Portland's Rose Garden arena is one of the few major venues in the United States that hasn't sold its naming rights. Well that's about to change after the Trail Blazers and Rose Garden announced today that they have initiated the process of locating a corporate partner to secure long-term naming rights for the 12-year old arena.

“The timing is right to present this opportunity,” Trail Blazers President Larry Miller said in a press release released by the team today, “and to locate a partner to Rise With Us and ensure our continued growth, competitiveness and viability, and to help shape the vision for the development and sustainability of the Rose Quarter campus for the betterment of our community.”

Which companies might want to throw their names in to the hat for the arena's naming rights? You'd have to think the companies that will be interested in this opportunity are companies that have ties to the Trail Blazers and Rose Garden currently or organizations that have ties to the Pacific Northwest.

Wells Fargo is already a big sponsor of the team with considerable visibility in the arena itself. They might be interested in increasing their exposure via a naming rights deal.

Beaverton-based Nike will most certainly be approached. Trail Blazers President Lary Miller and COO Mike Golub both are former Nike employees with ties to the key decision makers out at the shoe and apparel giant. If Nike is looking to have more of a presence locally, this invesment could make a lot of sense for them.

Might Paul Allen chat with his buddy Bill Gates about making Microsoft the title sponsor for the Rose Garden?

What will the naming rights fetch? Interestingly enough, probably not as much as the Trail Blazers are reportedly making from their new TV deal with Comcast SportsNet. While that deal pays them $12M-$13M per year, a naming rights deal would likely pay only a fraction of that amount.

For instance, Key Bank is the title sponsor of the Sonics arena in Seattle, Key Arena. Key Bank paid $15.1M as part of a 15-year deal signed in 1995.

In 2006, Oakland Arena, home to the Golden State Warriors, became The Oracle in a deal worth $30M over 10-years.

Safeco is paying $40M over 20-years for the naming rights to Safeco Field - home of MLB's Seattle Mariners.

PGE is paying $8.5M over 10-years for the naming rights to PGE Park - home of the Portland Beavers, Portland Timbers and Portland State football.

Because Portland is the country's 24th largest market, the Trail Blazers likely won't get as much as the Nets and Mets recently got for their facility naming rights - $20M per year.

Whichever company sticks its name on the Rose Garden will get plenty of exposure at the venue itself. The Rose Garden plays host to more than 160 events annually, including Trail Blazers basketball and LumberJax (PIL) lacrosse. Additionally, the building is one of the nation’s leading concert venues, with a booking schedule that already includes Bruce Springsteen, Celine Dion and Blue Man Group in 2008.