NBA LA Clippers New Tech Arena Naming Rights “23 Year” Deal
he Los Angeles Clippers have announced a new sponsorship deal with financial software company Intuit, which will hold title rights to the teams new $1.2 billion (AUD 1.6 billion) Intuit Dome arena scheduled to open in Inglewood in 2024.
The terms of the agreement have not been made public yet, but the National Basketball Association sources told CNBC the deal is a 23-year agreement worth $500 million (AUD 691.4 million).
The new Clippers Intuit Dome will provide Intuit with increased brand awareness with signage around the entire all-electric, 18,000 seat arena.
The Clippers estimate the Intuit Dome will generate approximately $260 million (AUD 359.7 million) in annual economic activity for Inglewood, including over 7000 full-time and part-time jobs.
The Clippers have also committed to a $100 million (AUD 138 million) community benefits package that includes investments in after-school programs, service for seniors, libraries and housing.
Los Angeles Clippers and National Basketball Association owner, Steven Ballmer, told CNBC: “We’ve designed a product that I’m very proud of,” he said.
“But we’re sitting here celebrating, and we’ve got three years before this thing is done.
“We’re just at a milestone along the way.
“This stadium is about being optimistic about our team.
“It’s about being optimistic about our fans-get in the building, pump up, make energy.
“Your energy can feed our team to greater success.”
Ballmer paid $66.2 million (AUD 91.5 million) for the land and $400 million (AUD 553 million) in cash to purchase the Forum in Inglewood from Madison Square Garden Co. last year, where the Forum was previously home to the Lakers before Madison Square Garden Co. purchased the Forum for $23.5 million (AUD 32.4 million) in 2012.
Clippers team president, Gillian Zucker, added: “There’s a lot of competition in the NBA.
“We want to be the place that players want to play,” he said.
“This is about home-court advantage.”
The clippers will also capitalize on team revenue with the building on the arena as, according to Forbes, the team already roughly makes $262 million (AUD 362.3 million), and the Intuit Dome will help increase their revenue when the arena opens.
Clippers and National Basketball Association owner, Steven Ballmer and Clippers team president, Gillian Zucker showed a preview of the arena that will feature a double-sided Halo video board with 44,000 Square feet of LED lights and technology that allows fans to purchase concessions and automatically be charged without using cash or cards.