Deal triples value for Magic clubs
Fields Auto Group has signed a three-year deal with the Orlando Magic to take over naming rights for Amway Center’s two event-level clubs, tripling the value of those premium spaces over the previous agreements, team President Alex Martins said.
The new deal, valued in the mid-six figures annually, rebrands the Mercedes-Benz Star Lounge as the Fields Ultimate Lounge. It is reserved for 300 courtside seat holders and 700 additional season-ticket holders sitting in the first seven rows in the lower bowl.
The term “Icon” is the dealership’s brand to describe the Bentley, Rolls-Royce and
|The Icon Suite (top), named for the auto dealer’s luxury car brand, and the Fields Ultimate Lounge are nearly sold out.
The “pure cash” deal also covers naming rights for the Fields Luxury Valet, the arena’s valet parking program, Martins said. It is the first time the team has branded valet parking.
The deal is part of more than $2 million in new revenue the Magic have generated from selling corporate sponsorships for the 2013-14 season, including renewals, he said.
Amway Center opened in October 2010. The intent at that time was to open the Mercedes-Benz and Ritz-Carlton clubs with short-term naming-rights deals and build equity over time in the arena’s two most exclusive spaces, Martins said.
Both clubs became popular among the team’s high-end clientele and several companies approached the Magic expressing interest in buying naming rights after the original deals expired, he said.
The Icon Suite, the smaller of the two rooms, is 80 percent sold with about 150 members. The seating inventory tied to the Fields Ultimate Lounge is close to being sold out as well. Some courtside seats are available for the coming season, Martins said.
The 1,000 patrons who have access to the lounge pay per-game ticket prices of $150 on the low end up to $1,500 for seats next to the team benches. Those costs cover food and drink served in the lounge, excluding hard liquor.
“Our strategy was to place a high level of service and food and beverage experience within those spaces in the first three years so we could increase value,” Martins said. “We believe we delivered on that promise. They are some of the most luxurious clubs in the country.”
Mercedes-Benz and Ritz-Carlton had first right to renew their deals but decided against signing extensions after the Magic approached both companies with definitive numbers higher than what they originally paid to brand those rooms, Magic officials said.
The Magic then turned to their first option, Fields Auto Group, a 41-year-old family-owned firm and a former team sponsor at the old arena. Fields has 34 dealerships across four states and Canada, including 14 in Florida alone, most in the state’s central region. It also sells Mercedes-Benz, BMW and Range Rover vehicles.
“Amway Center is the premier venue in Orlando,” said John Mantione, a company vice president. “It’s always good to be in front of clients and prospects.”