Software company Oracle has purchased naming-rights to the San Francisco Giants’ home stadium, according to multiple reports this week.
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The Giants will now play their home games at Oracle Park, according to the San Francisco Chronicle and other outlets. Oracle will replace AT&T as the team’s naming-rights partner.
While the deal’s financial terms were not publicly disclosed, Bloomberg reported that Oracle will pay more than $200 million for a 20-year term, according to people familiar with the matter. The agreement is effective immediately. Oracle is reportedly paying significantly more money for rights than AT&T did under the old deal.
The agreement is “very much in line with other recent naming-rights deals for top-tier facilities,” Giants President and CEO Larry Baer told the Chronicle. The team confirmed the deal in a press release.
“We are extremely proud that one of the best and most storied ballparks in America will now be called Oracle Park. The Giants have always been on the forefront of bringing innovative experiences to baseball, and we are excited to continue that tradition,” said Mark Hurd, CEO of Oracle. “Together we will create an incredible fan experience and develop programs to engage and impact the community in new ways.”
Oracle has owned naming rights to the Golden State Warriors’ home arena since 2006. Chase holds naming rights to the Warriors’ new stadium, which is set to open later this year, in a deal valued at $15 million to $20 million annually, according to Sports Business Journal.