Sabres home now: First Niagara Center

BUFFALO, N.Y. (WIVB) - It's a big change for downtown Buffalo. The home of the Buffalo Sabres is getting a new name: First Niagara Center.

For the third time in less than 15 years, the home of the Buffalo Sabres has been re-named. The major announcement came Thursday afternoon. The former Crossroads Arena, Marine Midland Arena, and HSBC Arena will now be known as First Niagara Center.

>>Watch the full press conference from Thursday's announcement at the bottom of the story

"Let me be the first to welcome you to the First Niagara Center," said Sabres president Ted Black.

Black made it official Thursday afternoon. The Sabres will start the new season with a brand new name for its home.

Black said, "This is the most significant sponsorship agreement in the history of western New York sports, both financially and the fact that it joins two of the hottest brands in our region."

In connection with its recent acquisition of upstate branches from HSBC Bank, First Niagara agreed to purchase the naming rights to the Sabres venue. First Niagara CEO John Koelmel is excited about the partnership.

"We're incredibly proud to have the opportunity to partner with the Sabres, and incredibly proud that the First Niagara banner will be flying over home ice for many years to come," said Koelmel.

The naming rights deal is for 15 years. No one stated precisely how much money the deal is worth.

Koelmel said, "We're stepping into HSBC's shoes for the next 15 years for the remaining term of the lease of this facility and we'll otherwise provide you with a more direct answer to your question in due course."

HSBC was instrumental in allowing this agreement to be reached, and vowed to continue its presence with the Sabres organization by keeping its continued box.

Paul Cronin of HSBC Bank said, "We will continue to have a strong presence here in Buffalo and in western New York. Community involvement will continue to be strong."

The arena is current undergoing millions of dollars in renovation and remodeling costs, but money from the new deal isn't necessarily going to defray those costs.

Black said, "It really wasn't about that offset. It certainly helps, because it's revenue we certainly hadn't anticipated. It's as much about the partnership and growing the brands together, quite frankly, as it is about the money."