Bank of America nearing major Yankee Stadium dealBy
In the name of tradition, the Yankees have opted to forego selling the naming rights on their new stadium. Sports business analysts suggested that, in light of the Mets’ deal with Citibank, the Yankees could have gotten upwards of $25 million a year for the deal, but baseball tradition was strong with the Steinbrenners. Their home field will remain Yankee Stadium.
But, as I reported in February, the Yankees are going to sell naming rights on everything else in the stadium. We’re working on securing the River Ave. Blues bathroom as I type. (I kid.)
Yesterday, via Maury Brown’s Biz of Baseball, comes word that the Yankees and Bank of America are on the verge of signing a significant sponsorship deal for the new stadium. Terry Lefton, a staff writer for Sports Business Journal, reports:
While numerous sources said an agreement on the Premier Partnership package has been reached, an announcement date had not been set at press time for this story. Terms of the deal could not be confirmed and were difficult to discern. Early this year, the package was being shopped at $20 million a year. Sources familiar with the deal said last week that it was worth more than the New York Mets’ deal with Citibank and Barclays’ deal with the New Jersey Nets’ new home, each of which was said to be for an average of $20 million a year over 20 years and set a new benchmark. But another source said the Yankees’ deal was in the mid-teens per annum…
The deal includes a comprehensive financial relationship between the franchise and Bank of America. It also offers the company a vast array of inventory within the new ballpark, which will open next year, including prime signage in and around the park, large signs on the highways around the stadium, prominent exposure on Gate 4, the stadium’s main entrance, several fixed signs on top of the stadium affording an aerial view, a large sign atop the right-field scoreboard, even bigger signage on the back of the scoreboard that will face a new subway stop, signs on interior gates leading to the field, fixed and LED signs inside the stadium and the stadium bowl, permanent dugout branding and behind-the-plate signage and a logo on all Yankees tickets.
Also included are media on Yankees rights holder YES and flagship radio WCBS radio and access to some of the front-row Legends seats in the new stadium, which the Yankees will price at $500 to $2,500 a seat.
It’s hard to understate the impact the Yankees have on the sports business world. Even as a fourth-place team, they’re commanding more money for this non-naming rights sponsorship deal than any other team could ever dream of getting. In effect, they’re receiving the Marlins’ payroll annually from Bank of America in exchange for signage and sponsorship. Wrap your mind around that one for a second. Perhaps Chris Smith would like to amend his argument claiming the Yankees are just another team.
For the fans, all this means is a Bank of American inundation next year. BoA will have their logos literally all over the stadium. Their ads will be ubiquitous on TV and the radio. But for the money, who’s complaining? This game of baseball is, after all, a business, and this deal will be a record-breaker.