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Associated Press
1/5/2007 6:46:51 PM

NEWARK, N.J. (AP) - The New Jersey Devils' new downtown arena will be called the Prudential Center, team owner Jeff Vanderbeek said Friday.

Officials from the hockey team and Prudential Financial Inc. will announce the details at a news conference Monday.

Vanderbeek declined to comment on the cost of the naming rights, but had said earlier that the deal would have Prudential pay the Devils about $5 million annually. He said the contract is for 20 years.

The $370 million arena is rising nearly across Broad Street from the world headquarters of the life insurance and investment giant in downtown Newark.

"It's an awesome deal for both parties," Vanderbeek said. "As the chairman of the Devils, I couldn't be happier with the corporate partnership of Prudential."

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