UBS reaches 20-year calling rights offer for NHL’s Islanders Belmont Park arena

UBS reaches 20-year naming rights deal for NHL's Islanders Belmont Park arena

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An aerial picture revealing the building website of the Islanders’ future arena at Belmont Park on March 1, 2020.

John Keating | Newsday by means of Getty Images

The New York Islanders’ brand-new arena at Belmont Park lastly has a name.

Switzerland-based financial investment bank UBS has actually protected the identifying rights to the National Hockey League’s latest arena, which will now be called UBS Arena. The contract is for 20 years, however a UBS Americas main decreased to expose the company’s yearly cost for the rights. However, according to Sports Business Journal, which likewise reported the deal, the offer deserves $350 million, and pays approximately $17.5 million annually.

As part of the offer, UBS, which has its U.S. head office in New York City, will have increased brand name awareness by means of outside signs, a UBS logo design positioning on the roofing system and its logo design put on center ice for NHL video games. The $1.5 billion complex in Elmont, New York, lies behind the track for the Belmont Stakes and is set up to open for the 2021-2022 NHL season.

According to the release revealing the offer, UBS Arena and future advancement jobs are anticipated to “generate approximately $25 billion in economic activity” and 3,000 long-term arena tasks for employees who reside in the surrounding neighborhoods.

In a teleconference with CNBC talking about the deal, Islanders owner Jon Ledecky stated UBS is making “a terrific commitment to the overall New York economy with this deal.”

“This is a privately funded arena and resources like a naming rights deal are critical to the success of the project,” he stated, keeping in mind the “$100 million investment in transit and infrastructure enhancements, including the first New York Long Island Railroad station in 50 years.”

Climate Pledge Arena rendering

Source: Amazon

Despite Covid-19 issues, Tim Leiweke, CEO of advisory company Oak View Group, who assisted protect funding for the structure, stated UBS Arena is still forecasted to host 150 to 200 significant occasions each year. Oak View Group likewise protected the identifying rights for Amazon to take control of Climate Pledge Arena, previously SecretArena, in Seattle.

Seattle was granted an NHL growth franchise in 2018. The unnamed group will be the NHL’s 32nd group and it’s forecasted to begin play in the 2021-2022 season.

Before the coronavirus suspended NHL video games, the Islanders split time in between the Barclays Center in Brooklyn and its initial Nassau Coliseum house considering that 1972. The group revealed it would be returning to Nassau County in December 2017 with the building of the brand-new 18,000-seat arena at Belmont Park

“This anchors one more time the arena at Belmont and the Islanders as a fundamental part of Long Island,” NHL Commissioner Gary Bettman stated on the call with CNBC. “It will be a boom for the Long Island economy.”

The NHL will resume its play on Aug 1 in Edmonton and Toronto after suspending operations due to Covid-19 on March 12.

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