Inside the new LA Clippers arena
Source: LA Clippers
The Los Angeles Clippers have added another paying partner for the franchise’s planned Inglewood Arena, helping to offset its expected cost of $ 1.2 billion.
The National Basketball Association team owned by former Microsoft CEO Steve Ballmer announced on Monday that it had struck a deal with a “green” financial services company. Suction. Under the deal, Aspiration becomes a founding partner of the team’s new arena – Intuit Dome – which led the way earlier this month with a more than $ 500 million naming rights deal with the owner of TurboTax.
The aspiration will be featured in signs around the arena and other marketing materials, including some related to tackling climate change and reducing fans’ personal carbon footprints.
Terms of the deal were not disclosed, but people familiar with the deal told CNBC it overshadowed $ 300 million. The combination of this deal with the Intuit contract gives the Clippers more than $ 800 million in committed revenue for the Intuit Dome, which is slated 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 has made a deal to go public via a $ 2.3 billion SPAC merger with InterPrivate III Financial Partners last month.
Aspiration allows its clients to choose how much they pay for banking services and espouses a mission to fight climate change – it promises, for example, not to invest money in financing the coal or oil industries.
This mission is part of the Clippers’ plan to operate their complex 100% carbon-free. Intuit Dome will operate as a fully electric arena, and the Clippers said the resort will save nearly 10 million gallons of water per year through the conservation and use of the recovered water. Additionally, the resort will use ride-sharing incentives that the Clippers say could cut vehicle trips by 15% and help the Port of Los Angeles purchase 26 electric tugs to improve local air quality.
âThere is a responsibility associated with building the best arena in the world,â Ballmer said in a statement. âAspiration, which becomes our first founding partner, supports the stake we are planting in the ground to make Intuit Dome the most sustainable arena in the world. “
Inside the new LA Clippers arena.
Source: LA Clippers
As part of the deal, the Clippers and Aspiration will launch a fund to “offer fans the ability to offset their own carbon impact every time they buy a ticket” to Intuit Dome events, both sides said.
In a statement to CNBC, Aspiration co-founder and CEO Andrei Cherny pushed for more teams to emulate the Clippers and use Aspiration’s technology to raise awareness of climate change.
âWith this partnership, Aspiration provides Clippers with instant access to a range of tools to make the Intuit Dome a unique climate positive arena,â said Cherny. “We hope the Clippers’ commitment to sustainability will become the new normal in professional sport.”
The Clippers estimate that Intuit Dome will generate approximately $ 260 million in annual economic activity for Inglewood, including more than 7,000 full-time and part-time jobs. The team also pledged $ 100 million towards a community benefits package that will include investments in after-school programs, senior services, libraries and housing in the area.
The dome will also be a technical marvel, featuring a double-sided Halo video card with 44,000 square feet of LED light and technology that allows fans to purchase concessions and team merchandise without the use of cash or cards. The technology behind this white label asset is still up for auction.
The Clippers will open training camp this week to prepare for the 2021-22 NBA season, which begins on October 19. The Clippers open the road season at the Chase Center against the Golden State Warriors on October 21.