The arena would be called the Prudential Center, Jeff Vanderbeek, principal owner of the team, told the Star-Ledger. The 18,000-seat arena might be nicknamed the Rock, after Prudential's famous logo, and which also describes hockey pucks.
Prudential has always been headquartered in Newark, just a few blocks from the arena's construction site, and is one of the city's major presences.
The City of Newark recently renegotiated its contract with the Devils for the stadium's construction. The price has escalated from the original $310-million estimate, but a $365-million cap has been negotiated as the maximum price. Newark is kicking in $210 million for construction, which is more than half done at this point, as GlobeSt.com reported. The target date for completion is October 2007.
If Prudential takes naming rights for the arena it would be following in the footsteps of the new New York Mets Stadium. In November, Citigroup purchased naming rights and signage for the now under construction stadium, agreeing to pay $20 million per year for up to 20 years. The field will be renamed Citi Field when it opens in 2009.
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