The announcement Nov. 3 that TIAA is selling its Jacksonville-based bank means the city-owned stadium and home of the Jacksonville Jaguars will have a new name.
The move could also have implications for the sponsorship agreement and business relationship between the NFL franchise and what TIAA Bank becomes under new ownership.
In an email Nov. 3, the Jaguars said they expect to continue a partnership with the new owner.
However, the naming rights agreement with the city shows a new name requires the consent of the city and the NFL team, and probably a higher fee.
“The Jaguars and TIAA Bank have a longstanding partnership that is reflected not only in the stadium name, but also in the positive community impact we’ve generated together off the field,” the Jaguars said in a statement.
“We look forward to a continued relationship with the new ownership.”
A spokesperson for the city Public Affairs Office said in an email that because a name change has already occurred under the stadium’s current naming agreement, the city and Jaguars must consent to a name change.
The agreement also makes all costs and expenses related to the name change the responsibility of the sponsor.
TIAA took over the naming rights of Jacksonville’s football stadium when it acquired EverBank.
The Jacksonville Jaguars’ home became EverBank Field in 2010 when the bank acquired the naming rights. It agreed to a 10-year extension of the naming rights deal in 2014 that remains in effect.
Section 7 of the city agreement says the naming sponsor only has the right to change the stadium name once during the term of the deal with the consent of the Jaguars or city.
The agreement also says the naming sponsor cannot rebrand the stadium after Feb. 28, 2023, without extending the naming rights deal for at least three years from February 2025 at an annual naming sponsor fee increase of at least 3% annually.
The TIAA Bank Field name will not change until after the bank’s sale closes, which, subject to regulatory approvals, is expected in 2023.
The city contract does not allow a stadium name change until after the conclusion of an NFL season.
The stadium’s likely rebranding is happening while the Jaguars and the city are in early talks about a full stadium renovation and the looming 2030 expiration of the team’s lease for the facility.
Jaguars President Mark Lamping says an assessment of the stadium by Jacksonville-based contractor Haskell shows renovating the structure is feasible.
The Jaguars have not released an estimated price for the stadium upgrade, but Lamping told reporters Dec. 13 that model could save $600 million in construction costs over a new facility.
The team has been searching for architects since summer 2022 to provide the city a concept for the next stadium and to estimate construction pricing.
The Jaguars and the city are building a $120 million training and practice facility, the Miller Electric Center, northwest of TIAA Bank Field that will include executive and team offices.
TIAA Bank sale
The new owners of TIAA Bank will be funds managed by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street and Bayview Asset Management.
TIAA will retain a noncontrolling ownership stake and none of the funds will individually own a controlling stake.
Terms of the deal were not disclosed.
TIAA was formed by the Carnegie Foundation in 1918 to provide a retirement system for teachers. It has $1.2 trillion in assets under management.
TIAA Bank had $38.6 billion in assets and $26.4 billion in deposits as of June 30, according to Federal Deposit Insurance Corp. data.
“As we refocus on retirement, we have decided now is the appropriate time for TIAA Bank to begin a new chapter under new ownership,” TIAA Chief Operating Officer David Nason said in a news release.
“The changes we’re announcing are in the best interest of TIAA and our retirement clients, and for our bank’s consumer and commercial clients and the incredible TIAA Bank associate team. TIAA is making this move from a position of strength, and we are confident the bank is well-positioned for future growth and success,” he said.
Daily Record Contributing Writer Mark Basch contributed to this report.