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Naming rights to the $1.2 billion Dallas Cowboys Stadium have been sold to telecom giant AT&T, said Jerry Jones, owner of the NFL’s Dallas Cowboys.
Jones, in an announcement today on NFL.com, who has been working to sell the naming rights since the stadium opened in 2009, called it, “a very special day in the history of our organization.”
Although specific financial details were not released, industry analysts put the rights’ value at between $17-$19 million per year, in a contract estimated to be 15 to 20 years. AT&T signage is expected to be in place before the start of the Cowboys’ 2013 season.
According to Cathy Coughlin, global marketing officer for AT&T, “Dallas is our hometown, and we’re proud to expand our successful relationship with the Cowboys, one of the most visionary sports franchises around.”
In addition to marketing and media, she said the company would continue to invest in improvements to wireless technology in the stadium, the plazas and in parking lots.
AT&T also has naming rights for the venues for MLB’s San Francisco Giants and the NBA’s San Antonio Spurs.
“Buying the Cowboys, building and opening this stadium and now announcing this deal have been the highlights of my time with the team off the field,” said Jones. “You know that those Super Bowl [victories] are pretty important on the field.”
Jones said that AT&T reflected the present and future of the stadium and the team. “We want this building to be innovative and to change as new ideas come up,” he said.
The venue hosted Super Bowl XLV and could be in the rotation for future Super Bowls. In addition to the Cowboys, AT&T Stadium will host the annual AT&T Cotton Bowl Classic and the 2014 NCAA Division I men’s basketball Final Four.
Brief Take: Brands such as AT&T clearly believe that putting their name on major sports stadiums brings value: AT&T is willing to shell out at least $255 million over the next 15 years, by analysts’ conservative estimates, for the right to have its brand called out every time the Cowboys play football at home.
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