth $400 million. This amount is considered to be one of highest ever paid for naming rights of an indoor American sports arena. In comparison, Citigroup Inc has been paying $20 million for naming rights of the New York Mets’ stadium which is currently being built at Queens. According to Barclays’ president, Robert Diamond, the amount spent would be worthwhile as it is the bank’s priority to build its brand in the United States. This naming rights deal was expected to help foot the building cost and will include a $4 billion mini city on the 22 acre site. This development is opposed by some Brooklyn locals who are of the opinion that the high-rises will overwhelm the neighborhood which consists of brownstone, brick townhouses and small shops, and restaurants.