Shanghai, December 7 (Gasgoo.com) German automaker Mercedes-Benz will sponsor Los Angeles-based entertainment titan AEG to build a new $280-million arena in Shanghai, the Los Angeles Times reported today. The venue will become Mercedes-Benz Arena in 2011.
The AEG facility in the cosmopolitan city of China is being developed by AEG, the National Basketball Assn. and Oriental Pearl Group, a division of Shanghai Media Entertainment Group.
Mercedes-Benz will lend its name to the basketball and entertainment venue under construction on the Huangpu River in the Chinese super-city's glittering financial hub.
The large multipurpose arena will be used as the performing arts center for the six-month 2010 World Expo fair starting in May. It will become Mercedes-Benz Arena in 2011.
Mercedes-Benz Arena would be the first Mercedes-Benz-named venue outside Germany. The 18,000-seat facility will be used for performing arts such as concerts, sports and other entertainment.
Industry experts estimate Mercedes has paid more than $120 million to put its name on the downtown facility in Shanghai.
