Predators Say New Naming-Rights Deal A Sign They Are Staying
The Predators said that the team’s new arena naming-rights deal with Tennessee-based Sommet Group “should be a clear signal to the community that the team is determined to remain in Nashville,” according to Bryan Mullen of the Nashville TENNESSEAN. Predators Owner Craig Leipold said, “It sends a great message, and hopefully it will get other companies calling us as well.” However, he “did not rule out exercising [an] out clause” in the team’s lease with the city. Leipold: “That’s a decision that will be at least a month from now.” While terms of the naming-rights deal were not released, Leipold said that the “number of years is in the single digits, with renewal opportunities.” Sommet Group Managing Partner Brian Whitfield said, “It’s safe to say that this is not an outlier from what normal deals are.” The Bonham Group VP & COO Shawn Bradley noted such deals for an arena with a single major tenant typically go for $2-4M annually. Bradley: “It’s impressive to get a deal done in a market this size with not a whole lot of companies that have the financial wherewithal to do a deal of this size and this length” (Nashville TENNESSEAN, 5/19). Sommet became a team sponsor last year and served as the club’s first playoff title sponsor this year. With the four-year-old company expanding its marketing, Whitfield said, “It definitely raises our profile in this city” (TENNESSEAN, 5/19).
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