The College of Charleston's Carolina First Arena very well could become TD Bank Arena or some variation when Canadian-owned TD Bank Financial Services completes the purchase of the Greenville-based Carolina First Bank.
The original naming rights agreement between the College of Charleston and South Financial Group, the parent company of Carolina First, addressed such a scenario, saying that the rights would be transferred to the successor bank or financial institution as long as the $2 million pledge is paid. The contract also states that if a merger takes place during the pledge period that the successor bank has the obligation to pay the pledge balance, and that the "College alone reserves the right to agree to continue to name the center for the successor bank, or terminate the agreement and/or seek another naming opportunity."
College of Charleston director of athletics Joe Hull said earlier this week that it's too early to know how the ownership change will affect the name of the arena.
South Financial Group and the school signed an agreement in May 2005 calling for the financial institution to pay $2 million over a 10-year period ending in 2014 in exchange for the permanent naming rights for the 5,100-seat facility located on George Street. The parties later agreed to modify the original agreement so the bank could allocate the money through two different sources.
The Post and Courier secured copies of the agreement and subsquent changes through the South Carolina Freedom Of Information Act.
Reach Tommy Braswell at firstname.lastname@example.org.