Port Authority officials plan to investigate a deal that gave a non-profit group the rights to the name “World Trade Center” for just $10 decades ago.
A Port Authority worker, Guy Tozzoli, sold the rights to the name to an organization that he created — the World Trade Centers Association — and gained profits of millions of dollars be licensing the name through his nonprofit, according to the NY Daily News.
Port Authority officials now reportedly want to end the deal because it would force them to give the World Trade Centers Association free space in the new tower, which is currently under construction and expected to open next year.
The value of the office space given to the nonprofit would be about $500,000.
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Port Authority Deputy Executive Director Bill Baroni said he is concerned that the deal was secretive.
"I am gravely concerned that a secret deal, years ago, sold the name of the World Trade Center for 10 bucks," Baroni said. "And I'm going to look into (it)."
Members of the World Trade Centers Association, however, said they think the deal was not secretive.
"I think the 1986 agreement speaks for itself," said Scott Richie, the World Trade Centers Association head legal counsel. "It was signed by the appropriate officer of the Port Authority."
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Members of the nonprofit added that the deal was renewed by both groups in 2006.
Source: NY Daily News