Well clearly it was named after Arnold Palmer himself. It was first poured for the golfer at the Cherry Hills Country Club in Denver, CO. Arnold has been drinking them since the '70s. Although the drink has been around for far longer than that he is why it is as famous and popular as it it now. Arizona Iced Tea produces a canned version of his drink titled "Arnold Palmer." Xing Tea (namebrand for Xing Beverage in Denver, CO) has been producing a similar item called "Half & Half."
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