LP Could Open Doors
A recently announced naming rights deal for the Tennessee Titans’ Nashville stadium could make it easier for the NHL’s Nashville Predators to find a new corporate sponsor for the city’s
In a 10-year, $30 million naming rights deal, the Titans’ stadium will now be called LP Field, reps from Louisiana-Pacific Corp. announced in early June. Since 2002, the stadium was known as The Coliseum.
Adelphia Business Solutions, whose name was on the Titans’ home when it opened in 1999, filed for bankruptcy and stopped payments on its 15-year, $30 million deal.
Jim Grinstead, editor and publisher for Nashville-based newsletter Revenues from Sport Venues, told the Tennessean the LP deal could spark interest in a sponsorship for Gaylord from companies that might not have been in the mix initially.
“It may give them some ideas,” he said. “It shows the value of naming rights. The fact that somebody made the purchase tells the marketplace that this is a commodity worth investing in.”
The LP deal also reportedly ends a 16-month period during which two pro sports teams in Nashville were looking for sponsors.
Following the name change, Predators exec Steve Violetta reportedly said, “[The deal] raises Nashville’s profile a bit, and … it helps set the financial landscape for a deal, but there’s certainly nothing imminent.”
The Predators have been seeking a new partner for the 20,000-capacity Gaylord Entertainment Center. That decision came after a falling out and legal spat with Gaylord Entertainment ended with an agreement to take the company name off the arena as soon as a new corporate sponsor is found, the Tennessean reported.
The Predators have reportedly said they’ve talked to several companies and are optimistic something will come about.