time is running out bank of americaCarolina Panthers Stadium Uptown naming rights deal.
The bank purchased the naming rights for $140 million ($7 million per season) in 2004 under a 20-year contract. The financial institution is headquartered in Charlotte after NationsBank merged with BankAmerica in 1998.
It’s unclear if Bank of America will renew the deal. A spokeswoman for the bank said it had nothing to report at this time.
The Panthers’ owning group, Tepper Sports & Entertainment, said in a statement on Friday, “Out of respect for the exclusiveness of our partners and our contracts, the organization will not publicly comment on the status of our partnership. is not.
The approximately 75,000-seat NFL football stadium at 800 S. Mint St. is home to the Carolina Panthers and Charlotte Football Club.
Stadium naming rights are an advertising tool to increase awareness, but goodwill with the community is key, says Craig Depken, sports economist and professor of economics at UNC Charlotte’s Berg Business College.
“Naming rights deals don’t bring in huge revenues for sponsors,” he said.
Still, the price tag has gone up.
naming rights price tag
When the Panthers signed a deal with Bank of America nearly 20 years ago, sports marketer Max Muhlmann, who helped negotiate the deal, said it was “the biggest one.”
Currently, the average stadium naming rights contract nationwide is about $14 million a year, Depken said. He expects the Panthers’ new stadium deal to cost him about $10 million to $15 million a year.
Last year, insurance company Acrisure made a name for itself by paying $10 million a year for 15 years. Pittsburgh Steelers” Stadium.
Also last year Cincinnati Bengals Paycor signed a contract worth $12 million a year over 16 years.
Other stadium contracts have doubled and tripled that number.
In 2019, SoFi paid more than $30 million a year over 20 years and named the new stadium “SoFi.” Los Angeles Rams and Chargers.
That same year, Allegiant Airlines paid $25 million a year. las vegas raiders stadium rights.
Depken said stadium naming rights are a revenue-generating asset for sports teams.
“They tend to spend more on teams and facilities,” he said.
History of Bank of America Stadium
The stadium opened as Ericsson Stadium in 1996.Swedish telecommunications company LM Ericsson Paid $20 million over 20 years for the naming rights. According to the Observer, Ericsson has agreed to terminate his contract early if his successor is found.
Bank of America Stadium is home to concerts and Charlotte’s sports history.
2018, David Tepper Purchased the Panthers from team founder and former owner Jerry Richardson for an NFL-record $2.275 billion following allegations of workplace misconduct against Richardson. When Richardson was awarded his franchise in 1993, the city and county purchased the land, but according to The Observer’s archives, he earned $250 million, mostly from permanent seat license income. built a stadium.
Bank of America Stadium, from $5 million club improvements in 2003, to 206 lower level seating additions in 2007, to $14 million in end zone video screen installations in 2008 , has undergone many renovations over the years.
The latest stadium renovations include a $50 million expansion, outfitting the venue with football-friendly upgrades. Charlotte FC It debuted last year with a record number of spectators.
Bank of America Stadium is also used for college championships and concerts.
chatting online
Social media sites such as Reddit and unofficial panthers nation ClutchPoints’ Facebook page has been busy this week scouting for potential stadium name sponsors if Bank of America doesn’t go ahead.
Ideas include Lowe’s, Duke Energy, Cheer Wine and Krispy Kreme.
“When we won, they were able to turn on a 12-foot-tall ‘Hot Now’ sign,” said one.
Other suggestions included Dollar General or Spirit Halloween, referring to seasonal Halloween retailers that temporarily occupy vacant retail locations.
Or “Rock Hill Stadium in exchange for a million dollar lawsuit…” unsuccessful transaction Panthers training facility and headquarters site.
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