N.Y. probes rights to 'WTC'
ALBANY, N.Y. — New York is expanding its probe nationwide into the 1980s sale of the rights to the name “World Trade Center” to a nonprofit for $10, resulting in millions of dollars in fees for use of the name in 28 states, according to an official familiar with the investigation.
The official told The Associated Press letters seeking information on the deals should arrive today at 45 World Trade Center complexes, from Alaska to Florida.
New York Attorney General Eric Schneiderman is investigating a 1986 deal in which the Port Authority of New York and New Jersey sold the naming rights to one of its outgoing executives for use by a nonprofit organization called The World Trade Centers Association. The Port Authority owns the World Trade Center site but is among hundreds of entities worldwide that pay to use the “World Trade Center” name.
“The attorney general is looking to find out how the WTCA got such a sweetheart deal on the naming rights, how much revenue the WTCA makes selling the name and how that price is set,” the official said.
The Record newspaper reported in September that the Port Authority of New York and New Jersey sold the naming rights to Guy Tozzoli in his role as head of the nonprofit WTCA. Tozzoli died in February.
The letter sets an Oct. 25 deadline for responses to the World Trade Centers in cities including Houston, New Orleans and Detroit.
The letters seek the date in which each entity entered into an agreement with the World Trade Centers Association, the end date of any agreement, and the amount paid to the association, and names of principals involved and the license agreements.
