The New Orleans Arena had gone on for 15 years without a corporate name, and now, it’s officially known as The Smoothie King Center. Awesome. Per The Times Picayune:
After extensive negotiations that lasted for nearly a year, the Pelicans and Smoothie King agreed to a 10-year naming rights deal that includes an option for the company to renew for an additional 10 years.
“It’s gigantic,’’ Pelicans president Dennis Lauscha said Wednesday afternoon. “Aside from the branding of the team, besides the practice facility, finding a naming rights partner was key to the long-term financial viability of this franchise in this market. We put it right at the top of the list of things that needed to be accomplished.’’
Financial details of the deal were not disclosed. But the total value of the deal is believed to be estimated around $40 million.
The Pelicans considered offers from two other undisclosed companies, along with Smoothie King. But Lauscha said Smoothie King won out because it was a local company with aggressive growth plans similar to the franchise’s objectives.
Now, Madison Square Garden, where the New York Knicks play, and the Palace of Auburn Hills, which is Detroit Pistons home arena, are the only remaining NBA arena’s without a naming rights deal.