Steve Ballmer’s LA Clippers make a big deal with TurboTax owner Intuit

The new LA Clippers Arena.

Source: LA Clippers

The Los Angeles Clippers announced on Friday a sponsorship agreement with Intuit, a financial software company that holds ownership of the team’s new $ 1.2 billion arena, which will open in Inglewood in 2024.

The Clippers will call the new complex the Intuit Dome and install signboards in and around the 18,000-seat all-electric arena to increase brand awareness.

Intuit Is a financial management technology company traded on Nasdaq with a market capitalization of $ 156.4 billion. The company’s products include TurboTax, Credit Karma and QuickBooks.

The terms of the deal with the Clippers haven’t been announced, but NBA sources told CNBC that the deal is a 23-year deal in excess of $ 500 million.

By comparison, Chase Bank is about 20 years old $ 300 million Naming rights deal with the Golden State Warriors.And Staples paid to entertainment company AEG $ 100 million When we signed a naming rights contract for a downtown Los Angeles building in 1999. Renewed the agreement In 2009, he had the lifetime rights to the Staples Center, which is now home to the Lakers and Clippers.

Clippers owner Steve Ballmer and team president Gillian Zucker provided a preview of Intuit Dome on CNBC and other media on Thursday. The arena will feature a double-sided Halo video board with 44,000 square feet of LED lights, as well as technology that allows fans to buy concessions and automatically bill them without cash or cards.

Inside the new LA Clippers arena.

Source: LA Clippers

The Clippers estimate that Intuit Dome will generate approximately $ 260 million in Inglewood’s annual economic activity, including more than 7,000 full-time and part-time jobs. The Clippers are also working on a $ 100 million community benefits package that includes after-school programs, services for the elderly, libraries, and housing investments. The official groundbreaking ceremony for Intuit Dome will take place on Friday afternoon.

“We designed a product that we are very proud of,” Ballmer told CNBC. “But we are sitting here and celebrating. It will take three years to complete this,” he added. “We are just on the road to a milestone.”

According to Ballmer, the arena’s exterior design symbolizes basketball splattering off the net. He also showed his enthusiasm for using the National Football League concept by “pioneering the feel of an end zone suite.” Intuit Dome leverages four courtside cabanas just behind the courtside baseline where Ballmer sits. It also includes 10 behind-the-scenes bungalows (floor-level private suites).

“This stadium is about being optimistic about our team,” Ballmer said.

“It’s optimistic about our fans. Let’s get into the building, cheer up and build energy,” Ballmer added, clapping his hands as if he had experienced a game-winning shot. I did. “Your energy can lead our team to greater success.”

“Home Court Advantage”

The Intuit Dome wasn’t cheap.

Former Microsoft CEO paid, apart from costs over $ 1 billion $ 66.2 million For the land and $ 400 million in cash Last year, I bought an Inglewood forum from Madison Square Garden.It freed Ballmer from Court struggle He threatened construction with MSG, a company led by NBA team owner James Doran.

The forum was previously home to the Lakers, where the club played from 1967 to 1999. MSG purchased the forum for $ 23.5 million in 2012.

The Clippers also leverage more team revenue in their buildings.According to the team earns about $ 262 million Forbes.. Intuit Dome helps you increase that number once you open it.

According to Zucker, the building will be used as an attraction for NBA free agents. In addition, Intuit Dome has Clippers business operations and a team practice area with two basketball courts near the top of the area.

“There’s a lot of competition in the NBA. We want to be the place players want to play,” Zucker said. “This is about home court advantage.”

Steve Ballmer’s LA Clippers make a big deal with TurboTax owner Intuit

Source link Steve Ballmer’s LA Clippers make a big deal with TurboTax owner Intuit

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