Naming Rights Report

7 Aug

Wells Fargo Center, Philadelphia

Date Announced: July 28

Buyer: Wells Fargo

Terms: A continuation of the Wachovia contract of 29 years, $40 million. 

Ownership/Management/Tenant: Comcast-Spectacor/Global Spectrum/Philadelphia Flyers and 76ers

Comments: In the aftermath of the financial industry meltdown of 2008, Wells Fargo & Co. purchased Wachovia. As they begin to change over 300 former Wachovia branches in Pennsylvania, Delaware and southern New Jersey, they are changing the name of the Wachovia Center as well. 

The Wachovia name began coming off the building last week.

“There are three signs, and it takes time, because they have to be removed letter by letter,” said Ike Richman, spokesman for Comcast-Spectacor. “While we have renamed the building already, we hope to have the transition complete in time for the Lady Gaga concert on Sept. 14.”

“The contract successor owns the naming rights, so we are still in the original deal,” Richman said. 

The 29-year, $40 million deal was originally made with CoreStates Financial Corp. in 1996. A year later, the Philadelphia-based bank sold to First Union Corp., which later merged with Wachovia Bank.  

“We have done this a couple of times already, so we have an inventory of signs, napkins, and cups that need to be changed that we can pull out,” Richman said. 

That said, Richman said that the explosion in social networking changed how they announced the switch.

“When we first did [a name change] it was harder to get the new name out. We had to make sure newspapers, television and radio knew,” Richman said. “At 7:15 a.m., I tweeted that the signs were coming down, and in five minutes, I had more than 100 retweets. By 7:30 a.m., people were reading the tweet on the air. 

He also placed a video of the letters coming down on Facebook, and found people were quickly commenting and reforwarding it. 

“I hadn’t even sent a press release out,” Richman said.

Contact: Ike Richman, (215) 389-9552

EverBank Field, Jacksonville, Fla.

Cutline

Date Announced: July 27

Buyer: EverBank Financial Corp., a Jacksonville-based financial corporation

Terms: 5 years, with an option, $16 million

Broker: Velocity Sports & Entertainment

Ownership/Management/Tenant: City of Jacksonville/SMG/Jacksonville Jaguars

Comments: The Jacksonville Municipal Stadium has been without a naming rights deal since 2006, when a deal with Alltell expired. That is changing. On July 27, the Jacksonville Jaguars announced a five-year, $16 million deal with EverBank Financial Corp., a Jacksonville-based bank. The deal must receive final approval from the Jacksonville City Council, who will consider the matter on Aug. 10. 

The deal includes options to extend the terms beyond five years. 

“We look forward to a long and mutually-beneficial partnership with the Jaguars and as a member of the NFL family,” said Robert Clements, president and CEO of EverBank. 

“The partnership includes EverBank’s designation as the official bank of the Jaguars, business presence at Jaguars’ home games, plus extensive advertising and promotions within Jaguars’ game telecasts and a variety of other media, rights to the Jaguars and EverBank Field marks, prominent permanent signage in the stadium and elsewhere in Jacksonville, and many other benefits,” Clements said.  “More details about business presence at EverBank Field will be unveiled during the course of the partnership.”

Community outreach partnerships are also in the works, Clements said, and the company will “receive extensive hospitality and unique experiences at EverBank Field.”

The stadium address is being changed to One EverBank Field Drive. 

Contact: Robert Clements and Kevin O’Keefe, (646) 325-7739 — Liz Boardman

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