SEATTLE (CelebrityAccess MediaWire) — The KeyArena will keep its name after the City of Seattle reached a deal with KeyCorp over continued naming rights for the arena.
The deal was for $300,000 a year, down from about $1.2 million per annum which the city netted from the agreement before the SuperSonics departed for Oklahoma City.
According to the Puget Sound Business Journal, KeyCorp had the option exit the deal after the Sonics left, but they opted to stick around and city officials described the decision as "very positive."
City spokeswoman Deborah Daoust said that when the Sonics left, the city and KeyCorp "lost so much national visibility" that the Bank's decision to maintain the naming rights agreement shows "strong support of the community."
The matter will be reconsidered in 2010 when the deal expires and if KeyCorp will renew at that time has not been made clear. "[There are] a lot of unknowns; Key and the city are keeping their options open." Daoust added. – CelebrityAccess Staff Writers