This fall’s Chicago marathon was the last under its current name. With the summer acquisition of LaSalle Bank by Bank of America, the annual race—called the LaSalle Bank Chicago Marathon since 1994—will become the Bank of America Chicago Marathon. While the bank didn’t need to pay a separate fee for the renaming, the switch continues a relatively recent trend, as companies have paid top dollar to put their names on some of the city’s most popular entertainment venues and events.
(and when it changed)
TERMS OF THE DEAL
|New: United Center (1994; replaced Chicago Stadium)||$1.8 million annually for 20 years||The $36 million for naming rights was peanuts compared to the building’s $175-million cost.|
|New: Allstate Arena (1999) Old: Rosemont Horizon||A “multimillion-dollar agreement” (full terms undisclosed)||The stadium closed for a $20-million renovation that summer, then reopened with the new name.|
|New: U.S. Cellular Field (2003) Old: Comiskey Park||$68 million for 23 years||The phone company has also bought the names of arenas in Milwaukee; Cedar Rapids, Ia.; and Bloomington, Ill.|
|New: Sears Centre (2005; replaced Poplar Creek Music Theater)||$1 million annually for ten years||As part of the deal, Sears bought 25 percent of the arena and provided some of the land.|
|New: Charter One Pavilion (2005) Old: Lakefront Pavilion||$2.5 million annually for three years, with option of five years||
Ten percent of the annual fee goes to the Chicago Park District.
|New: Bud Light Bleachers (2006) Old: bleachers||Less than $1 million annually||The Cubs announced the deal regarding its newly renovated bleachers just days before opening day.|
|New: 7:11 start time at White Sox games (2007) Old: 7:05 start time||$500,000 annually for three years||The Sox are the first Major League Baseball team to change its start time this way, but 7-Eleven is considering making deals with other teams.|