Sponsorship Deals Not As Profitable As They Once Were
The city of Huber Heights will receive $4 million over the span of 20 years in exchange for the lifetime naming rights to its new music center.
Selling naming rights has been lucrative for some in the past. The Dayton Dragons have received $325,000 from Fifth Third Bank every year since 1999. And the Schuster Center got its name after Dr. Benjamin and Marian Schuster donated $8 million. But the market has slowed down in the last few years.
Initially, the Stuart Rose Family Foundation offered $2 million over 10 years to Huber Heights. The knee-jerk reaction from the city council wasn’t positive. But after negotiations the foundation doubled its commitment. The contract now says the $4 million will be paid out over two 10-year deals. Each year the city will receive $200,000.
City Manager Rob Schommer says it really was the best deal on the table.
“The area’s considered a soft market. And in times when company dollars and marketing dollars are restricted, it’s a different situation than what it might have been 10, 12 years ago,” he said.
Huber Heights spent $19 million on what is now the Stuart and Mimi Rose Music Center at the Heights. And according to Pollstar.com, WyntonMarsalis and Canned Heat are both booked to play this summer.