HUNTINGTON NATIONAL BANK has agreed a five-year sponsorship deal with the National Football League (NFL)’s Detroit Lions.
The agreement will see Huntington Bank pay the Lions $2.4m over the period for exclusive naming rights to the club and suite levels of the team’s home stadium, Ford Field. The deal marks the first time that the franchise has welcomed corporate sponsorship of said spaces at the stadium.
For Ohio-based Huntington, the deal is an extension of a strategy to generate more business in the state of Michigan and follows a 10-year, $5.4m partnership agreed with Michigan State University athletic venues last month.
Despite the NFL being one of the most lucrative sports leagues in the world, the value of Huntington’s sponsorship, $480,000 per year, reflects the Lions’ financial standing within the league.
According to Forbes, the Detroit Lions ranks as the 27th most valuable of the 32 teams in the NFL. Ability to attract higher value commercial deals, therefore, is limited, as reflected in the value of Ford’s naming rights deal compared to more high profile NFL franchises.
Ford agreed its $40 million, 20-year naming rights deal for Ford Field in 2002. In comparison, Lucas Oil, naming rights partner of the Indianapolis Colts, signed a $122m, 20-year agreement in 2008.
MetLife, naming rights partner of the stadium shared by the New York Giants and the New York Jets, will pay $425m over 25 years as of 2011.
By Luke Harman
Follow Luke on Twitter: @lukeharmanSBG