Corporations are committing millions to put their names on sports stadiums and arenas, some to reach the masses, some to impress tightly targeted prospects and clients. Citigroup bid a record $20 million per year to name the new New York Jets-Giants stadium Citi Field. Even bigger deals may be in the making.
According to Forbes Magazine, Reliant Energy in 2000 committed a record $300 million over 32 years to name the Houston Texans football home Reliant Stadium. That was two years before the new National Football League franchise started playing. It was a $9.375 million-per-year package.
Citigroup is paying more than twice that much for the name rights to the Jets-Giant stadium in East Rutherford, New Jersey, but will get exposure in twice as many NFL games in the nation’s premiere television market. The stadium opens in 2009.
