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Thread: Everbank Field and the consequences of the namings rights deal

  1. Everbank Field and the consequences of the namings rights deal

    So the Jags and Everbank have agreed in principle it seems to a 5 year deal with $3 million being paid in year one and that amount escalating annually at an incremental level up to $3.5 million in year 5. This is according to Paul Kuharsky the ESPN AFC South Blogger. Anyway, the stadium/team's deal with the city is supposed to be a 75% to 25% split of naming rights rev so the team would keep the bulk with the rest going to a stadium improvement fund. None of this has been finalized as of yet, as it needs City Council Approval, but I figured we could try to get a thread started on this topic.

    1. I think the length of the deal further demonstrates the teams commitment to staying in Jax. The LA talk has a team playing there in the next 2-3 years. This deal is for 5 and adds another set of contracts & agreements that would have to be broken if the team were to move.

    2. The increased revenues, while not too much, are vital to helping the team in its financial position given the ticket sales situation.

    3. The fact that it is a local business adds to the "feel good" factor, as it is a reputable bank that has done well for itself despite the recent recession and economic environment in general. It always feels better when a stadium's name sponsor has local ties.

    Thoughts?

  2. #2
    I know some people get annoyed by stadium naming rights, but it makes perfect sense to me (aside from the unfortunately named Enron Field in Houston). It's free money. $3 million might not seem like much when compared to the salary of an NFL player, but that goes a long way towards covering front office expenses. I don't know that I would read too much into the Jags future based on this deal, I would assume that they have an out.

  3. While this is extrapolation, from a marketing standpoint it wouldn't make sense for Everbank to sign a deal with the Jags if they had any reason to believe they wouldn't get the full 5 years of the deal. They have also stated they'd like to make it an even longer term relationship in the future. They're a company in a major growth phase (based off the growth in their reported income and recent acquisitions) and for them to derive a real benefit that justifies this expenditure associated with this deal, they need for the name to become synonymous with the stadium itself, and this takes more than 2 years given that fans go a maximum of 10 times a year.

    Considering the relative bargain that Alltel got (it was under 1 million a year for a team that regularly went to the playoffs when the deal was signed), I think its terrific news that the Jags were able to significantly increase the brand value of the team and venue and fetch this price for the naming rights.

    While this doesn't make a move impossible, it closes the door a little more and is as much about a perception of stability as it is about the increased revenue which is vital.

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