By JANET FRANKSTON LORIN
NEWARK, N.J. (AP) â The New Jersey Sports and Exposition Authority said Tuesday it is hunting for a new firm to put its name on the Meadowlands arena after being informed by Continental Airlines that it has decided to opt out of its naming rights deal.
The Meadowlands building has been called Continental Airlines Arena for 12 years.
A spokesman for the Houston-based airline, which has a major presence at Newark Liberty International Airport, said an option in its contract allows it to opt out following a major change. The New Jersey Devils hockey team, one of the arenaâs main tenants, is leaving this fall for Newark.
âThe current arrangement remains in effect until the NJSEA designates a new sponsor,â said Dave Messing, a Continental spokesman. âWe have had a rewarding relationship with the arena and are happy to continue to have our name on it until a new sponsor takes over.â
George Zoffinger, CEO of the authority, said the state would get a better deal with a new sponsor because the current contract pays only $1.3 million annually, with half the fees being paid through airline tickets.
âWe think this is a real opportunity for us to improve our cash flow,â he said.