Madison Square Garden is about to undergo a massive $800 million phased renovation that will not be completed until 2013, but when finished will create an essentially new MSG.  If a recent story by Sports Business Journal is correct, then a significant portion of the financing for the project has been secured in the largest ever sponsor/arena rights deal, as JP Morgan Chase is paying $300 million for a ten year deal to become the marquee sponsor of the new MSG.  It is important to note, that the Garden has not sold the naming rights to the building, which will continue to be named Madison Square Garden, but that JP Morgan Chase will have naming rights inside the building, including the old Felt Forum, will have extensive media rights, and will have media and ticketing rights that extend to all MSG properties, which include Radio City Music Hall, the Chicago Theater and the Beacon Theater. 

Interestingly, the three largest naming rights deals in North America have all involved financial institutions, and, not surprisingly, have been in New York City.  This deal eclipses the $20 million per year that Barclays is paying to put its name on the arena under construction in Brooklyn that will be the new home of the Nets and the $20 million per year that Citibank is paying the Mets for the rights to Citi Field.  Each of those deals, however, run for 20 years.