This is just incredible:
Shortly after the Sonics left Seattle, the contract between KeyBank and Seattle Center for naming rights for the sports arena came up for renewal. The price for the rights at that point was $1.3 million a year, but the city-owned Seattle Center offered a new price to reflect the fact that the arena would no longer host an NBA team: about $400,000 a year. But the bank still walked.
The consequence of KeyBank’s miserly ways? So far, nothing. For four years, the Cleveland-based bank’s logo has kept glowing red atop the arena, and its name is still invoked anytime a concert, Storm game, or roller derby takes place within its confines…
“If you take it down, what do you use instead?” asks Deborah Daoust, spokeswoman for Seattle Center. “It’s continuity for us, which is important from a branding aspect.”
Let’s see, you could maybe call it the Seattle Center Coliseum, which is what it was called before KeyBank bought the naming rights in the 1990s. Or the Storm Arena, if they wanted to follow the precedent set by the Miami Dolphins after naming rights sponsor Pro Player went bankrupt and stopped paying its bills. Or just the Arena, following the Philadelphia 76ers‘ lead.
Instead, the city of Seattle seems content to giving a local bank free advertising, just because “Meh, people are going to call it that anyway.” I guess maybe this might help them in marketing the naming rights to another company — you’ll get to keep your name on it even if you stop paying us! — but probably not in the way they’d hope.