The Orlando Magic will be moving into a brand-new arena for the upcoming season and when a new arena is built, many companies line up to get their name on the building.
The Magic have already gotten the insurance company, Geico, to get on board with some naming rights that will be used not on the arena but an adjacent parking garage.
We get more from ProBasketballTalk:
The insurance firm signed a five-year deal valued in seven figures annually. In turn, Geico receives naming rights to a seven-level parking garage being built next to the arena and a skywalk connecting the two buildings, said Magic President Alex Martins.All in all, that's somewhat of a sweet deal for Geico but to spend all that money on the naming rights for a parking garage is pretty insane to say the least.
The city of Orlando owns the garage and shares in the revenue, Martins said. He would not disclose the split.