The Magic are expecting to land a new naming-rights partner for its arena by the end of the year, the Sentinel confirmed Thursday.
Known as Amway Center since its opening in 2010, the arena has garnered a far-reaching level of interest, hosting an estimated 1.4 million visitors each year overall for events.
Because of that, the Magic have entertained potential new naming-rights opportunities. The team has been in the market for approximately a year, Sports Business Journal first reported.
“We are in the process of identifying a new naming rights partner,” Joel Glass, the Magic’s chief communications officer, said in an email to the Sentinel.
The NBA also has expanded the teams’ commercial rights that allow organizations to market with their partners internationally. As a result, Amway Global is looking into future opportunities in key international markets.
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The Magic and Amway originally reached a 10-year, $40 million naming-rights deal.
While it’s not yet known which company the Magic will pick as the arena’s naming partner, it’s likely the new deal will be worth more money.
In 2018, the Atlanta Hawks and State Farm reached a 20-year, $175 million agreement for its arena, which was lauded as one of richest naming rights deals in NBA, the Atlanta Journal-Constitution reported.
Earlier this year in South Florida, the Heat struck a 17-year, $117 million deal with software company Kaseya Limited, according to the Miami Herald.
Of course, buyers beware. That deal with Kaseya only came after the Heat’s 19-year, $135 million naming rights agreement with FTX fell through after the cryptocurrency exchange filed for bankruptcy.
The Magic feel confident about their business options.
“There’s competition even within Florida, and overall, the market is flooded with [sports sponsorship] assets,” Magic CEO Alex Martins recently told SBJ. “I feel good in telling you we’re happy about where we are.
“We’re going to end up in a really good place with our entitlement, probably within 60 days.”
The arena will soon benefit from nearby construction of a long-awaited $500 million sports and entertainment complex across the street.
The Magic recently picked a development team and set an anticipated start in 2024, according to a report in GrowthSpotter.
Email Jason Beede at jbeede@orlandosentinel.com or follow him on X, also known as Twitter, at @therealBeede.
![Magic rookie Anthony Black made his fourth start Tuesday night against the Nets. His teammates have noticed his confidence on the court. "I do like [that] he's got a little feistiness to him," Orlando center Moe Wagner said. "He talks a little smack sometimes which I like."](https://www.orlandosentinel.com/wp-content/uploads/2023/11/Magic-Nets-Basketball.jpg?w=525 "Magic rookie Anthony Black made his fourth start Tuesday night against the Nets. His teammates have noticed his confidence on the court. \"I do like [that] he's got a little feistiness to him,\" Orlando center Moe Wagner said. \"He talks a little smack sometimes which I like.\"")
