(Adds detail on terms of deal in third paragraph)
CHICAGO, Oct 19 (Reuters) - Staples Inc SPLS.O bought lifetime naming rights for the Los Angeles sports arena that carries its name.
The office supply retailer paid a previously negotiated fee to sports and entertainment firm AEG extending Staples’ original 20-year naming rights contract in perpetuity, the companies said on Monday.
Terms of the deal, which the companies called the first of its kind for a major sports arena, were not disclosed other than it runs for the lifetime of the building.
Staples has owned the naming rights to Staples Center, home of the Los Angeles Lakers National Basketball Association team, since the arena opened in October 1999 as part of its original agreement with AEG. The 10th year of the deal included an option for an extension, the companies said.
Naming-rights deals on major sports arenas have been hurt by the weak U.S. economy as corporate backers cut back on sports-related spending.
Naming rights are selling for less than they did before the recession, analysts said. The Dallas Cowboys, New York Jets and the New York Giants have yet to sign naming deals for their stadiums. (Reporting by Ben Klayman; Editing by Derek Caney)
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