The Baltimore Ravens National Football League (NFL) team has extended its wide-ranging strategic partnership with M&T Bank until 2027.
Most significantly, the deal means the Ravens' home stadium will continue to be known as M&T Bank Stadium, as it has been since 2003. Various charitable and community elements are also included in the package.
M&T Bank will pay US$60 million over the ten years from 2018, when the current 15-year agreement expires. The original contract was worth US$75 million in total, or US$5 million per year; the new deal announced on Wednesday is worth US$6 million per year to the Ravens.
“It was a game changer for us when we entered into that agreement in 2003 and it’s been a wonderful partnership with them,” said Ravens' president Dick Cass.
“The reason our partnership has been so strong is we share values. We want to be successful off the field or in the financial arena in their case. But we also want to have a major impact on our community. We have done a lot of projects together and over the next 14 years — because we have four years left on the current agreement and ten new ones — we’re going to do a lot more together in this community to try to make this community a better place to live and a better place to work.”
What is now M&T Bank Stadium opened in 2008 and was initially known as Ravens Stadium at Camden Yards, before internet provider PSINet acquired the naming rights in 1999. When that company folden in 2002, the venue was briefly known as Ravens Stadium before M&T Bank agreed its long-term deal with the Maryland Stadium Authority, which owns the facility, and the Ravens, who operate it.
10 years 6000000 60000000 More_than_USD50million
The Baltimore Ravens National Football League (NFL) team has extended its wide-ranging strategic partnership with M&T Bank until 2027.
Most significantly, the deal means the Ravens' home stadium will continue to be known as M&T Bank Stadium, as it has been since 2003. Various charitable and community elements are also included in the package.
M&T Bank will pay US$60 million over the ten years from 2018, when the current 15-year agreement expires. The original contract was worth US$75 million in total, or US$5 million per year; the new deal announced on Wednesday is worth US$6 million per year to the Ravens.
“It was a game changer for us when we entered into that agreement in 2003 and it’s been a wonderful partnership with them,” said Ravens' president Dick Cass.
“The reason our partnership has been so strong is we share values. We want to be successful off the field or in the financial arena in their case. But we also want to have a major impact on our community. We have done a lot of projects together and over the next 14 years — because we have four years left on the current agreement and ten new ones — we’re going to do a lot more together in this community to try to make this community a better place to live and a better place to work.”
What is now M&T Bank Stadium opened in 2008 and was initially known as Ravens Stadium at Camden Yards, before internet provider PSINet acquired the naming rights in 1999. When that company folden in 2002, the venue was briefly known as Ravens Stadium before M&T Bank agreed its long-term deal with the Maryland Stadium Authority, which owns the facility, and the Ravens, who operate it.
