The Cincinnati Bengals introduced a naming rights settlement Tuesday to rebrand Paul Brown Stadium as Paycor Stadium, with the identify change taking impact Friday for the staff’s first preseason recreation towards the Arizona Cardinals.
The Bengals didn’t release the monetary phrases of the deal, however it is going to run for 16 years, extending effectively past the June 2026 expiration of the present stadium lease, which ought to quell issues about the way forward for the franchise in Cincinnati.
Opened in 2000, 4 years after Hamilton County voters handed a half-percent gross sales tax improve in 1996 to construct a pair of stadiums for the Bengals and Reds, Paul Brown Stadium had been one among three NFL venues with out company sponsorship, together with Lambeau Field in Green Bay and Soldier Field in Chicago.
Bengals proprietor and president Mike Brown, the son of the Pro Football Hall of Famer whose identify has been connected to the stadium since earlier than the primary shovels of filth had been moved, stated on the staff’s pre-camp luncheon final month that his father would have supported the choice to promote the naming rights.
“This is a move that I do think he would have agreed to. He was always for what’s best for the football team,” Mike Brown stated final month.
“This partnership allows the Bengals to continue to compete at the highest level in the NFL and exemplifies our long-term commitment to the community,” he added within the information release Tuesday.
This day in @Bengals historical past…the primary submit from Paycor Stadium! Two hometown groups are excited to take Cincinnati to the following stage. Can we get a Who Dey!? pic.twitter.com/tAN3KPNlvA
— Official Paycor Stadium (@Paycor_Stadium) August 9, 2022
While the stadium might be renamed, Paul Brown’s identify nonetheless might be outstanding across the facility. His identify seems on the east façade after being inducted into the franchise’s inaugural Ring of Honor class; his signature is stitched into each jersey; and the convention room the place all gamers signal their contracts is called after the staff’s founder and first coach.
Founded in 1990, Paycor is a domestically owned firm that gives cloud-based payroll, human assets, time-keeping and onboarding software program to small- and medium-sized companies.
“Through a strategic partnership with our hometown team, the Cincinnati Bengals, we are beyond thrilled to introduce Paycor Stadium to the world,” stated Paycor CEO Raul Villar Jr., who took the corporate public in July 2021. “As Paycor continues to grow and reach customers throughout the U.S., our mission of empowering leaders to build winning teams perfectly aligns with the defending AFC champions. As longtime fans, this is a big point of employee pride, and we are honored to support our local team and build on the legacy of Paul Brown.”
There is a symbiotic ingredient to the partnership with a payroll firm serving to the Bengals meet their very own soon-to-explode payroll quantity with an anticipated extension of quarterback Joe Burrow’s contract subsequent offseason in a deal that might make the face of the franchise the very best paid participant within the league.
Regardless of the place the ultimate determine lands for Burrow, the Bengals are anticipated to desert their long-held aversion to structuring a contract with a considerable amount of assured cash. And per NFL guidelines, all future, absolutely assured money have to be positioned in escrow as quickly because the deal is signed.
“It’ll help us perhaps handle the cap a little bit easier,” Brown stated final month. “We’re a small-market team. We need the revenue streams that we can obtain. The fact that about 30 teams have naming rights and a revenue stream from that and they have more revenue than we do to begin with. We have to do some things just to keep up.”
While the identify change formally goes into impact Friday, followers will see extra adjustments and branding within the coming months, and the Bengals and Paycor plan to carry an official ceremony to have fun the partnership previous to the beginning of the common season.
“It was important to find a naming rights partner that strongly aligns with the Bengals brand,” Bengals government vp Katie Blackburn stated. “Paycor is a local company on the rise that shares our commitment to building winning teams. We are proud to support Paycor’s growth and strengthen the Cincinnati business community with this partnership.”
(Photo: Katie Stratman / USA Today)