June 29, 2001 |
The Phillies will begin making money from their new ballpark even before the first bucket of popcorn or designer beer is sold. During negotiations over financing with the city and the state, the team insisted on having control over the ballpark's naming rights. The Phillies could sell those rights for a record sum of money, an expert in the field of corporate stadium sponsorship said yesterday. "The Phillies have a good shot of breaking the record for a baseball stadium," said Mike Reisman, principal of Velocity Sports Entertainment.
November 19, 1997 |
Yesterday, the nature of big business caught up with the sports-arena naming-rights game with the takeover of CoreStates Bank by First Union Bank. That probably will result in a change of address for the Flyers and Sixers. According to Peter Luukko, president of the CoreStates Complex, which includes the new CoreStates Center and the old CoreStates Spectrum, the contract between CoreStates and Comcast-Spectacor has a "succession clause" that allows for a change in the names of the two buildings.
May 13, 2003 |
In the coming weeks, the Phillies will do something that is commonplace now but was unheard of the last time they moved into a new stadium. They will sell the naming rights to the place. The buyer may be Citizens Bank, as has been rumored, or some other firm. The price figures to be in the range of $3 million per year for 20 years, those familiar with the business say. Such deals, at the right price and with the right match, work for both parties. The team gets a vital and reliable revenue stream.
May 19, 2001 |
The developer of the Penn's Landing entertainment center is close to signing a $10 million naming-rights agreement with Philadelphia cable company Comcast Corp., according to the president of the Penn's Landing Corp. If this deal, which has not been finalized, goes ahead, it would be a significant step toward closing the funding gap that the project's developer says has contributed to the delay in starting construction on the Center City waterfront site. Melvin Simon, the nation's largest shopping-center developer, has been trying to recruit additional investors and sign a naming-rights deal with Comcast for the last year.
June 18, 2003
By next year, the word citizens is going to be heard around Philadelphia as often as it was in Paris during the French Revolution. In what is your typical naming-rights deal, Citizens Bank has agreed to pay the Philadelphia Phillies $57.5 million to slap its name on the team's new ballpark in South Philadelphia for the next 25 years. At $2.3 million a year, the Phils' deal is in the middle ranks of naming rights revenue for Major League Baseball. The Eagles got $139.6 million to christen their costlier new home Lincoln Financial Field - but football deals tend to be more lucrative.
May 13, 2003 |
The Flyers have played their last game in the First Union Center. And pretty soon, the Sixers will play theirs, too. No, the teams aren't going anywhere, and neither is the arena. Only the name will change. In a few months, the building that opened as the CoreStates Center in 1996 will be rechristened the Wachovia Center, its third name in seven years. Such are the perils of the naming-rights game. Names of businesses change, and sports facilities must follow. Even when companies don't go down the tubes, they get bought up, merge, and establish new identities.
January 30, 1997 |
There are no cars for sale at General Motors Place. There are no flights out of the Delta Center or the Trans World Dome. While you can get a beer at Coors Field, it's not brewed inside. And banking isn't the main business at the Core-States Center. What goes on inside these places are baseball, basketball, football or hockey games. And the names have nothing to do with sports and everything to do with corporate advertising. In the team owners' ever-expanding quest for revenue sources, naming rights to arenas and stadiums have become as much a part of the game as luxury boxes and television contracts.
June 2, 2000 |
With only two weeks left to try and craft stadium deals, sources say Mayor Street's stadium negotiating team is increasingly pessimistic about ever finding the $225 million extra his chosen Center City site will cost. Before he can even get to issues like Chinatown opposition and relocating residents, Street has to negotiate a business deal with skeptical sports teams, which think they gave all they could in the proposed deal they cut with then-Mayor Rendell last year. "You already have a deal that doesn't work," lawyer David L. Cohen, who is representing the Phillies, said when Street announced the new site at 12th and Vine streets.
May 23, 2006 |
The Atlantic City Surf have a new name for their diamond, courtesy of a local jeweler. The Surf announced yesterday that Sandcastle Stadium now will be known as Bernie Robbins Stadium. Surf president and CEO Mark Schuster said the deal with Bernie Robbins Fine Jewelry is a critical piece of the Surf's economic future in Atlantic City. "We have found a first-class naming-rights partner who has invested time and money in the Atlantic City and South Jersey communities," said Schuster, adding that the agreement has been approved by the Casino Reinvestment Development Authority.
June 2, 2002 |
Lincoln Financial Field. Get used to it. Say it out loud. It will be the name of the Eagles' new stadium in South Philadelphia, thanks to a 20-year deal between the team and Lincoln Financial Group. The financial services company, which has its corporate headquarters in Center City, will pay $139.6 million to the Eagles for the right to name the new stadium, scheduled to open next summer. Jon A. Boscia, the Pittsburgh-born CEO of Lincoln Financial Group, confirmed the particulars of the deal.