SPRINGDALE : Naturals to call Arvest Ballpark home
Posted on Thursday, September 6, 2007
Arvest Bank Group beat regional and national competitors for the naming rights to Springdale’s new 6, 500-seat baseball stadium, officials from the bank and the Northwest Arkansas Naturals announced Wednesday.
Arvest Ballpark will appear across the front and back of the stadium and on the scoreboard for at least 10 years, possibly 20. Arvest has an option to renew the base 10-year agreement for an additional decade.
Financial terms of the deal were not released by team and bank officials. The team’s contract with the city gives it all profits from naming rights for team operations.
Arvest had plenty of competition from other companies, said Jonathan Dandes, president of the team’s owner, Rich Baseball Operations.
“There was great interest, not only locally but nationally,” Dandes said. “Arvest made the best offer all the way around.”
Dandes was upbeat as he described why Arvest won the naming contract.
“We had a long and specific list of attributes,” he said, referring to Arvest’s regional roots, name recognition and its commitment to providing “exciting, affordable family entertainment.”
Dennis Smiley, president of Arvest Springdale, said much the same thing.
“This fits with what we do,” Smiley said. “We deal with families in Northwest Arkansas. This is about teaming up with a great company and providing great entertainment.”
Smiley said the stadium will feature Arvest bank machines, and that Arvest can sponsor bank-related promotions inside the facility. The bank will also have a luxury suite with 20 seats and 20 season tickets. Team dugouts will say “Welcome to Arvest Ballpark.”
“We had an interest in being a sponsor,” Smiley said.
When the Naturals approached them with a proposal for the naming rights, Arvest became even more interested.
“The more and more we looked at it, the more we felt it was a perfect fit,” Smiley said.
Arvest operates more than 200 bank branches in Arkansas, Oklahoma, Missouri and Kansas through a network of 16 community banks. Arvest operates an asset management company, insurance division and mortgage company. Jim Walton of Bentonville, a trustee of the Walton Family Foundation, is Arvest’s chairman. Baseball officials started talking about naming rights in-house back in January and presented a sponsorship deal to Arvest in late July, team general manager Eric Edelstein said. The two sides reached an agreement within a week.
“This was the first formal presentation and they bit,” Edelstein said. “They were enthusiastic. They jumped right on board.”
It’s hard to guess at the details of the naming agreement, said Kevin Reichard, editor of ballparkdigest. com, a Web site that tracks stadium construction nationwide.
“I’m guessing it’s worth seven figures, easily,” Reichard said of the 10-year agreement. “I’d be surprised if it was less than $ 100, 000 per year.”
The Naturals, a Class AA affiliate of the Kansas City Royals, play their first home game April 10 against the San Antonio Missions.
The $ 32-million stadium at 56 th Street and Watkins Avenue, which was financed by voterapproved bonds in July 2006, must be substantially complete by March 1 or Springdale must forfeit $ 325, 000 in annual rent from Rich Baseball.
Naming rights are a major source of revenue for the Naturals, and the Arvest logo will feature prominently in the team’s marketing literature, according to Springdale Chamber of Commerce President Perry Webb.
Now, team officials must concentrate on selling luxury suites and sponsorships, Webb said.
As the days tick away toward the opening pitch, more and more publicity should come Springdale’s way, Webb added.
“This is an opportunity for Springdale to be seen as a regional player,” he said.
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