The Ravens will contribute $10M extra toward the
construction of their new stadium, "but will have the right
to raise that money and more" by selling naming rights to
their new stadium, according to Jon Morgan of the Baltimore
SUN. The deal, expected to be approved today by the MD
Stadium Authority and Board of Public Works, requires the
team to spend an extra $10M for stadium enhancements, and
along with "hurry-up payments" on other money from the team,
will give the state $20M up front to complete the stadium.
Last year, the MD General Assembly had the team contribute
$24M toward the stadium and the new deal calls for $10M of
the $24M to be paid up front, and the balance to be paid off
over the next 30 years. That is separate from the new, $10M
contribution the team has agreed to pay, "raised from the
proceeds of an agreement with the stadium concessionaire."
Ravens Owner Art Modell said he "probably" will seek a
naming sponsor, but "would prefer a wide-ranging promotional
package." Morgan notes that among those interested are Fila
USA and Comcast Cablevision. Comcast spokesperson David
Nevin said the company has held some "very preliminary"
talks with the Ravens about the stadium, but no formal offer
has been made. Fila's Meredith Geisler said that they have
"been approached by the Ravens about a naming rights deal
but has not decided whether to bid" (Baltimore SUN, 7/30).
