Citizens Bank and the Philadelphia Phillies have formed at 25-year partnership that includes the naming rights for the baseball team’s new ballpark in a deal worth $95 million.
Over the decades long agreement, Citizens Bank will invest $57.5 million for the naming rights and be the official bank of the team. When the new park opens in April 2004, it will be called Citizens Bank Park.
Citizens Bank will earmark another $37.5 million over the length of the deal for exclusive rights as the sole financial services firm to advertise on Phillies television and radio broadcasts.
“This partnership is a grand slam for Citizens Bank, the Phillies and their fans,” said Stephen D. Steinour, CEO of Citizens Bank, in a statement.
Velocity Sports & Entertainment Marketing, Wilton, CT, acted as a consultant for Citizens Bank on the development and negotiation of the naming rights sponsorship.