Riverfront Stadium will be renamed Cinergy Field in an
agreement between Cinergy Corp. and Hamilton County. The name
change takes effect immediately. IN-based Cinergy Corp. is the
13th largest electric company in the U.S. and serves almost two
million customers in OH, IN and KY (Bengals). The deal is for
$6M and will last until September 2001 or until new stadiums for
the Reds and Bengals are built, according to Geoff Hobson in
today's CINCINNATI ENQUIRER. In addition to the annual deal,
Cinergy will also pay $25,000 per game for each post-season Reds
game and $50,000 per Bengals playoff game. The county will put
the money toward retirement of the 28-year old stadium's $18M
debt. A Cinergy spokesperson said "Welcome to Cinergy Field"
signs will be at the corner of each end zone in time for the
Bengals home opener Sunday. Four Cinergy signs are also expected
to be located outside the stadium. At Reds games, signs will be
on the foul side of both foul poles, as well as on the roof of
the runway behind home plate and to the right of 404-foot sign in
center field. Cinergy Corp. CEO James Rogers said he hopes the
name change will put the company's "foot in the door" for a name
on one of the two new proposed stadiums in the city, but noted
there is no provision guaranteeing such a deal. Rogers: "We'll
measure the value over the next few years. It puts us in a
better position to bid. Plus, it doesn't hurt to have been the
one who stepped up to bid" (CINCINNATI ENQUIRER, 9/10).
PSLS FOR BENGALS: The ENQUIRER's Hobson also cites sources
who indicate that Hamilton County and the Bengals will announce
today they have reached a memorandum of understanding on a new
football-only facility. Last month, the team had "refused to
sign off on" the Cinergy name change until an agreement was
reached with the county. (CINCINNATI ENQUIRER, 9/10). The
Bengals have agreed to let Hamilton County oversee PSL sales,
selling at an average of $500, with projected revenue expected at
$20-25M. The licenses are expected to come with a payment plan
in which fans can pay off the costs in "a few years." The
Bengals have already pledged $25-30M for construction of the
proposed stadium and as a result of a March 19 referendum, sales
taxes will be raised by half a cent to help build both stadiums
(CINCINNATI ENQUIRER, 9/10).
