Sep
09

Bank of America nearing major Yankee Stadium deal

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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.

Categories : Yankee Stadium
  • pat

    All you’re doing is making chris smith famous. – Jay Marriotti

  • http://www.riveraveblues.com Mike A.

    I don’t even care, I hardly pay attention to the ads on the walls/tickets/stadium boards/etc. Unless there’s a hit chick in the ad. That changes everything.

  • TurnTwo

    see… now we CAN afford Sabathia and Teixeira at the same time. so everyone, stop your whining about the payroll.

    • http://www.riveraveblues.com Mike A.

      I would like to see the payroll trimmed down just from a cost efficiency standpoint. I don’t question their ability to afford anyone, but throwing big money at every problem is a recipe for disaster, as we’re seeing now.

      • steve (different one)

        does this go into the revenue sharing pool and wind up being split 30 ways?

        i think signage stays with the home team, and that is how the yankees make most of their money from Matsui.

        but i am not sure of the other stuff.

      • http://www.spartacus.schoolnet.co.uk/CRsmithT1.jpg tommiesmithjohncarlos

        Mike, this just in:

        After signing off on the BoA deal and then, on a recommendation from Melky Cabrera, watching the hilarious screwball comedy “Brewster’s Millions” for the first time yesterday, Hank Steinbrenner announced this morning that he has sold YES to NESN for 2 billion dollars so that he could buy up all the icebergs in the Arctic Circle. NESN has announced plans to begin simulcasting all Yankee games at 3am to clear valuable primetime slots for new “Yankeeographies” with Michael Kay focusing on Jacoby Ellsbury, Alex Cora, Daniel Bard, Dennis “Oil Can” Boyd, and Jon Lester’s oncologists.

        For Diamond Cutters, I’m Peter Gammons, ESPN.

        • radnom

          “Brewster’s Millions”

          Was that the one with Prior and Candy?
          I love that movie.

          • http://www.spartacus.schoolnet.co.uk/CRsmithT1.jpg tommiesmithjohncarlos

            Yup.

            10 MILLION, 10 MILLION, 10 MILLION DOLLARS!

      • TurnTwo

        i dont disagree with this.

        but i also dont see how its a bad thing to import young, talented players if you have the resources to do so.

        just need to be more dilligent in your research and scouting before you offer your money to the wrong player.

      • Ivan

        Agreed.

  • Andy In Sunny Daytona

    Hopefully the Yankees will become a little more corporate.

    • Joe

      Forget Corporate, I just hope Hank, Hal and the gang can figure out how to live comfortably with all the money they are shelling out for payroll and building a new stadium. Joe, Mike, and Ben it may be your civic duty to host a Riveraveblues fundraiser for the Steinbrenners. We’ll have to come up with things to auction, but it’s imperative we get on this.

  • http://www.riveraveblues.com Mike A.

    River Ave. Blues, presented by Phiten. I like it.

    • http://www.spartacus.schoolnet.co.uk/CRsmithT1.jpg tommiesmithjohncarlos

      If they do have an RAB restroom, you guys should put the likenesses of various New York MSM’ers on the urinal cakes.

      Finally, I can piss on Sherman, Lupica, Kay, Kernan, Pete Abe, Russo, The Fat Man, John Harper, George King, Larry Brooks, and Bill Madden in a way other than metaphorically!

      • Ivan

        Harper isn’t bad. Which isn’t saying much considering who ya comparing him too.

      • OldYanksFan

        Great idea but PeteAbe? He ain’t a bad guy at all. He just has a job.

  • pounder

    This is not a team,it is a brand name.Baseball is secondary to the bottom line.Disgraceful.

    • http://www.riveraveblues.com Ben K.

      How is that disgraceful? You’re talking about something that’s been true since the dawn of organized baseball.

    • OldYanksFan

      Hey, how many stadiums are left that have NOT sold naming rights? It’s not corporate to forego the fraction of a BILLION dollars they could get by selling the name. Certainly seeing these ads is worth it, in order to still have ‘Yankee Stadium’… THE Stadium!

  • usty

    “The outfield walls now look like the yellow pages. And, any of you folks having trouble finding a good proctologist might want to come down here and check out the area around the 375 foot sign.”

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