Rocawear Loses Bid for Naming Rights to New Jersey Nets Arena
Rocawear, the clothing company founded by rapper and mogul Jay-Z, has lost its bid for the naming rights to the New Jersey Nets Continental Airlines Arena. According to the Bloomberg news service, the Izod apparel company outbid Rocawear. Although Rocawear and Izod both entered bids of $1.4 million per year, Izod sweetened the deal with an offer of cash as well as a marketing package. Through the deal, Phillips-Van Heusen—the Izod brand’s owner—will buy and create advertising for television and other media. Continental Airlines, which currently owns the naming rights, backed out of its $1.3 million annual contract after the New Jersey Devils hockey team left the venue. The arena will open with its new name on October 31 when the Nets play their home opener against the Chicago Bulls.