Pepsi Opts Out Of Coliseum

Pepsi Coliseum on the grounds of the Indiana State Fairgrounds in Indianapolis will need a new name after the venue and PepsiCo failed to reach an agreement for naming rights.

A state fair spokesman said PepsiCo had until June 1 to respond to a proposed increase in the naming rights fee, according to WXIN-TV. PepsiCo paid the fair $200,000 annually to have the name on the venue for the last 21 years.

The fair reportedly wanted $500,000 annually, with officials claiming it was comparable to naming rights deals at other venues.

Pepsi has its name on the building until the end of the year. The coliseum is expected to undergo $53 million in renovations.