Ravens, PSINet To Go Separate Ways; Naming-Rights Deal Over
The Ravens and VA-based PSINet Inc. have "agreed to terminate" their 20-year, $105M naming-rights deal, according to a filing last week with the federal bankruptcy court in N.Y. cited by Yuki Noguchi of the WASHINGTON POST. The agreement also terminates $76M in sponsorship and luxury-suite contracts the "two parties have been negotiating since PSINet filed for Chapter 11 bankruptcy protection in May." Noguchi reports that as part of the deal, PSINet will receive a $5.9M "partial reimbursement for what it has paid to have its named emblazoned" on PSINet Stadium. Meanwhile, Noguchi writes that the Ravens who also will "lose their Internet service provider" with the termination of the deal will "have to bear the cost of removing the PSINet name and logo from the stadium; advertising and promotional materials; souvenir cups, napkins and cup holders; and uniforms for the marching band, mascot, cheerleaders, security staff and concession workers." Ravens VP/PR Kevin Byrne said that firms "interested in buying the naming rights have approached the Ravens, but no deals have been made" (WASH. POST, 2/12).
RAVENS TO BUILD FACILITY: In Baltimore, Andrew Green reported the Ravens and Baltimore County have reached a tentative 25-year lease agreement for the team to build a training facility on 25 acres in Owings Mills, MD. Baltimore County exec C.A. Dutch Ruppersberger's spokesperson Elise Armacost said that under the agreement, the Ravens "likely would pay nominal rent for the land." The arrangement "would be similar to the $1-a-year lease the team had for [its current] city-owned facility" (SUN, 2/9).