Safeco Field's Name Will Remain Following Acquisition
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Mariners Do Not Expect Name Of Ballpark To
Change After Sale Of Safeco To Liberty Mutual |
Liberty Mutual Group yesterday acquired Safeco Corp., and Mariners officials said that they "don't expect Safeco Field's name to change 'in the foreseeable future,'" despite the acquisition, according to Larry Stone of the SEATTLE TIMES. Mariners Dir of Public Information Rebecca Hale: "We've been told there won't be any immediate impact on the ballpark or us." Safeco landed naming rights to the ballpark when it opened in '99 with a reported 20-year, $40M deal. Hale said that Mariners' attorneys "are going through the naming-rights contract with Safeco to ascertain the ramifications 'in case down the road they want a name change'" (SEATTLE TIMES, 4/24). However, Liberty Mutual Chair, President & CEO Ted Kelly said that Safeco Field "will not require a name change." Kelly: "That's part of the presence and commitment Safeco has made to the Seattle area. We abide by commitments and we think it's a great branding for Safeco" (SEATTLE POST-INTELLIGENCER, 4/24).
DEAL DETAILS: Liberty Mutual will take Safeco private in an "all-cash, $6.2[B] deal." Liberty Mutual offered $68.25 per share for Safeco, a 51% increase over the company’s Tuesday closing price of $45.23 per share. Safeco will “retain its 85-year-old brand name” (AP, 4/23).
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