Cleveland Browns has opted for a long-term sponsorship arrangement for its stadium naming rights via a deal with Huntington National Bank.
The 20-year agreement will see the Browns’ stadium named ‘Huntington Bank Field’ whilst the bank will also become the team’s official banking partner.
The duo have outlined a ‘shared vision and long-standing commitment’ to the community in Cleveland, with Huntington Bank being an Ohio-based enterprise.
“We are thrilled to reach a long-term partnership agreement with Ohio’s own Huntington Bank,” said Dee and Jimmy Haslam, Cleveland Browns Managing and Principal Partners.
“Huntington Bank has a long-standing reputation of excellence and they continue to grow both regionally and nationally, while keeping their roots here in Ohio.
“Giving back to the community and a focus on education are two of the many attributes that bond our organisations, and we look forward to working with Huntington to make positive impacts in Northeast Ohio and beyond. We’re excited to call the home of the Cleveland Browns Huntington Bank Field.”
The long-term nature of the partnership is nothing particularly new in stadium partnerships, with sports franchises often keen to ensure a longstanding association between their home ground and a commercial partner.
This contrasts with the jersey partnerships often seen in sports like soccer, where deals are often in place for just one or two seasons. The English Premier League, for example, often sees shirt sponsors swapped on an almost yearly basis.
The arrangement between Huntington National Bank and Cleveland Browns comes shortly after the NFL announced a change in ownership laws which will allow private equity firms to buy limited stakes in franchises.
Cleveland Browns’ new pattern will not be able to participate in this, however, with only a select group of private equity firms permitted to do so.
“The Cleveland Browns are iconic in American sports and a globally recognised brand,” added Steve Steinour, Huntington Bank Chairman, President and CEO.
“Huntington Bank is thrilled to create this partnership and make this investment in the Cleveland Browns and Northeast Ohio. This is also a pivotal moment for us as it gives us a high-profile platform to elevate our brand nationally.”
