The Jacksonville Jaguars and EverBank will announce Friday afternoon a 10-year, $43 million naming rights extension to keep the facility EverBank Field, according to a source with knowledge of the deal.
That averages $4.3 million per year, which is more than the $3.32 million average of the five-year, $16.6 million deal the two sides signed in July 2010.
That deal, approved 14-3 by City Council, saw the city forgo its 25 percent stake, or more than $4 million. It’s unclear whether the extension calls for a similar waiver.
The current deal is scheduled to expire at the end of the upcoming football season.
Jaguars owner Shad Khan, Mayor Alvin Brown, EverBank Chairman Rob Clements, Jaguars President Mark Lamping and council President Clay Yarborough are scheduled to be at the 3 p.m. news conference at the stadium, according to a news release.
The announcement comes a day before the team unveils the new scoreboards during a two-part Saturday event of a soccer match, featuring Khan's Fulham FC, and a Carrie Underwood concert.
The scoreboards are part of a $63 million renovation to EverBank Field. The boards are 60 feet high and 362 feet long.
In May, Clements told the Daily Record the two sides were in discussions and he would like to see the partnership continue. Lamping said at that time, the team would “be honored to continue EverBank Field the home of the Jacksonville Jaguars for many years to come.”
The company, Lamping said, represents “everything we are looking for in a naming rights partner.”