The Ravens and Buffalo-based M&T Bank yesterday announced that they have agreed to a 10-year, $60M extension of their partnership, which "includes the naming rights for the downtown football stadium and various community endeavors," according to Jeff Zrebiec of the Baltimore SUN. The two parties felt their original 15-year agreement, which expires in '18, "has been mutually beneficial." The new deal will kick in following the expiration of the current deal and "be in place" through '27. The latest agreement for the Ravens "certainly is among the biggest of its kind for teams in similar market sizes." Ravens President Dick Cass said, "It was a game changer for us when we entered into that agreement in 2003 and it’s been a wonderful partnership with them." Zrebiec noted a "key component" of the new deal is the "establishment of a Judith P. Hoyer Early Child Care and Family Education Center, which will provide services for at-risk children under age five and their families." The “Judy Center” will be housed at a Cherry Hill elementary school and "be the result of a $600,000 pledge by the Ravens and M&T Bank." The bank at the time of the initial stadium rights deal in '03 was "hoping to expand its profile in the Chesapeake region." Cass: "It was a very attractive deal for them and to continue to renew it, I think, is a vote of confidence in us that it has worked for them" (Baltimore SUN, 5/22).
NOT PLAYING THE FIELD: In Baltimore, Sarah Meehan reported the Ravens "never considered shopping around for a naming rights partner beyond M&T Bank." Execs from both organizations said that the partnership was "too strong to drop." M&T Bank Greater Baltimore-Chesapeake Regional President Augie Chiasera said, "We were coming up on year 12 and the conversation naturally morphed into, so what do we think about something longer? 2027 takes us through the end of the stadium lease, and so we’re going to be here for a long time." Meehan noted Cass "approached the bank about extending the contract about four months ago," and "two brief meetings later, it was a done deal" (BIZJOURNALS.com, 5/21).
