Naming rights are a big deal for companies and they pay big money for it. Wells Fargo, which is taking over the Wachovia Center, will pay $1.4 million for the privilege. In comparison, Citizens Bank pays $2.3 million and Lincoln Financial pays $6.7 million. Companies say the appeal to the naming rights is a connection to a major sport and all the media mentions both locally and nationally, either on television or in print.
Currently the biggest naming deal is Citibank, which is paying the Mets $20 million a year for 20 years!
But some fans say a name on an arena doesn't convince them to switch banks or beer.
"Unless they are going to give me money when they change their name I'm not doing nothing, not going nowhere," said Gregg Martucci.
And look for the name AT&T coming to the sports complex in the future. Septa just inked a multi-million dollar deal with the company for the naming rights to the Pattison Station.