After nearly two decades, a new name for CT sports and entertainment arena will be unveiled today

Yahoo

2 days ago

Downtown Hartford's aging sports and entertainment venue — now the focus of a $145 million renovation — also will be getting a new name, as expected.
An announcement on a naming rights agreement for what is now known as the XL Center is scheduled for today at 2 p.m., according to a statement from the office of Gov. Ned Lamont., who will be attending the event.
The arena opened in 1975 as was known for decades as the Hartford Civic Center. The building was renamed in 2007 after the insurer XL Group which purchased the naming rights contract.
The XL Group's naming rights contract expired nearly a year ago. XL, purchased by insurance giant AXA in 2018, decided to shift gears in its marketing, moving away from venue naming rights, officials with Denver-based Oak View Group have said.
OVG, which runs the day-to-day operations of the venue, has said negotiations over a naming rights contract can be complex. The deal might include premium seating — bunker suites or loge seating, for example — in addition to the name on the exterior of the building.
The XL Group naming rights contract ranged from $450,000 to $500,000 a year. The value dipped during COVID and when University of Connecticut's basketball program left the Big East. The basketball program has since returned to the conference.
OVG is contributing $20 million to the renovations and hopes the improvements will help it to triple the number of concerts booked annually, perhaps as many as 30. Concerts are major money-makers for modern arenas.
The project is downsized from $250 million in 2018 after there was no appetite for that price tag. The scope now focuses on premium, higher-priced seating in the lower half of the venue; a relocated, fully outfitted concert stage and crucial IT upgrades. Concessions also will be revamped.
Kenneth R. Gosselin can be reached at [e-mail].