The home stadium of NFL American football franchise the Jacksonville Jaguars is set to take on another new identity, following an announcement from current naming-rights partner, financial services company TIAA.
Aligning with what it said is a long-term strategic plan to refocus on the company’s retirement business and Nuveen, its asset manager, TIAA yesterday (Thursday) announced it had entered into a definitive agreement to sell TIAA Bank to new investors.
The Jaguars’ home stadium was renamed TIAA Bank Field in June 2018. The stadium had been known as EverBank Field since 2010, but TIAA’s acquisition of EverBank in June 2017 led to the change.
TIAA took over EverBank’s existing naming-rights deal with the Jaguars. In July 2014, EverBank extended its stadium naming-rights deal with the franchise, signing a 10-year contract worth $43m (£38m/€43.3m).
The agreement began after the 2014 season and is due to continue through the 2024 campaign. EverBank originally signed a five-year agreement with the Jaguars that began in 2010. The deal renamed the Jacksonville Municipal Stadium as EverBank Field.
The Jaguars yesterday said they expect to continue a partnership with the new owner of TIAA Bank, with TIAA spokesman Michael Cosgrove telling the Florida Times-Union newspaper that the bank has “a great partnership with Jacksonville and the Jaguars,” while not stating whether the new ownership would seek to extend the naming rights with the bank’s new name.
Meanwhile, the Jacksonville Daily Record noted that the naming-rights agreement with the city states a new name requires the consent of the city and the team, and probably a higher fee. “The Jaguars and TIAA Bank have a longstanding partnership that is reflected not only in the stadium name, but also in the positive community impact we’ve generated together off the field,” the Jaguars said. “We look forward to a continued relationship with the new ownership.”
The Record added that the city agreement states the naming sponsor only has the right to change the stadium name once during the term of the deal, with the approval of the Jaguars or city.
The agreement also outlines that the sponsor cannot rebrand the stadium after February 28, 2023, without extending the contract for at least three years from February 2025 at an increase of at least 3% annually.
The TIAA Bank Field moniker will not alter until after the closure of the bank’s sale, which is expected in 2023. The city contract also does not permit a name change until after the end of an NFL season.
Rebranding of the stadium is occurring whilst the Jaguars and Jacksonville hold talks over the potential redevelopment of the venue. The team’s current lease deal is due to expire in 2030, with the Record adding that the Jaguars commenced a search in the summer for an architect to present the city with a concept for a revamped stadium, along with estimated construction pricing.
