Name of new Red Wings arena to be revealed soon
The corporate name of the future home ice of the Detroit Red Wings will be revealed in two months or less, indicating a company has won the multimillion dollar contest to put its name on the new stadium.
Officials for the Wings owner confirmed late Tuesday the name of the new $627 million venue will be publicly released later this year, giving a broad time line of up to two months. The stadium is being built along Woodward just north of downtown, and is slated to open in September 2017.
A spokeswoman for Olympia Entertainment wouldn’t comment on whether a business has been selected. Olympia Entertainment is part of the billionaire-dollar empire owned by Mike Ilitch, owner of the Red Wings.
Scoring the naming rights of a professional sports venue is one of the most sought after goals in corporate America. The price tag for such a deal can range from $400 million for 20 years — in the case of the Barclays Center in New York City — to $66 million for 30 years — the price tag for Comerica Park in Detroit.
The Red Wings have recently showed its committed to spotlighting local and state companies in a variety of sponsorships.
Last year, General Motor’s Chevrolet became the official vehicle of the Red Wings and the Fox Theatre in Detroit. The deal ended five years of corporate sponsorship of the Red Wings by Dodge Ram Truck that included Red Wings limited-edition pickups, a Ram-branded mural of goalie Jimmy Howard, on-ice sponsorship and other major branding inside Joe Louis Arena.
The deal expanded a longstanding relationship between Chevrolet and Olympia Entertainment. Chevrolet has long held the rights to showcasing its vehicles at Comerica Park, home of the Detroit Tigers, which also are owned by Ilitch. Chevy’s sponsorship includes putting two vehicles atop the fountain at Comerica.
Also last year, Meijer and Saint Joseph Mercy Health System were named as the first major sponsors of the Red Wings’ future home.
The two Michigan entities have signed on to “the highest level of commitment” for multiple years at the new venue, Olympia Entertainment said at the time of the announcement. Financial terms of the deals were not disclosed.