Business/Finance

Wachovia Center is now Wells Fargo Center

Tuesday, July 27, 2010
Crews removing Wachovia Center name to make way for the new Wells Fargo name.

Crews removing Wachovia Center name to make way for the new Wells Fargo name.

Just when the words Wachovia Center became part of the current Philadelphia vernacular, they're gone, just like that.

On Tuesday a worker removed the oversized "W" at the Wachovia Center. The arena has hosted Stanley Cup games and the Republican National Convention but it's had a tough time holding on to a first name. This new change will be the arena's 4th name in 14 years.

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.

(Copyright ©2014 by The Associated Press. All Rights Reserved.)

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