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January 19, 2007
WASHINGTON, DC, January 19, 2007 — Barclays has announced that it will pay an undisclosed amount for naming rights to the new Barclays Center located in Brooklyn, New York for a term of 20 years. Covington & Burling LLP advised Barclays on the transaction.
The new Barclays Center is the core feature of the Frank Gehry designed $4 billion Atlantic Yards redevelopment project, built by New Jersey Nets owner Bruce Ratner’s development company, Forest City Ratner Company. Following completion of the arena, which is expected to open in 2009, and subject to NBA approval, the parties expect that the New Jersey Nets will relocate to the new Barclays Center. The arena expects to host more than 200 events each year.
Covington partner Bruce Wilson said, "Covington's sports group is delighted to have been a part of the Barclays team making this investment in the future of Brooklyn.”
Barclays is a major international financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services. It is one of the largest banks in the world by total assets.
The Covington team was led by partners Bruce Wilson and Andrew Jack and associate John Coyle in Washington. The team also included Peter Zern, Marie Lavalleye, Ed West, and Robert Gage in Washington, Benjamin Hoch and Michael Hopkins in New York, and Ken Ebanks and Simon Frankel in San Francisco.
Covington’s sports law practice is among the most respected in the nation. Representative clients include nearly every major sports league including Major League Baseball, NASCAR, the National Basketball Association, the National Football League, the National Hockey League, the United States Tennis Association, as well as the United States Olympic Committee, sports authorities, major corporations and ownership groups. The Sports Practice group provides clients with legal advice in the areas of antitrust, collective bargaining, copyright enforcement, financing, governance, litigation, media rights development, mergers and acquisitions, regulatory affairs, sponsorships, and state, federal, and international tax. In 2006, the practice received top ranking from Chambers USA in the “Sports Law” category.