St. Petersburg-based financial services company Raymond
James Financial has agreed to acquire naming rights to the
Bucs' new stadium for the next 13 years, with an additional
five-year option (Bucs). In St. Pete, Hooper & Torbenson
reported that financial terms were not disclosed, but "it's
believed" that Raymond James will pay between $2.5M-$3M
annually. While Raymond James is not as well known as some
other "big brokerages," Hooper & Torbenson wrote it is
"highly regarded" for its investment research quality.
Initial talks between the company and the team "merely
involved" being one of many stadium corporate sponsors, and
the naming rights deal came as "a surprise to everyone."
The "lure" for Raymond James is "national exposure," which
includes the stadium hosting the Super Bowl in 2001 (ST.
PETE TIMES, 6/27). Bucs VP Joel Glazer said the team "dealt
with a minimum of 12 possible sponsors" for naming rights
(TAMPA TRIBUNE, 6/28). In Tampa, Katherine Smith wrote that
Raymond James will "have to do some groundwork to endear its
name to the community," as some fans "were confused at first
mention of the name" (TAMPA TRIBUNE, 6/28).
