Arena Update: Arco extends its naming rights for arena

[Purple Reign]

Maybe this can start in the general forum, then moved over to the Arena Forum.

I think this is good news!!!

Arco extends its naming rights for arena



By Mary Lynne Vellinga - Bee Staff Writer
Published 9:43 am PDT Monday, March 19, 2007

The Maloof family has signed a multi-year extension of Arco's naming rights for the Kings arena, a development that NBA Commissioner David Stern said gives the region some breathing room to come up with a new plan to eventually replace the North Natomas arena with a new facility.

In a press release issued Monday morning, the Maloofs did not disclose the duration of the agreement, saying simply that it was "multi-year." Nor did they disclose how much Arco is paying.

"It's a long-term agreement, I would say that," said Joe Maloof.
Stern said the announcement is good news for those worried that the Maloofs intend to move the team.

"This contract extension is a confirmation of Arco's continuing confidence in the management and skill and commitment to the Sacramento community of the Maloof family," Stern said in a prepared statement. "The time frame provides an appropriate window within which all interested parties can work toward a new multipurpose arena for the Sacramento region. The NBA is very pleased with this outcome."

 

[BMiller52]

This is fantastic news IMO

 

[Circa_1985_Fan]

This is fantastic news IMO

While I think it is good news...I think at the same time, it just bides the Maloofs naming rights for their remaining years here in Sac...forever how long that is...'multi-year' could mean just 2 or 3 years, which would be about the time it would take to get out of town and into another.

 

[Ryle]

It's kind of ridiculous to think this is a "long term investment" in the community since the minute the Kings pull up stakes and move out of Sac the Maloofs will sell the land that Arco is on and the wrecking balls will level the arena to build more houses. Can't really have naming rights to an Arena that isn't even there anymore .

 

[Circa_1985_Fan]

It's kind of ridiculous to think this is a "long term investment" in the community since the minute the Kings pull up stakes and move out of Sac the Maloofs will sell the land that Arco is on and the wrecking balls will level the arena to build more houses. Can't really have naming rights to an Arena that isn't even there anymore .

Exactly...

 

[BudWright]

I think this is good news! But, yuck, here comes the negativity again. One doesn't get a moment of hope before you chime in! True or not, it is pain.

 

[VF21]

Oh good grief. Can't someone post something with a little bit of hopefulness to it without the negative comments having to come immediately?

This IS good news. It's a reaffirmation of the Maloofs' commitment to the community. Arco has bought it. Why some of you have to always find the dark lining to the silver cloud is just beyond tiresome. It's almost as though you're not happy unless you can be unhappy about something.

This is so tiring...

 

[Elise10]

Press Release

http://www.nba.com/kings/news/arco_arena_naming_rights_ext.html

Maloof Sports & Entertainment Announces Extension to Naming Rights Agreement for ARCO Arena​

Pioneering agreement has branded Sacramento's only major league
sports & entertainment facilities since 1985​

SACRAMENTO, Calif., Mar. 19, 2007 – Maloof Sports & Entertainment today announced a multi-year extension of the naming rights agreement for ARCO Arena. The agreement includes the NBA's Sacramento Kings, the WNBA's Sacramento Monarchs, ARCO and the company's am/pm convenience stores.

"This contract extension is a confirmation of ARCO's continuing confidence in the management skill and commitment to the Sacramento community of the Maloof family," said NBA Commissioner David Stern. "The time frame provides an appropriate window within which all interested parties can work toward a new multipurpose arena for the Sacramento region. The NBA is very pleased with this outcome."

Since it opened in 1988, ARCO Arena has been one of the most successful sports and entertainment venues in the country, currently attracting nearly 200 events and two million guests annually and frequently showcasing the Sacramento region through national and international media.

"ARCO is very pleased to continue this historic partnership," said Dianne Anderson, President ARCO Fuels Marketing," We have a proud history throughout California and the Sacramento region and are pleased to continue our support of the Sacramento community through the sponsorship of ARCO Arena."

"We are deeply appreciative for the long-standing relationship we have enjoyed with our friends at ARCO. This is one of the original, pioneering naming rights alliances in major league sports and entertainment,” said Joe and Gavin Maloof. “The decades of support from ARCO and its employees to the Kings, Monarchs and ARCO Arena reflects our family’s commitment to Sacramento. We are immensely proud to continue our association with ARCO in the years ahead.”

Financial terms of the extension were not disclosed. ARCO Arena will continue to be managed by Maloof Sports & Entertainment.

 

[Warhawk]

Oh good grief. Can't someone post something with a little bit of hopefulness to it without the negative comments having to come immediately?

This IS good news. It's a reaffirmation of the Maloofs' commitment to the community. Arco has bought it. Why some of you have to always find the dark lining to the silver cloud is just beyond tiresome. It's almost as though you're not happy unless you can be unhappy about something.

This is so tiring...

Agreed.

 

[Oscar]

Originally Posted by VF21

Oh good grief. Can't someone post something with a little bit of hopefulness to it without the negative comments having to come immediately?

This IS good news. It's a reaffirmation of the Maloofs' commitment to the community. Arco has bought it. Why some of you have to always find the dark lining to the silver cloud is just beyond tiresome. It's almost as though you're not happy unless you can be unhappy about something.

This is so tiring...

Agreed.

Not agreed. Fans are legitimately worried about their team still playing in an aging arena with the Kings on the downside, naming rights or not. The Maloofs are, first and foremost, business people, and they will do whatever it takes to keep their NBA franchise profitable. And if that means making a move, I wouldn't put it past them.

 

[Warhawk]

Originally Posted by VF21

Oh good grief. Can't someone post something with a little bit of hopefulness to it without the negative comments having to come immediately?

This IS good news. It's a reaffirmation of the Maloofs' commitment to the community. Arco has bought it. Why some of you have to always find the dark lining to the silver cloud is just beyond tiresome. It's almost as though you're not happy unless you can be unhappy about something.

This is so tiring...
Not agreed. Fans are legitimately worried about their team still playing in an aging arena with the Kings on the downside, naming rights or not. The Maloofs are, first and foremost, business people, and they will do whatever it takes to keep their NBA franchise profitable. And if that means making a move, I wouldn't put it past them.

I just don't agree that the Maloofs signing a multi-year deal for naming rights to ARCO means a move is pending. EVERY indicator (from their comments, to getting Stern involved, to pushing for an arena deal for over 5 years) shows they want to stay. Why someone takes this and says "They are moving" is beyond me....

Its chicken little all over again.

 

[JB_kings]

When Stern stepped in it was the sign that the NBA wanted to stay in Sacramento. It really doesn't matter what the Maloofs secretly wish. It's a bad image problem for the NBA if one of their successful franchises has to move. That said, it doesn't mean that the NBA is going to stay here at all costs. It means the city is on it's last chance to get this worked out.

 

[slugking50]

Hmm I thought ARCO still had 80 years on their lease? They get an extra 20?