Rendering of the Cross Insurance Center in Bangor, Maine
Cross Insurance Center, Bangor, Maine
Date Announced: July 20
Owner/Tenant: City of Bangor/Anchor tenant to be determined; arena will host concerts, conventions, sporting and other events
Terms: Cross Insurance is paying $3 million over 15 years for the naming rights during that period. The company will pay the amount in installments of $50,000 per quarter, or $200,000 per year. Cross Insurance can extend the deal by as much as 10 additional years by reopening negotiations in the 12th year. The company will receive free use of the facility for two events per year, and the use of a luxury box over the life of the contract.
Comments: The new $65-million, 8,000-seat arena currently being built in Bangor, Maine, has turned to one of its fellow local businesses for its name.
The Cross Insurance Center, named after the large commercial and consumer insurance company in the region, is expected to open in the fall of 2013 and will host conventions, concerts and sporting and other events. The facility does not yet have an anchor tenant.
Cianbro Corp. is the construction firm building the arena for the City of Bangor, which owns the arena.
Bangor tapped Comcast-Spectacor’s Global Spectrum division to operate the facility and, in turn, the city received the help of Global’s Front Row Marketing to find a naming rights sponsor and negotiate the deal.
In addition to signage bearing its name throughout the facility, Cross Insurance also will be featured in all media and marketing efforts, and the name will be in the arena’s future Internet address.
Front Row did not have to look far to find Cross Insurance, one of Bangor’s major corporate citizens. In addition to the naming rights, Front Row is also selling the venue’s other sponsorship opportunities and its premium seats.
Front Row and Global Spectrum will employ a full-time person to sell sponsorships and help Cross Insurance to market its business to other businesses.
“We had about four to five other companies that also took a serious look at this opportunity and kicked the tires, so to speak,” Rex told Venues Today.
“City officials expressed an interest that the naming rights partner be a locally based business so the city is thrilled, and Cross Insurance is thrilled, it all came together,” he added.
Contact: Steve Rex, (207) 329-5148