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 Bank sues Sabres over arena name
Posted: Sunday August 08, 1999 02:59 PM
BUFFALO, N.Y. (AP) -- A bank has filed a lawsuit against the owners of the Buffalo Sabres to get the name of city's downtown arena changed. HSBC Bank USA filed the breach of contract lawsuit in state court last week against Crossroads Arena LLC, a subsidiary of the Sabres, because the arena owners refuse to change the name of Marine Midland Arena. HSBC, formerly called Marine Midland Bank, bought 20-year naming rights on the arena for $15 million in 1995. But the bank and hockey team disagree on whether the bank's corporate name change gives it the right to change the arena name. Timothy Rigas, CEO of the Sabres, refused to comment on the lawsuit. The London-based bank changed the name of Marine Midland Bank and its other businesses to the global name HSBC earlier this year, but can't change the arena name without consent from the Sabres. The lawsuit means the city could have an arena named after a nonexistent bank for months to come, including when the Sabres begin their defense of the Eastern Conference championship this fall. The bank has filed for declaratory judgment, asking a judge to declare the arena owners in breach and force the venue to be named HSBC Arena.
If the bank can't get a judge to agree the name should be changed, it
could be forced to make an additional payment in negotiating a name change.
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