LA Clippers, Aspiration sign $300-million-plus arena sponsor deal
Inside of LA Clippers new arena
Source: LA Clippers
The Los Angeles Clippers added another paying partner for the franchise’s planned Inglewood arena, helping to offset its expected $1.2 billion cost.
The National Basketball Association team owned by former Microsoft CEO Steve Ballmer announced Monday it has agreed to a deal with “green” financial services company Aspiration. Under the agreement, Aspiration becomes a founding partner of the team’s new arena — Intuit Dome — which broke ground earlier this month with a $500 million-plus naming rights deal with the owner of TurboTax.
Aspiration will appear on signage around the arena as well marketing materials. These include signs that relate to climate change or reducing carbon footprints of fans.
The terms of the deal were not disclosed. However, people who are familiar with the matter told CNBC that it exceeds $300 million. Combining this deal with Intuit’s contract gives the Clippers more than $800 million in committed revenue for the Intuit Dome, which is scheduled to open in 2024.
Aspiration is based in nearby Marina del Rey, with investors including actor Leonardo DiCaprio and Philadelphia 76ers coach (and former Clippers coach) Doc Rivers. Aspiration has raised $450 million to date, according to PitchBook, and entered an agreement to go public via a $2.3 billion SPAC merger with InterPrivate III Financial Partners last month.
Aspiration allows its customers to choose how much they pay for banking services and espouses a mission of combating climate change — it promises, for instance, not to put any money into funding the coal or oil industries.
The Clippers plan to run their complex carbon-free. Intuit Dome, which will be a completely electric arena. Clippers claimed that it would conserve nearly 10,000,000 gallons of water annually through conservation and the utilization of reclaimed waters. In addition, the complex will use carpool incentives that the Clippers claim could reduce vehicle trips by 15%, and help the Port of Los Angeles buy 26 electric tugboats to improve local air quality.
Ballmer stated in a statement that building the most sustainable arena in the globe is an obligation. Intuit Dome is the most sustainable arena worldwide, and it’s an honor to be named our first founder partner.
Inside the new arena for LA Clippers.
Source: LA Clippers
As part of the deal, the Clippers and Aspiration will launch a fund to “provide fans with the opportunity to offset their own carbon impact whenever they purchase a ticket” to Intuit Dome events, the two parties said.
Andrei Cherny (Aspiration CEO) stated in a statement that Aspiration founder and CEO Andrei Cherny advocated for more teams following the Clippers to make climate change awareness a priority.
Cherny explained that Aspiration provides the Clippers immediate access to tools and technology to help make Intuit dome a climate-positive arena. We hope that the Clippers will set a new standard for professional sports in sustainability.
Intuit Dome, which will bring Inglewood over 7,000 part-time and full-time jobs, is estimated by the Clippers to be worth $260million annually. Intuit Dome will also provide community benefits packages that include investment in libraries, senior services, after-school programs and other local initiatives.
A double-sided Halo videoboard with 44,000 feet of LED lights will be featured on the dome. Fans can also purchase team merchandise and concessions using their cards or cash. It is currently up for auction the technology behind this white-label asset.
In preparation for the 2021-22 NBA basketball season that begins on Oct. 19, The Clippers will host training camp. The Clippers begin the 2018-19 season against the Golden State Warriors at Chase Center on October 21.