LINCOLN, NE (CelebrityAccess MediaWire) — Lincoln city officials have struck a deal with Pinnacle Bank over naming rights for a new arena currently under construction in the city.
According to the Nebraska Watchdog, the $11.25 million 25-year deal will see Pinnacle Bank pay the city $450,000 annually, far less than the $2 million the city had anticipated in its budget for naming rights sponsorship.
Included in the deal with Pinnacle are rights for three exterior sighs, a logo on the score board, signage on exterior doors, banners on light poles and signs in the concourses. The deal also includes the use of a VIP suite and rights to use the Arena itself two days per year.
While the new arena will have the Pinnacle Bank moniker, the sponsorship agreement does not extend to exclusive rights for signage throughout the building and on court, which have instead been picked up by University of Nebraska-Lincoln, whose basketball teams will be primary tenants for the venue.
The newly named Pinnacle Bank Arena is currently under construction to the tune of $340 million. Originally called the Lincoln Haymarket Arena, the project is on track for a 2013 opening, with a seating capacity of approximately 16,500. – CelebrityAccess Staff Writers