EverBank and the Jacksonville Jaguars announced an agreement Friday to extend EverBank’s naming-rights sponsorship of the team’s home stadium for $43 million over 10 years.
“EverBank is the perfect partner for us,” said Jaguars owner Shad Khan.
Khan said EverBank, which is in the final year of a five-year, $16.6 million sponsorship agreement, is a Jacksonville-based company with a national and international vision, like the Jaguars.
EverBank Chairman Rob Clements said after a news conference Friday at EverBank Field that he believes the bank will pay $3.7 million the first year of the new agreement and that will increase 3 percent a year. The average is a $4.3 million annual sponsorship.
That’s up from an average $3.32 million a year now. The current deal also had escalator clauses.
Just as with the current agreement, approved in 2010, the new agreement will ask the city to waive its 25 percent portion, or $10.75 million, of the sponsorship proceeds.
“I’m in favor of that waiver,” Mayor Alvin Brown said at the news conference.
Jaguars President Mark Lamping said the team’s goal is to capture the revenue stream to grow local revenue.
Lamping pointed out that Khan has invested $30 million in the stadium. That includes the $20 million he put into the $63 million stadium enhancements that will be unveiled Saturday night, including the world's largest video scoreboards. The city paid the other $43 million.
City Council President Clay Yarborough said council would closely review the contract and legislation, which is expected to be delivered soon to council. He said the council looks forward to the proposal “and get a deal that will be beneficial to everybody.”
Yarborough was one of three council members who voted against the contract in 2010. The other two were John Crescimbeni and Ronnie Fussell.
Lamping said the negotiations for the contract extension have taken more than a year.
“I wasn’t surprised. It was a very complex and intricate negotiation,” he said.
Lamping and Clements have said for months they wanted the bank and the Jaguars to remain partners.
“There was always an expectation we would reach an agreement,” Clements said. “Both parties clearly wanted to see this continue. It was a very healthy process.”
The announcement came 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 60 feet high and 362 feet long. “Jerry Jones, eat your heart out. We have the largest scoreboards in the world,” Brown said, referring to the owner of the Dallas Cowboys.