Fiserv's decision to sponsor the arena was motivated in part by a desire to give back to the community.BUCKS
The Bucks and Wisconsin-based financial tech firm Fiserv formally unveiled a 25-year naming-rights deal for the new $524M arena in downtown Milwaukee, and Fiserv CEO Jeffery Yabuki believes the pact will "elevate our brand to a new level," according to a front-page piece by James Nelson of the MILWAUKEE JOURNAL SENTINEL. Sources said that the new arena will be "called the Fiserv Forum." Construction of the facility is "all but finished," and it is "scheduled to open next month." Yabuki said that the naming-rights deal is an "equally important move" for the $31B company. Until now, Fiserv has had "no civic presence in the form of sponsorships." Yabuki said that the decision to sponsor the Bucks' new arena was "motivated by a desire to 'give back to the community.'" Yabuki added that the deal positions Fiserv as a "cool" employer with the next generation of workers. The Fiserv Forum will also "appear" as part of the team's NBA 2K video game team. The deal has been "long delayed." Bucks execs and ownership said that they "expected the deal" to be worth $7-10M a year for "up to 20 years." Sources said that the delay "indicated the Bucks sought too much money or too long of a commitment." Bucks President Peter Feigin said that the team was "seeking partners in businesses such as technology, insurance and payment systems" (MILWAUKEE JOURNAL SENTINEL, 7/27). The deal was first reported by THE DAILY in May, then subsequently denied by the Bucks and Fiserv.
WIN-WIN: In Madison, Andrew Wagner noted getting the deal done with just a few weeks "remaining before the building's first event" -- a Sept. 4 concert by the Killers and Violent Femmes -- was a "relief to Feigin and his team." Feigin said, "A bunch of us internally hugged each other, cried and laughed. We were beyond celebratory" (WISCONSIN STATE JOURNAL, 7/27). Yabuki said that Fiserv is the "first financial technology company with a major professional sports arena named for it." Yabuki: "It is quite frankly a once-in-a-multigenerational opportunity, and that, we think, is what makes it so unique and why we're so excited about it." Yabuki said, "We wouldn't have done it in another market. This is our home market" (MILWAUKEE JOURNAL SENTINEL, 7/27).
WHAT'S IN A NAME? In Milwaukee, JR Radcliffe writes under the header, "The New Bucks Arena Is Called Fiserv Forum, And Naturally, Everybody Freaked Out." A quick Twitter search will "yield largely negative feedback" for the name. However, people will "warm up to the name over time" and ultimately "forget they ever disliked it in the first place" (JSONLINE.com, 7/27).
