Citizens Bank is in the 21st year in a 25-year, $95M ballpark naming-rights agreement with the PhilliesGetty Images
Citizens Bank is in the 21st year in a 25-year, $95M ballpark naming-rights agreement with the Phillies, and the two parties “will soon need to discuss whether they want to renew that agreement,” according to Jeff Blumenthal of the PHILADELPHIA BUSINESS JOURNAL. Citizens Financial Group CEO Bruce Van Saun said that the “deal has been great for the bank and its exposure in Philadelphia and beyond.” Van Saun said, “The association with the Phillies furnishes our brand and has been good for our visibility. And I think having Citizens as the partner [has been] good for them too. We'll have a negotiation probably in a couple of years. And hopefully everybody can come away happy with that” (PHILADELPHIA BUSINESS JOURNAL, 3/28).
JOHN DOUGH: In Philadelphia, Scott Lauber noted once baseball returned from the owners’ lockout in March 2022, Phillies owner John Middleton “floored it, zooming into tax territory and not looking back." In 2022, the Phillies paid $2.9M in taxes on a $244.4M payroll. Last year, their tax bill was $6.9M on a $255.3M payroll. Lauber noted this year, as a “third-time threshold-buster” with a payroll that exceeds the $237M mark by more than $20M, their tax rate will go up to 62% -- and the fans “approve.” According to MLB.com, the Phillies’ season-ticket base has climbed to 19,700, up from 15,700 in March 2023 and 10,000 in March 2021. Middleton said, “I intend to push the envelope to win, and there’s different ways you can push the envelope.” He added, “Spending is just one of those ways. I’ve never thought about it like ‘breaking through the luxury tax.’ It’s always been about, is this player a difference-maker?” Middleton said, “The money that we spend is actually just a by-product of wanting to win and finding the players to help you to win.” Lauber: “Most owners don’t talk like that” (PHILADELPHIA INQUIRER, 3/27).
