Insurer Metlife has reportedly agreed a deal to secure naming rights for the New Meadowlands Stadium, home of the New York Jets and New York Giants NFL teams.
The stadium will be renamed the Metlife Stadium in a deal that the New York Post reported could be worth as much as US$20 million for 20 years – a total of US$400 million over the period of the contract. The newspaper said that an official announcement was likely in Manhattan next week.
Metlife already holds significant sponsorship rights at the stadium, which cost US$1.6 billion and opened last year. It is one of four cornerstone partners alongside Verizon, Pepsi and Budweiser.
News of the agreement ends a year of speculation about the naming rights at the venue, which will host the Super Bowl in 2014.
Speaking to SportsPro before the stadium opened in 2010, Matt Higgins, the New York Jets' executive vice president of business affairs, said of a naming rights deal: "It's got to be the right deal. The value proposition that we've offered is unlike anything anywhere in the country in that you're getting two NFL teams, but you're also getting the media capital of the planet.
"For us what we're looking for in a partner is a dynamic, innovative company that is going to tap into the power of our brands to gain awareness in this marketplace and to really activate in unique and creative ways to their customer base."
20 years 20000000 400000000 New Meadowlands – Metlife
