Shawn "Jay-Z" Carter's bid to name The New Jersey Sports and Exposition Authority after his clothing company, Rocawear, was declined, reports the Associated Press. Instead, the venue decided to award naming rights to clothing maker Izod. The building, formerly called Continental Airlines Arena, will now be called the Izod Center.

Continental Airlines Inc. paid $1.3 million a year for the naming rights, but opted to take its name off the 26-year old building, just west of New York City, now that the New Jersey Devils NHL team is leaving for the new Prudential Center in Newark. Izod's 5-year deal is roughly the same amount according to the AP.

Rocawear was co-founded by Jay-Z, president of Def Jam Records and part-owner of the NBA's New Jersey Nets, who play at the arena. The team plans to move to a proposed new arena in Brooklyn sometime after the 2008-2009 season.

Izod, a division of clothing and apparel maker Phillips Van Heusen Corp., is already a sponsor of the Nets. Authority officials said Izod's marketing skills were a major deciding factor in awarding the company the naming rights, noting that Izod would save the authority money by providing its own marketing and advertising for arena events. The arena logo will be changed a few days before the New Jersey Nets first home game on October 31, with the official unveiling to be held during the game.