The Miami Dolphins have agreed a five-year naming rights deal for their home to be called the Sun Life Stadium just in time for next week's Pro Bowl and the Super Bowl on 7th February.
The $7.5 million-a-year agreement will bring in much needed revenue to help bolster the Dolphin's chances of a successful future campaign.
Dolphins CEO Mike Dee announced the deal at a special ceremony and said: "This is the first naming rights deal done of significance in the post-recession period and we weren't out in the marketplace very long. A bigger priority was finding the right partner, so if that hadn't happened we were prepared to move forward under an old name. I think from our point of view it wasn't when, it was who.
"For Sun Life to share so many of the common core values that we share, we were able to accommodate the timing that was in play because the discussions were moved along fairly quickly, and we wanted a partner for the long haul. It's an initial five-year agreement but there are a lot of mutual understandings to talk about a much longer agreement from there."
Interestingly, this will now be the eighth name for the stadium that first opened as Joe Robbie Stadium in 1987. It will be the third name of 2010 as it was known as Land Shark Stadium up until January 5th changing to Dolphin Stadium up until yesterday.
The issues of naming rights have caused a storm of controversy in the footballing world as Newcastle and Chelsea have both explored the potential revenue streams despite heavy criticism from supporters.
The Dolphins will no doubt benefit from the partnership as Sun Life Financial group has assets of over $385.3 billion under management and services over 20 million clients.
Posted on 19/01/2010