Progressive Signs 16-Year Naming Rights Deal With Indians
By Eric Fisher, Staff Writer, SportsBusiness Journal
The Indians have inked a 16-year naming rights deal with Ohio-based Progressive Insurance to rename Jacobs Field Progressive Field. The deal, worth an average of $3.6M annually, arrives roughly four months after the club hired IMG to help sell the ballpark naming rights, though club sources said Indians executives remained the prime movers in striking the deal. The original naming rights deal involving former team Owner Richard E. Jacobs expired after the '06 season. The 16-year term is designed to sync up with the club's remaining years in its current stadium lease with the Gateway Economic Development Corp. The new signage elements will be in place in time for Opening Day. The pact also includes some media commitments to the Indians' radio and TV broadcasts, but Bob DiBiasio, Indians VP/PR said, "This is a pretty standard naming rights agreement. There's not a lot of frills. They're looking for brand awareness, and we're thrilled to have aligned with such an important local company. It's really a very straightforward agreement." The club also does not plan any changes to player payroll as a result of the deal. "That's something we've really been trying to educate the public on," DiBiasio said. "This opens up a very important revenue stream, but does not change the landscape with regard to payroll."
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