Naming rights to Wrigley Field could sell for anywhere from $5 million to $11 million annually, say consultants who make their living doing such deals for sports facilities.
Given a market that favors new facilities and winners, that’s no small amount for a 94-year-old stadium whose primary tenant, the Chicago Cubs, has not won a World Series in 100 years.
Sam Zell, who recently bought Cubs owner Tribune Co., has been talking about finding a naming-rights sponsor for Wrigley Field as he continues efforts to sell the team and the building in separate transactions.
“We are in the very early stages of evaluating naming rights,” said Cubs Chairman Crane Kenney.
Randy Bernstein, president of Premier Partnerships, says the Cubs’ park could command $8 million to $11 million annually.
Consultants say naming rights could garner
from $5M to $11M a year.
| IN THE BALLPARK |
| Of the four MLB naming-rights deals done for existing ballparks since 2000, only one compares with estimates for a potential Wrigley Park deal. |
| Ballpark (team) | Announced | No. of years | Avg. annual value (millions) |
| Minute Maid Park (Astros) | 2002 | 28 | $6.07 |
| U.S. Cellular Field (White Sox) | 2003 | 23 | $2.96 |
| Ameriquest Field* (Rangers) | 2004 | 30 | $2.50 |
| Rogers Centre (Blue Jays) | 2005 | 10 | $2 |
| * Ameriquest gave up naming rights in 2007; now Rangers Ballpark in Arlington. |
“If it is a sponsor that could leverage strong business-to-business opportunities in the stadium and through the proposed renovations, as well as manage the renaming process in a sophisticated way that will not alienate fans, then it could be significantly more valuable than a typical MLB deal,” Bernstein said.
Potential candidates could come from the financial services, telecom and automotive categories, Bernstein said. He mentioned Chicago-based Boeing, Sears and Gatorade as companies that would make sense.
Jeff Knapple, president of sales for Wasserman Media Group, estimated Wrigley’s market value to be lower, $5 million to $6 million annually.
“The numbers may be slightly higher or slightly lower depending on what products are in there,” Knapple said. “I don’t think it’s in double digits though, not for renaming an existing stadium.”
The Cubs could do a deal similar to what the New York Yankees did in 1997, when the team signed an agreement with Adidas and kept the Yankee Stadium name intact, said E.J. Narcise, president of Team Services.
Adidas paid $90 million to $100 million over 10 years for the rights to put its brand in several spaces inside the ballpark, advertise on game broadcasts and supply off-field personnel with athletic wear and footwear.
The sponsorship package, renewed in 2005 for eight years, effectively replaced much of the revenue the Yankees would have collected had they sold naming rights to their ballpark, Narcise said.
“It’s nontraditional,” said Narcise. “Adidas bought the Yankees marks to use at retail, and at about $10 million a year, it’s still an incredible deal for the team.”
The Cubs signed a three-year deal last year with Under Armour to put its logo on the outfield walls and rotational signs behind home plate. Kenney declined to comment on whether that deal could be expanded to generate the dollars normally associated with naming rights.
