The stadium is being built and will be owned by the New Meadowlands Stadium Co., a joint venture of the two teams, on land leased from the New Jersey Sports and Exposition Authority. Construction has been under way since April 2007, with completion set for the start of the 2010 season.
Details of the two sponsorships were not released. "The parties will be working toward definitive documents in the coming weeks," reads a statement issued by the New Meadowlands Stadium Co.
But when it's all added up, the total sponsorship package could generate more money over the next 20 years than the stadium is costing to build. According to sources, the Anheuser-Busch and MetLife sponsorships will be in the neighborhood of $8 million a year for the next 20 years. If those numbers hold up, the four corner sponsorships could generate upwards of $600 million over that period. And estimates of the overall naming rights have ranged as high as $800 million over the same period, for a grand total of more than $1.5 billion of revenue for the two teams.
"We are very pleased that a great company like MetLife is the first of our four cornerstone sponsors," says Mark Lamping, president and CEO of New Meadowlands Stadium Co., in a statement. "And Anheuser-Busch is the undisputed leader in their industry and one of the most respected sponsors in all of sports."
For their fee, the cornerstone sponsors will get entranceway signage, including 130-foot high-definition video display boards and branded plazas. For the St. Louis-based Anheuser-Busch, which has a major brewery a few miles to the south in Newark, that plaza will total 25,000 sf, and its corner of the stadium will also feature a multi-level sports bar with 4,000 to 6,000 sf per level.
"Anheuser-Busch has a great relationship with both the Jets and Giants, and our collective ingenuity helped create the best possible arrangement for branding Budweiser and Bud Light," says Anheuser-Busch vice president of sports marketing Tony Ponturo, in a statement.
The two initial sponsorships were arranged for New Meadowlands Stadium Co. by the Los Angeles-based Wasserman Media Group, the teams' marketing rep.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
