Everton provide an update on their new stadium naming rights partner as the historic transaction nears completion.
Chief Commercial Officer Richard Kenyon has given fans an update on the quest.
Everton is making ‘excellent progress’ in acquiring a stadium naming rights partner for their new home at Bramley-Moore Dock.
The Toffees will move into the 52,888-seater stadium on the banks of the River Mersey for the 2025/26 season. The commercial team is currently working to secure important partners, including a stadium naming rights partner.
Prior to the restrictions imposed on Russian businesses and persons operating in the UK after the armed invasion of Ukraine in early 2022, Everton had agreed to a £30 million deal with old club partner USM. The arrangement included first refusal on the naming rights of the new stadium.
However, with Everton’s sponsors USM, Yota, and MegaFon suspended due to their Russian ties, the club was forced to start afresh.
Everton hired US firm Elevate Sports Ventures in October 2022 to assist in the search for a stadium naming rights partner, the first the Toffees have ever had. Elevate has previously worked with US sports teams such as the San Jose Earthquakes (MLS) and Pittsburgh Steelers (NFL) to secure long and lucrative stadium partnerships.
Everton’s chief commercial officer, Richard Kenyon, provided a commercial update to fans on Wednesday via the club’s official website, addressing the stadium naming rights hunt.
“We are continuing to make good progress in respect of stadium naming rights as we look to secure a suitable partner to benefit from this unique opportunity,” Kenyon added.
“This has been a lengthy and rigorous global process aimed at identifying the best long-term naming partner for our future home.
“I’d like to take this opportunity to thank both our club partnership team and our commercial partners Elevate for their work on stadium naming rights and founding partners to date, as well as securing partners for our current partnership portfolio, which continues to benchmark favourably against our peers.”
“Importantly, this portfolio includes companies that share many of our beliefs. Christopher Ward, our official global timing partner, has increased their association with Everton Women, providing crucial additional support. The globally recognized British watch brand’s emblem is now visible on the back of Everton Women’s shirts, and they are working on money-can’t-buy gifts for our Women’s team’s burgeoning fan base.
“Earlier this season, we welcomed FIGS to our portfolio, a forward-thinking, community-focused US-based healthcare apparel and lifestyle brand that you will see on our medical team’s kits on matchdays.” FIGS has demonstrated a dedication not only to Everton but also to Everton in the Community, and we are grateful for the donation they gave to the charity ahead of the club’s birthday match against Crystal Palace next Monday night (February 19th).
“Finally, I’d like to thank all our partners for their unwavering support to the Club – not least Stake who remain committed as our main partner – and look forward to working alongside them in the transition to our new home.”
The value of stadium naming rights can be incredibly profitable, and with the team not constrained by history in terms of moving away from Goodison Park and into a purpose-built new home, it is a boost that would come at an ideal time for the club.
Stadium naming rights arrangements in the United States often last between 10 and 20 years, allowing sports clubs to lock in guaranteed income for a longer period of time.
The SoFi Stadium in Los Angeles was renamed after a banking business paid over £500 million for the privilege. after Los Angeles, the former Staples Center was renamed the Crypto.com Arena after a £565 million transaction in 2021.
While Everton may not be able to attract such figures, they will be able to tap into a hitherto unavailable cash stream and build a state-of-the-art stadium that will be among the best in English football. A multi-purpose stadium is an attractive option for business partners seeking worldwide exposure.
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