- General
- January 10, 2019
- 6 minutes read
Oracle Inks $200 Million Deal To Rename San Francisco Giants’ Stadium
Oracle co-founder and CTO Larry Ellison image : Yuichi Sakuraba on Flickr Oracle has payed more than $200 million for naming…
 |
| Oracle co-founder and CTO Larry Ellison
image : Yuichi Sakuraba on Flickr
|
Oracle has payed more than $200 million for naming rights to the San Francisco Giants’ Stadium following a split with AT&T which currently occupies the position, Bloomberg says, the San Francisco Chronicle first reported the move but didn’t include a specific price, stating the deal could be worth between $300 million to $350 million.
The SF Chronicle says the change is effective immediately with the San Francisco Giants set to replace the AT&T signs installed on its stadium in 2006 with temporary Oracle Park banners. This would mark the second Bay Area sports venue Oracle has acquired naming rights for now that the Golden State Warriors (the NBA team whose venue flaunts its name) are moving to the Chase Center in the same city, a name that banking giant JP Morgan Chase agreed to pay $15 million to $20 million annually over a span of 20 years for.
 |
| A San Francisco Giants fan wears its colours
image : Thomas Hawk on Flickr
|
Oracle will own naming rights to the Major League Baseball stadium for 20 years, the report says, noting of an interview with Giants President and CEO Larry Baer who termed the deal “very much in line with other recent naming-rights deals for top-tier facilities.”
Giants’ fans would now have to get accustomed to a fourth name for the venue since it opened as Pacific Bell Park in 2000. Pacific Telesis, a result of a U.S. Department of Justice antitrust suit against the former American Telephone & Telegraph Company (later known as AT&T Corp) that led to a split into seven independent Regional Bell Operating Companies purchased the rights to a then not-yet constructed stadium in 1996 where the Giants now play for $50 million over 24 years with an additional $8 million paid to expand the deal.
 |
| Artist rendering of Oracle Park
image : San Francisco Giants
|
It later became part of what is now known at AT&T Inc after some telecom mergers and acquisitions and got the AT&T name installed on the venue since 2006. AT&T gave the Giants an option of putting an end to the naming deal if they could find a new partner, the SF Chronicle says.
