Exterior photo of Comerica Park in Detroit, Michigan, home of the Detroit Tigers.

The Detroit Tigers and Comerica Bank have agreed to extend the current naming rights agreement for Comerica Park for another five years. The original naming rights agreement was signed in 1998 while Comerica Park was being constructed and the Tigers were still playing their home games at Tiger Stadium.

The agreement was set to expire in 2029, a 30-year agreement that was worth $66 million in total. The new naming rights agreement will now expire in 2034 and the new financial terms were not disclosed to the public. The old naming rights agreement was worth $2.2 million per season; a far cry from what teams like the New York Mets and Atlanta Braves receive for their home stadiums. Naming rights agreements for baseball stadiums command less money than NBA and NHL arenas because they can't host events like concerts year around. However, outdoor concerts at baseball stadiums during the summer months are definitely becoming more popular; especially at ballparks like Wrigley Field in Chicago.

Comerica Bank also recently purchased the naming rights to the Comerica Gridiron Club and Suites inside Ford Field (home of the Detroit Lions). The Comerica Gridiron Club and Suites is a new premium area that opened in 2017 and features a private VIP entrance for Comerica customers. Comerica Park is owned by the Detroit-Wayne County Stadium Authority and has been home to the Detroit Tigers since 2000.

 

Reference:

CrainsDetroit.com

 

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