News Brief

Barclays Will Invest $300 Million To Name Brooklyn Stadium

London-based Barclays PLC secured a 20-year deal to put its name on a new pro basketball stadium being built by developer Forest City Ratner in Brooklyn, N.Y., and designed by architect Frank Gehry.

New York Mayor Michael Bloomberg yesterday told reporters that Barclays would invest more than $300 million in the marketing partnership over the next 20 years. The deal should help defray the cost of building the stadium and residential and commercial properties on the 22-acre site.

On its home turf, Barclays is the leading sponsor of Premier League soccer. This is its first such deal in the U.S., and is in the same ballpark as other naming rights deals that have risen above the $100-million mark. Prudential Financial said it would pay $105.3 million over 20 years to put its name on the New Jersey Devils' new arena in Newark, N.J.

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