Continental Airlines said last month that it is opting out of a new deal for the company's name to appear on the 26-year-old arena because the New Jersey Devils NHL franchise, one of the arena's main tenants, are moving to another venue and the future of the building is unclear.
“With the uncertainty of the building, it's a very difficult sell," said George Zoffinger, CEO of the New Jersey Sports and Exposition Authority (NJSEA), as a tour of the arena by potential bidders earlier this month did not go as well as expected.
The Nets also plan to move to a proposed megacomplex in Brooklyn, New York, but have signed a lease to play at the Meadowlands until 2012 although they can opt out earlier.
The current contract with Continental, which has a major presence at nearby Newark Liberty International Airport, pays $1.3 million annually, with half the fees being paid through airline tickets.
A decision for the naming rights could come as soon as the NJSEA's next scheduled meeting on October 4.
