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DETAILS ON BANK ONE'S $132 MILLION ARIZONA INVESTMENT
Published April 7, 1995
Bank One's $66M, 30-year deal to name the Diamondbacks' new retractable dome stadium "Bank One Ballpark" is joined by a $66M, 30-year radio and television advertising and promotional contract with the team, according to the ARIZONA REPUBLIC. Under the terms of the naming-rights deal, Bank One will pay $1M for the first year and an additional 5% per year for the next 29 years. The Maricopa County Stadium District, the taxpayer-funded body that is paying for the park, will receive $325,000 the first year and an additional 5% for 30 years, with the team receiving the remainder of the payment. Diamondbacks Owner Jerry Colangelo says the move will allow the team to remain competitive on the field. Colangelo added that "baseball purists who might object to the commercial name of the stadium should confine their interests to the game, not the management of it": "In order to deliver that product of the game itself, you need to build venues that have the opportunity to pay for it." Bank One CEO Richard Lehmann said that $1M is not a lot of money to spend compared with the millions the bank spends each year on advertising: "This is going to help my colleagues in Ohio, Indiana, Kentucky and so on and so forth, because Bank One's name is going to be talked about on a national basis" (Eric Miller, ARIZONA REPUBLIC, 4/6).