Home of Flyers, 76ers needs new naming rights deal after Wells Fargo pulls out

[sawchuk1971]

Home of Flyers, 76ers needs new naming rights deal after Wells Fargo pulls out

Banking giant Wells Fargo says it will not renew its naming rights deal with the arena in the South Philadelphia sports complex that has served as home to the city’s NHL and NBA teams, most major entertainment touring acts, two political conventions, WrestleMania, lacrosse, college basketball...

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[StreetHawk]

Interesting, as there are plenty of other smaller arenas that have the Wells Fargo name on them.

76ers are looking at building their own arena, so it wouldn't get the bang for their buck if the arena doesn't have both NBA and NHL.

 

[varsaku]

surprised comcast doesn't put their own name on it to maximize their brand visibility.

 

[CHRDANHUTCH]

surprised comcast doesn't put their own name on it to maximize their brand visibility.

they own only the Flyers..... a lot of Comcast signage is featured throughout the arena

 

[GKJ]

surprised comcast doesn't put their own name on it to maximize their brand visibility.

They don’t make money off that

 

[oknazevad]

they own only the Flyers..... a lot of Comcast signage is featured throughout the arena

They own the arena. The Sixers are tenants and don't have any say over the naming. GKJ is right. Putting their own name on it doesn't get naming rights money coming in.

 

[CHRDANHUTCH]

They own the arena. The Sixers are tenants and don't have any say over the naming. GKJ is right. Putting their own name on it doesn't get naming rights money coming in.

nobody said the Sixers though.... both were before the Sixers were sold off.... it's been a lot of bank rights there.... I'm talking internal signage inside the arena itself, not the outside signage, which began in the latter days of the now demolished Spectrum

 

[joelef]

Good Wells Fargo’s is a crap company

 

[cptjeff]

They own te arena. The Sixers are tenants and don't have any say over the naming. GKJ is right. Putting their own name on it doesn't get naming rights money coming in.

But it does get them the advertising that other companies are so willing to pay for. You're not getting revenue, but you can reduce your advertising costs by an amount that corresponds to the amount of money you would have gotten in income.

Of course, that assumes that you think naming rights are effective advertising. They may not think that naming rights are effective, and are happy to take the money of somebody who does think it works.

 

[GKJ]

nobody said the Sixers though.... both were before the Sixers were sold off.... it's been a lot of bank rights there.... I'm talking internal signage inside the arena itself, not the outside signage, which began in the latter days of the now demolished Spectrum

There’s plenty of that inside the arena.

 

[McGarnagle]

surprised comcast doesn't put their own name on it to maximize their brand visibility.

They can't schedule an installation of the signs until three weeks from Tuesday between 9 AM and 3 PM. Payment for the sponsorship will be $50,000 a month for the first twelve months but go up to $75,000 a month after that.

 

[oknazevad]

But it does get them the advertising that other companies are so willing to pay for. You're not getting revenue, but you can reduce your advertising costs by an amount that corresponds to the amount of money you would have gotten in income.

Of course, that assumes that you think naming rights are effective advertising. They may not think that naming rights are effective, and are happy to take the money of somebody who does think it works.

This is a consideration, but not paying elsewhere isn't the same thing as actively getting income. Especially when there is likely separate pots of money under the corporate structure that they can't just move around at will. In other words, the parent company just can't move the money they didn't pay to other companies elsewhere to the arena/Flyers.

 

[IU Hawks fan]

But it does get them the advertising that other companies are so willing to pay for. You're not getting revenue, but you can reduce your advertising costs by an amount that corresponds to the amount of money you would have gotten in income.

Of course, that assumes that you think naming rights are effective advertising. They may not think that naming rights are effective, and are happy to take the money of somebody who does think it works.

If they don't, why are the paying The University of Maryland to put their name on their basketball arena?

 

[LadyStanley]

They own the arena. The Sixers are tenants and don't have any say over the naming. GKJ is right. Putting their own name on it doesn't get naming rights money coming in.

For the team, yes, there would be some $$ (at least on paper). But net for the overall organization, none.

 

[HisIceness]

For old times sake, First Union Center. FU Center,

 

[CharasLazyWrister]

They don’t make money off that

Well…not explicitly. The entire idea of naming rights is brand visibility (obviously). The reason naming rights have value is because ultimately the idea is that they make whoever owns those rights money.

But yes, Comcast clearly seems to think that the open market value for another company is worth more than the money they’d make putting their own name on the building. But it’s definitely not just a matter of “they don’t make money” putting their own name on the building.

 

[Mike C]

For old times sake, First Union Center. FU Center,

Took me 3 hours to figure out FU meant Felix Unger!

Well…not explicitly. The entire idea of naming rights is brand visibility (obviously). The reason naming rights have value is because ultimately the idea is that they make whoever owns those rights money.

But yes, Comcast clearly seems to think that the open market value for another company is worth more than the money they’d make putting their own name on the building. But it’s definitely not just a matter of “they don’t make money” putting their own name on the building.

The Tastycake Arena.

 

[CharasLazyWrister]

Took me 3 hours to figure out FU meant Felix Unger!


The Tastycake Arena.

I think it’s time sports stadiums really start to challenge some of these college football bowl games for the title of silliest name.

There has to be a building that rivals “The Bad Boys Mowers Gasparilla Bowl”

 

[Yukon Joe]

I think it’s time sports stadiums really start to challenge some of these college football bowl games for the title of silliest name.

There has to be a building that rivals “The Bad Boys Mowers Gasparilla Bowl”

I heard on the radio the other day - the explanation why modern arena have such boring corporate names.

Let's take Alberta just because I know it. The arena in Edmonton's official name is Rogers Place.

Extremely boring. But there's no way to really shorten it - you can't call it "the Place" (place? what place?). You can't call it Rogers when there's already a Rogers Arena in Vancouver.

Contrast though to Calgary. The arena there is named the Scotiabank Saddledome. Problem is - everyone just calls it the Saddledome (it's shaped like a saddle after all). The sponsor gets way less bang for their buck.

But Calgary is getting a new arena. The name is going to be Scotia Place. So yet another really boring name - but one you can't really shorten. The name sponsor wins again, at the expense of an interesting name.

Apparently that was also an issue in Toronto. The arena was called the Air Canada Centre - which wasn't all that original either, but everyone just abbreviated it to ACC. Apparently Air Canada hated that. So since 2018 it's now Scotiabank Arena.

 

[CharasLazyWrister]

I heard on the radio the other day - the explanation why modern arena have such boring corporate names.

Let's take Alberta just because I know it. The arena in Edmonton's official name is Rogers Place.

Extremely boring. But there's no way to really shorten it - you can't call it "the Place" (place? what place?). You can't call it Rogers when there's already a Rogers Arena in Vancouver.

Contrast though to Calgary. The arena there is named the Scotiabank Saddledome. Problem is - everyone just calls it the Saddledome (it's shaped like a saddle after all). The sponsor gets way less bang for their buck.

But Calgary is getting a new arena. The name is going to be Scotia Place. So yet another really boring name - but one you can't really shorten. The name sponsor wins again, at the expense of an interesting name.

Apparently that was also an issue in Toronto. The arena was called the Air Canada Centre - which wasn't all that original either, but everyone just abbreviated it to ACC. Apparently Air Canada hated that. So since 2018 it's now Scotiabank Arena.

Yeah that’s interesting. Makes sense.

When TD Bank bought Fleet and took over the naming rights to the “Fleet Center” in Boston, they changed it to “TD Banknorth Garden”, which immediately led to locals reverting to calling it “the Garden”. Then the Banknorth got dropped entirely. I don’t think I’ve heard anyone say the full name of the building around here in a decade.

 

[StreetHawk]

Boston and New York are the only remaining "Garden" arenas left. Every other team is Arena, Center, Place. None are Colesium anymore. NFL/MSL/CFL ones are called Stadium or Field and maybe Place (outside of BC Place, not sure there's another one that still uses Place) or Dome like in NO if it's that old.

It's a source of revenue, so I get it.

 

[Yukon Joe]

Boston and New York are the only remaining "Garden" arenas left. Every other team is Arena, Center, Place. None are Colesium anymore. NFL/MSL/CFL ones are called Stadium or Field and maybe Place (outside of BC Place, not sure there's another one that still uses Place) or Dome like in NO if it's that old.

It's a source of revenue, so I get it.

Any really old sporting complex that had an existing name has kept it. I mean you could try to rename MSG, Boston Garden, Lambeau Field, Wrigley Field or wherever - but the name will never stick.

Actually the only exception I can think of is Seattle, which is sort-of the same arena even though 90% rebuilt. I think that comes down to the fact the original name was extremely boring (Seattle Center Colliseum), followed by a corporate name (Key Arena, after KeyBank). I'll also give partial points to the new name, Climate Pledge Arena, which is at least kind of different.

 

[CHRDANHUTCH]

Any really old sporting complex that had an existing name has kept it. I mean you could try to rename MSG, Boston Garden, Lambeau Field, Wrigley Field or wherever - but the name will never stick.

Actually the only exception I can think of is Seattle, which is sort-of the same arena even though 90% rebuilt. I think that comes down to the fact the original name was extremely boring (Seattle Center Colliseum), followed by a corporate name (Key Arena, after KeyBank). I'll also give partial points to the new name, Climate Pledge Arena, which is at least kind of different.

Seattle was rebuilt twice.... not a whole new arena like you're seeing Calgary doing in the next phase of the Saddledome, and the major reason was the Calgary Stampede, not CSEC....

 

[rojac]

Yeah that’s interesting. Makes sense.

When TD Bank bought Fleet and took over the naming rights to the “Fleet Center” in Boston, they changed it to “TD Banknorth Garden”, which immediately led to locals reverting to calling it “the Garden”. Then the Banknorth got dropped entirely. I don’t think I’ve heard anyone say the full name of the building around here in a decade.

Banknorth get dropped because in 2008, TD bought the Commerce Bank and merged it with TD Banknorth to become TD Bank and all Commerce and TD Banknorth branches were rebranded to that name. As a result of the elimination of the TD Banknorth brand, the arena was renamed TD Garden in July 2009. So, are you saying that you haven't heard anyone say "TD Garden" in over a decade (and I assume you are not counting game broadcasts in that statement) or were you assuming that the name was longer?

In any event, TD would seem to feel that the naming rights are worth it as they renewed the naming rights deal in 2015 for another 30 years.

 

[CharasLazyWrister]

Banknorth get dropped because in 2008, TD bought the Commerce Bank and merged it with TD Banknorth to become TD Bank and all Commerce and TD Banknorth branches were rebranded to that name. As a result of the elimination of the TD Banknorth brand, the arena was renamed TD Garden in July 2009. So, are you saying that you haven't heard anyone say "TD Garden" in over a decade (and I assume you are not counting game broadcasts in that statement) or were you assuming that the name was longer?

In any event, TD would seem to feel that the naming rights are worth it as they renewed the naming rights deal in 2015 for another 30 years.

No, I was aware of what you are saying. That’s what I meant by “Banknorth got dropped”.