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| From left: Panthers’ Jon Richardson, team owner Jerry Richardson, BofA’s Ken Lewis and Graham Denton, Mark Richardson of the Panthers. |
Bank of America Corp. has committed to a deal worth at least $140 million to rename Ericsson Stadium as Bank of America Stadium.
The Carolina Panthers completed the 20- to 25-year agreement with Charlotte-based BofA, which replaces telecommunications firm L.M. Ericsson Inc. as naming-rights sponsor of the team's 73,250-seat home field beginning next season.
Industry experts peg the value at $7 million annually, among the richest naming-rights pacts in the NFL. Panthers owner Jerry Richardson said the deal "is one of the two or three most important moments in the history of the Carolina Panthers."
The new deal may be a sign that BofA is intent on affirming its commitment in Charlotte. Cross-town rival Wachovia Corp. won kudos last spring with its $8 million annual commitment as sponsor for the PGA Tour event at Quail Hollow Club.
BofA is acquiring FleetBoston Financial Corp., which offers BofA the option of putting its name on the FleetCenter. The Boston arena, named for Fleet in a $2 million-a-year contract, is home to the NBA Celtics and NHL Bruins.
The Panthers began searching for a new stadium sponsor last fall. The team's $2 million-a-year agreement with Ericsson runs through 2004. Ericsson agreed to end the deal early if a replacement was found.
The naming-rights agreement expands an extensive relationship between the Panthers and BofA. The bank sponsors the club level at the stadium and has advertising signs above the scoreboards. Richardson and retired BofA Chairman Hugh McColl Jr. worked together to land the Panthers franchise.
Sports marketing executive Max Muhleman negotiated the stadium name deal.
Erik Spanberg writes for The Business Journal in Charlotte.
