Story Published:
Oct 6, 2008 at 11:41 AM PST
Story Updated:
Nov 21, 2008 at 2:25 AM PST
SEATTLE (AP) - Without the Sonics as the KeyArena's main tenant, the city of Seattle will get $800,000 less next year for its naming rights.
The sponsorship for the building was renegotiated after the NBA franchise moved to Oklahoma City.
KeyCorp decided to keep its name on the Seattle Center arena, but at a lower cost.
Center spokeswoman Deborah Daoust says KeyCorp will pay $300,000, compared with $1.1 million last year.
The original naming rights agreement was a 15-year deal signed in 1995. It had two more years to run before the Sonics left.
Daoust says the new agreement is a two-year deal for a flat fee of $300,000 per year. Daoust says conditions could change in two years if Seattle lands another NBA team or remodels the arena.