The United Center is an indoor sports arena located in the Near West Side community area of Chicago. It is named after its corporate sponsor, United Airlines. The United Center is home to both the Chicago Blackhawks of the National Hockey League and the Chicago Bulls of the National Basketball Association . The plan to build the arena was created by Bill Wirtz and Jerry Reinsdorf, the owners of the two sports teams, respectively. The United Center's predecessor was the indoor Chicago Stadium, the original "Madhouse on Madison", which was demolished after the newer arena opened for business on August 18, 1994. A statue of Michael Jordan is located on the east side of the arena. United Airlines pays about $1.8 million per year until 2014 for its naming rights.