Swiss investment bank UBS has signed a 20-year arena naming rights agreement, reportedly worth $275m, for New York Islanders’ new sports venue at Belmont Park.
The UBS Arena is set to be the new home for the New York Islanders from the 2021-22 NHL season, despite construction of the arena being halted for two months due to the global health pandemic.
According to Sportico, UBS will pay the team a minimum of $275m for the naming rights of the 19,000-seat arena.
“We are excited to announce this long-term partnership with the New York Islanders and are proud to play a role in creating one of the country’s premier sports and entertainment venues,” stated Tom Naratil, Co-President UBS Global Wealth Management and President UBS Americas.
“The New York City area is home to our Americas headquarters, thousands of our employees, and more UBS clients than any other US market. We have deep roots in the tri-state area and a fundamental commitment to growing our presence in the US. This is an opportunity to demonstrate and accelerate that commitment, while having a positive and lasting impact on the surrounding community.”
The UBS Arena, which is part of a $1.5 billion redevelopment project funded by New York Arena Partners, a joint venture among Oak View Group, Sterling Equities, and the Scott Malkin Group, will also be used to host more than 150 major events annually. According to the Islanders latest press release, the project is expected to generate around ‘$25 billion in economic activity over the term of the lease’.
Jon Ledecky, Co-Owner of the New York Islanders commented: “UBS Arena will stand as a beacon of strength, resilience, achievement and community, and we look forward to celebrating this milestone with our loyal fans. We’re thrilled to be partners with UBS on this transformational project that will be so important to the New York economy for decades.”
Tim Leiweke, CEO of Oak View Group and leader of the arena project added: “Together we’re eager to deliver on our shared promise of helping reinvigorate the New York economy, creating jobs, supporting a sustainable future, and safely providing an unrivaled, distinctive premium experience for all. We’re excited to bring our passion and unmatched guest service commitment to life, and we look forward to welcoming fans to what will surely become a popular global destination for world-class events for many years to come.”