Jay-Z fails in bid to name sports arena

Hip-hop mogul Shawn 'Jay-Z' Carter has lost out on the chance to name a New Jersey arena after his Rocawear clothing brand.

The rapper made an offer of $1.4m (€984,687) -per-year for the naming rights to the New Jersey Nets Continental Airlines Arena in Meadowlands in September - but the 37-year-old was outbid by the Izod apparel company.

Izod matched Carter's figure, but offered a marketing package in addition to the cash deal, according to Bloomberg.

The arena will be re-opened with its new name on October 31 when local basketball team the New Jersey Nets - of which Carter is a shareholder - play at home against the Chicago Bulls.