Devils Arena Entertainment, LLC and Prudential Financial, Inc.
Announce Naming-Rights Deal for Prudential Center
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Newark, N.J., January 8, 2007 – Devils Arena Entertainment, LLC, an affiliate company of the New Jersey Devils hockey team, announced today that they have reached a 20-year naming-rights agreement with Prudential Financial, Inc., one of the world’s leading financial services companies, for the Prudential Center in downtown Newark. The financial terms of the agreement were not disclosed.
“We are very excited to be partnering with Prudential,” said Jeffrey Vanderbeek, President/Chairman of Devils Arena Entertainment. “They have a long history here in Newark, and have been instrumental in the revitalization of this community, which makes them the ideal naming-rights partner for us. Through the new Prudential Center, Devils Arena Entertainment and Prudential will build a better community for our neighbors, and a better experience for our fans.”
Prudential Center will be the future home of the three-time Stanley Cup Champion New Jersey Devils hockey team, a new Major Indoor Soccer League franchise, as well as collegiate and other professional sports. The arena will also feature family events, concerts and more.
“Prudential is proud to put its name on this premier, state-of-the-art sports and entertainment facility,” said Art Ryan, Chairman and CEO of Prudential Financial, Inc. “Prudential Center will be a beautiful, new arena that will help bring economic growth, excitement and a championship team to Prudential’s hometown of Newark. We look forward to all of the benefits it will bring to our community.”
Prudential Financial was founded in 1875 in Newark, and has been headquartered there ever since. The company has a well-established history of commitment to the community.
“When developing the arena’s naming-rights strategy, Prudential was at the top of the list for several reasons, as the value in this deal is not limited to the obvious financial and branding benefits,” said Dean Jordan of OnSport, a North Carolina-based firm that is representing Devils Arena Entertainment on sales and marketing issues. “There is mutual interest by the partners in the arena being a central component of Newark’s resurgence. Prudential appreciates the positive impact that the arena will have on its employees and the city, and likewise, Devils Arena Entertainment understands the value of having a blue-chip brand and global business leader like Prudential as a partner.”
Prudential Center is part of Newark’s multi-billion dollar revitalization plan, which also includes the construction of Triangle Park connecting the arena to Newark Penn Station, the renewal of the Ironbound District, waterfront development along the Passaic River, as well as new cultural, retail and business opportunities.
Groundbreaking for Prudential Center took place in October of 2005. Construction is well underway, with the roof trusses and the façade currently being put in place to enclose the building, which is scheduled to open in the Fall of 2007.
ABOUT PRUDENTIAL CENTER
Prudential Center will be the first major indoor professional sports and entertainment venue to be built in the metropolitan New Jersey/New York region in 25 years. The $375 million venue includes a $210 million investment by the city of Newark, with the remainder coming from the New Jersey Devils ownership group. Prudential Center will generate significant annual rent and revenue sharing for the city of Newark, America’s third oldest and New Jersey’s largest city.
Designed by world-renowned architects and facility design specialists H+O+K, the arena has a seating capacity of 17,625 for hockey, 18,500 for basketball, and 19,500 for concerts, with a full-size practice facility for hockey that seats an additional 800. The amenities in Prudential Center are world class including: a 4,800-sq. foot LED/HD quality big-screen television monitor, two high-end club lounges, a bar and terrace area, 350-seat restaurant, 2,200 Club Seats and 78 Luxury Suites, among the largest in North America for any professional sport.
ABOUT DEVILS ARENA ENTERTAINMENT, LLC
Devils Arena Entertainment is an affiliate company of the National Hockey League’s New Jersey Devils, responsible for the leasing, operating, and maintaining of Prudential Center, the team’s future home. The New Jersey Devils are currently celebrating their 25th Anniversary season in the Garden State. During that time, the team has won the Stanley Cup Championship on three occasions: 1995, 2000, and 2003.
ABOUT PRUDENTIAL FINANCIAL, INC.
Prudential Financial, Inc. (NYSE: PRU) companies, with approximately $586 billion in total assets under management as of September 30, 2006, serve individual and institutional customers worldwide and include The Prudential Insurance Company of America, one of the largest life insurance companies in the United States. These companies offer a variety of products and services, including life insurance, mutual funds, annuities, pension and retirement-related services and administration, asset management, banking and trust services, real estate brokerage franchises, relocation services and, through a joint venture, retail securities brokerage services. For more information, visit www.prudential.com.