When the 1994 baseball season started, there was only a single MLB stadium whose name could be considered a result of corporate sponsorship (and the company owned the team at the time, so even that is up for debate). Now, fewer than one-third of the stadiums are without a corporate name over the gates. Today, 20% of the teams in the four major sports leagues have the name of a financial services company affixed to their home building.
Companies invest in stadium naming rights because it gives them long-term brand awareness, but banks seem to have a built a special relationship with sports. That’s because when a bank buys a sponsorship, they’re not just getting the right to paste their name on a big building — they become financial partners with the team. Bank sponsors can help with budgeting, ticketing, and even media […]