The building has been called the Continental Airlines Arena for 12 years but will now be called the Izod Center, the New Jersey Sports and Exposition Authority [NJSEA] said.
The NJSEA sought bids from companies interested in the naming rights in August after Continental Airlines backed out of its $1.3 million annual contract because the facility lost the New Jersey Devils hockey team.
“This is a rebirth for this arena,” George Zoffinger, the authority’s chief executive officer was quoted as saying in Bloomberg.com. “It gives us an opportunity to show that this arena is very viable.”
New Jersey chose Izod’s offer over a $1.4 million per year bid from Rocawear and a $2.1 million per year bid from Southpole, Zoffinger said.
Izod’s $1.4 million per year bid was selected because the company promised cash as well as a marketing package, the authority said.