LATEST: 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 $1.4 million (GBP7 million)-per-year for the naming rights to the New Jersey Nets Continental Airlines Arena in Meadowlands in September (07) - 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 31 October (07) when local basketball team the New Jersey Nets - of which Carter is a shareholder - play at home against the Chicago Bulls.