jacksonville, florida – After the TIAA announced Wednesday that it would sell its Jacksonville-based bank to a group of investment funds, the next question many asked was how it would affect the name of the Jaguar stadium. was.
TIAA assumed naming rights to Jacksonville’s football stadiums when it acquired EverBank. The home of the Jacksonville Jaguars became Everbank Field in 2010, when the bank acquired the naming rights, and in 2014 he agreed to extend the naming rights agreement for 10 years, which is still in effect.
According to News4JAX news partner Jacksonville Daily Record: According to a naming rights agreement between TIAA Bank and the city, the new name would require the consent of the city and the NFL team, and possibly a higher fee.
A spokesperson for the city’s public affairs department said the city and the Jaguars would have to agree to a different name change because the name change had already taken place under the stadium’s current naming deal, and that the city and the Jaguars would have to agree on a name change related to the stadium change. Told Records via email that all costs and expenses were required.The name would fall to the sponsor.
Section 7 of the City Agreement states that the naming sponsor has the right, with the consent of Jaguar or the City, to change the stadium name only once during the term of the agreement.
It also states that naming sponsors cannot increase their annual naming sponsor fees by at least 3% after February 28, 2023 unless their naming rights agreements are extended for at least three years from February 2025.
The bank will remain in Jacksonville, but will get a new name to be announced when the transaction closes, the company said. We need it, but it won’t change during the 2022 football season.
The transaction is expected to close in 2023, subject to final regulatory approvals and other closing conditions. According to the company.
The TIAA bank has been headquartered in Jacksonville since its acquisition of EverBank Financial Corp. in 2018.
The bank has 698 employees in Jacksonville, for a total of 1,339.
Terms of the deal were not disclosed.
From 1997 to 2006, the stadium was named Alltel after the now-defunct telecommunications company bought the naming rights. The stadium he opened in 1995 as Jacksonville Municipal Stadium on the site of the former Gator Bowl stadium.
For more information on the stadium name change, please visit JaxDailyRecord.com.
Copyright 2022 by WJXT News4JAX – All rights reserved.
https://www.news4jax.com/news/local/2022/11/04/report-jaguars-city-must-approve-any-stadium-name-change-after-tiaa-bank-sale/ Jaguars and city must approve stadium name change after TIAA Bank sale