The New Jersey Nets have located their perfect sponsor after what was said to be a rigorous search. Izod!
From the NYT:
Izod will pay $1.4 million a year in cash for the first two years of the five-year agreement, which will be cut to $750,000 annually in 2009 when the Nets are expected to move to Brooklyn.
The Nets, who made the deal through their naming rights division as the agent for the New Jersey Sports and Exposition Authority, focused largely on finding a fashion company as the sponsor. The choice was from among the Izod division of Phillips-Van Heusen, Rocawear and Southpole, all clothing retailers.
In addition to the cash, Izod will provide marketing valued at $600,000 a year and $100,000 annually in uniforms for arena workers. Phillips Van-Heusen will also open five stores in the Xanadu development that is rising in the Meadowlands.
Hey, polo shirts are cute.