A rendering of the new Chicago Bulls practice arena.

The Chicago Bulls are getting a new basketball practice facility, and the team’s business leaders are bargaining on a name for the building.

“We are in discussions or looking to negotiate the naming rights,” said Susan Goodenow, vice president of branding and communications for the Chicago Bulls, adding that she could not disclose who is interested in branding the new building.

The 55,000-square-foot facility is ...

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