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Did You Know?

the proposal was placed on the November referendum ballot.

Toyota paid $100 million for the naming rights.In May 1995, several Texas sports teams, including the Houston Rockets, proposed legislation that would dedicate state tax revenue to build new arenas. Although the bill was failed in the Texas House of Representatives, Rockets owner Leslie Alexander announced he would continue to study the possibility of constructing a new arena in downtown Houston, saying the 20-year old Summit arena was too outdated to be profitable. Although the Summit's management said they could renovate the building for a small part of the cost of a new arena, the Rockets began talks with the city of Houston on a possible location for an arena, They also negotiated with Houston Aeros and Summit owner, Chuck Watson, to release them from their contract with the Summit, which ran until 2003.As the negotiations continued into 1996, a panel appointed by Houston mayor Bob Lanier reported that building a new arena was "essential to keep pro sports in Houston". After Watson rejected a contract buyout proposal of $30 million, the Rockets filed a legal challenge against their lease, stating the "need to be able to buy out" of the lease. However, the city of Houston filed a counterclaim to force the Rockets to stay at the Summit, saying that if the Rockets did not honor their contract, then they might "have no incentive to honor any new agreement with the city of Houston to play in a new downtown sports arena". The validity of the lease was eventually upheld, and in April 1997, Lanier announced that the Rockets and Watson would have to agree to share control of the new arena equally, or lose access to it altogether. After both parties agreed to the terms,.

The arena has two additional displays located at each end of the court, and a "state-of-the-art" audio system.In July 2003, the arena was named the Toyota Center, after Toyota agreed to pay $100 million for naming rights, the fourth-largest deal for a sports arena in the United States at the time.

The logo of the company was placed on the roof of the building, as well in other prominent places inside the arena, and the company was given "a dominant presence" in commercials shown during broadcasts of games played in the arena.The arena's first event was a Fleetwood Mac concert on October 6, 2003, and the first Rockets game at the Toyota Center was against the Denver Nuggets on October 30.In its first year, the total attendance for events at the arena exceeded 1.5 million.

The two sides agreed to equal control over an arena in a deal signed in 1997, but the proposal was rejected by city voters in a 1999 referendum.

The Toyota Center is an indoor arena located in downtown Houston, Texas.

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