Port Authority: $10 WTC name rights sale shameful

NEW YORK — The Port Authority of New York and New Jersey on Wednesday called a deal that sold the World Trade Center’s name rights to a nonprofit organization for $10 decades ago “a shameful episode” and vowed to cooperate with an anticipated investigation by New York’s attorney general.

A newspaper story this month revealed that the name rights were sold to former Port Authority executive Guy Tozzoli in his role as head of the nonprofit World Trade Centers Association, formed to promote international trade. The Port Authority, which owns the lower Manhattan land where the Twin Towers stood before Sept. 11, 2001, is among more than 300 worldwide members that pay the WTCA a fee to use the words “World Trade Center.”

New Jersey Gov. Chris Christie has criticized the deal. New York Gov. Andrew Cuomo said he has referred the matter to state Attorney General Eric Schneiderman to determine whether the WTCA “properly acquired from the Port Authority and developed the exclusive rights to the World Trade Center brand” and whether Tozzoli or others “improperly received the benefit of such intellectual property without right” at the expense of the Port Authority and taxpayers.

— Associated Press

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Source: Albany Times Union – State Capitol

    

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