ORLANDO, Fla. -- Orlando Arena took on a new name Monday, becoming the TD Waterhouse Centre under a naming rights agreement that will pay the parent company of the Orlando Magic, Miracle and Solar Bears more than $5 million over five years.
The city of Orlando also will receive about $2.5 million of the $7.9 million the agreement will generate through 2004, an amount mayor Glenda E. Hood said will significantly reduce operating deficits for the 11-year-old, city-owned facility.
Officials said that during fiscal 1999 it cost about $500,000 more to operate the arena than the city received in event revenue.
The city will receive about $556,000 in additional arena revenue in the first full year of the agreement -- and each year after that until 2004.
The Magic, owned by RDV Sports, becomes the 20th of 29 teams in the NBA to play in a building named for a corporate partner.
RDV Sports also owns the WNBA Miracle and Solar Bears of the International Hockey League.
TD Waterhouse is a leading online financial services firm and the world's second-largest discount broker.
New York forward Marcus Camby will have exploratory surgery knee surgery today in New York.
Camby partially tore the anterior cruciate ligament in his right knee when he was flagrantly fouled by P.J. Brown in New York's 94-80 victory over Miami on Sunday.
Knicks team physician Dr. Norman Scott said the results of Monday's magnetic resonance imaging test were inconclusive. Today's arthroscopic surgery will determine the extent of the tear and reveal whether Camby would be out for an estimated eight weeks or require season-ending surgery.
Derek Fisher of the Los Angeles Lakers will replace teammate Kobe Bryant in the 2ball event at the NBA All-Star competition on Saturday night.
The event matches eight teams of NBA and WNBA players in a one-minute competition requiring the core basketball skills of shooting, rebounding, dribbling and passing. It began in 1998 as the first-ever All-Star Saturday event to include players from both leagues.
Fisher will team with Lisa Leslie of the Los Angeles Sparks.
The winning 2ball team will split $25,000 with $10,000 to the second-place team and the other six teams receiving $2,500 each.
Shawn Kemp of the Cleveland Cavaliers was fined $10,000 Monday by the NBA, and coach Dan Issel and Nick Van Exel of the Denver Nuggets were fined $7,500 each for conduct toward officials.
Kemp was fined for verbally abusing the officials and failing to leave the court in a timely manner following his ejection during the third quarter of Cleveland's game Saturday against Atlanta.
Issel and Van Exel were fined for failing to leave the court in a timely manner after Saturday night's game against Minnesota, and for verbally abusing the officials.
© 2017. All Rights Reserved. | Contact Us