News 12 New Jersey: MetLife has naming rights to Meadowlands (August 24, 2011)
September 9th, 2011
As seen on News 12 New Jersey and News12.com (08/24/11) EAST RUTHERFORD (AP) – MetLife is upping the ante and taking on a bigger role at the new home of the Jets and Giants, and the 2014 Super Bowl. The New York-based insurance giant signed an agreement Tuesday with the NFL teams to buy the naming rights to the .6 billion stadium that will be the site of the league’s title game in three years. None of the parties would say how much North America’s largest insurance company paid for the right to call the one-year-old facility MetLife Stadium for the next 25 years, although there have been multiple reports that the deal will net the co-owners between million to million annually. MetLife chief executive Steven A. Kandarian said his company wanted to partner with a world-class venue that would expose its brand to an even higher level. As part of the deal, the Meadowlands sports complex – at least the area that includes the stadium, the Meadowlands Racetrack and the Giants headquarters – will be known as the MetLife sports complex. The state of New Jersey owns the land, but it gave the Jets and Giants permission to sell the complex naming rights when they agreed to privately fund and build the stadium. MetLife has been associated with the teams for almost three years. It had been paying them between million to million annually to be one of four cornerstone sponsors for the stadium along with Verizon, Anheuser-Busch and PepsiCo. Copyright ©2011 News12.com …
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