Toyota buys Texas arena name with eye toward China
( 2003-07-25 11:21) (Agencies)
With an eye on the huge potential market in China, the US arm of Japanese carmaker Toyota Motor Corp. on Thursday signed an agreement to put its name on a new arena for the NBA's Houston Rockets.
The Rockets are led by Chinese basketball star Yao Ming, whose games are beamed to Chinese television.
Chinese viewers now will hear repeatedly that the 7-foot, 5-inch (226-cm) Yao is playing in Toyota Center.
Toyota spokeswoman Jessica Chapman said the Yao connection was "definitely a part" of the decision to purchase the name, but that the main reason was to affirm the carmaker's ties to the local market.
The company is building a plant in San Antonio, 200 miles west of Houston, to make pickup trucks.
"We've got a strong presence in Texas," Chapman said.
The cost and length of the agreement were not disclosed, but other Houston stadiums have sold their names for as much as $300 million for a 30-year deal.
The Rockets will open play in the arena this fall, after years at Compaq Center, named for the Houston-based computer company now owned by Hewlett-Packard Co.
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