Nonbank lender Guaranteed Rate has scored a naming rights deal with the Chicago White Sox.
The Major League Baseball team's stadium will be known as Guaranteed Rate Field beginning Nov. 1. The deal was approved by the ballpark's owner, the Illinois Sports Facilities Authority, at a board meeting Wednesday.
The deal will last for at least 13 years, with the White Sox retaining an option under its lease to extend the deal the deal an additional year through 2030.
Financial terms of the transaction were not disclosed. In 2003, mobile carrier U.S. Cellular agreed to a $68 million, 20-year naming rights deal for the ballpark, which was known as New Comiskey Park at the time.
The deal encompasses in-stadium signage, merchandising, digital advertising, and PR and community outreach opportunities, Lynette Grinter, Guaranteed's vice president of marketing,
Spokespeople for the White Sox and Guaranteed Rate did not immediately return a request for comment, but Guaranteed Rate President and Chief Executive Victor Ciardelli said in a news release that it represents "a dream come true" for the Chicago-based lender to have its name on the ballpark.
"We love this city and its baseball fans, and couldn't be happier to partner with an iconic team," Ciardelli said in the release.
The deal came to fruition after the team approached U.S. Cellular about ending the deal early and finding a new sponsor, the Chicago Tribune reported. U.S. Cellular sold its Chicago market to competitor Sprint in 2012.
News of the name change was met with some criticism from fans online, with the hashtag #BetterSoxStadiumNames trending on Twitter.
Guaranteed Rate is in good company where naming rights deals are concerned — Quicken Loans has had its name affixed to the National Basketball Association's Cleveland Cavaliers' arena since Dan Gilbert's purchase of the team in 2005. And if the track record of banks' success with naming rights deals is any indication, the agreement could prove lucrative for the lender.
