The new Marlins ballpark will soon have a name.
A deal is close to being finalized on principal naming rights, P.J. Loyello, Marlins senior vice president of communications, said Tuesday.
During a media tour of the ballpark in mid-June, team President David Samson said negotiations were down to two companies.
“The end is always the hardest. I wanted an announcement [by] June 1. We are in an area where we’ve narrowed it down considerably and we’re at the final lap,” Samson said at the time. “It’s going to be a very interesting deal when it’s announced. Both companies are international companies.”
Despite the struggling economy, companies remain willing to pour big money into putting their name on stadiums. MetLife is reportedly close to securing rights to New Jersey's Meadowlands Stadium that would average $17 million to $18 million a year. The most paid for stadium naming rights is the 20-year, $400 million deal for the Mets’ Citi Field, according to Forbes magazine.
The Marlins deal will be for more than the name on the ballpark.
“From what I understand there’s several companies that stepped forward, and negotiations were always pretty open and clear about what the economic parameters of the deal would be, and people didn’t shy away. We’re talking multinational companies that are looking to get their name in Miami,” Loyello said, adding that the partnership is going to be “omnipresent from a marketing standpoint, a community standpoint and, obviously, a presence at the ballpark itself.
“We’re trying to get the best deal. We’re at the point that we’re finalizing it.
The Marlins have other secondary sponsors lined up to put their names on the four quadrants of the ballpark. Those will be finalized after the primary naming partnership is announced.
“We’re not going to finalize those until the naming rights deal is done. It’s a much longer partnership, longer in years and more money,” Samson said. “We’ve got to make sure everything is available for what a naming rights partner would like.”