Per Chandler France of the Houston Business Journal (HBJ), the latest arena sponsorship deal between Toyota and the Rockets is a five-year extension worth at least $7 million annually.<\/p>\n
The Rockets and Toyota have reportedly signed an extension of their naming rights deal for the NBA team\u2019s home arena in downtown Houston. Toyota is the world\u2019s largest automobile manufacturer<\/a>, producing about 10 million vehicles per year.<\/p>\n Per Chandler France of the Houston Business Journal<\/a> (HBJ), the newly ratified pact is a five-year extension worth at least $7 million annually. The two sides initially signed a 20-year, $100 million agreement when Toyota Center opened in 2003 \u2014 and since that deal\u2019s 2023 expiration, the parties had been operating under one-year extension agreements.<\/p>\n \u201cOfficial contract details are not yet confirmed, but sources did confirm that the deal is signed and approved,\u201d HBJ reports<\/a>.<\/p>\n Just a few blocks away, Major League Baseball\u2019s Astros<\/a> went through a stadium name change when Minute Maid Park became Daikin Park<\/a> earlier this year. But for at least the remainder of the 2020s, no such sponsorship change is on the horizon for the Rockets.<\/p>\n Now in its third decade of use, Toyota Center continues to go through a series of renovations<\/a> as part of the team\u2019s ongoing effort to keep it in optimal condition for hosting marquee events.<\/p>\n