KeyBank would retain naming rights to Seattle’s KeyArena but pay a million dollars less a year — and arena officials are OK with that.KeyBank would retain naming rights to Seattle’s KeyArena but pay a million dollars less a year — and arena officials are OK with that.
The bank had been paying $1.3 million annually for the naming rights to the arena, but a clause in the deal gave them an out should the Seattle SuperSonics move — and they did. With fewer fans entering the place, the naming rights should be worth less, and so the bank is offering $300,000 this year and next.
Which is fine with arena officials. even though it’s less than the $500,000 annually they were seeking. Keeping KeyBank as the naming-rights sponsor saves the Seattle Center — which owns and operates the arena — $250,000 in new signage.
After 2010, it’s anyone guess. Mayor Greg Nickles wants to see another revamping of the arena in an attempt to lure back the NBA, but so far state officials are not willing to let the city tap into the revenue streams that made Qwest Field and Safeco Field possible.