The Chicago White Sox recently announced that their home ballpark will be renamed Guaranteed Rate Field beginning next season, and on Thursday it was finally revealed how much the team will be paid to adopt the moniker.
According to the Chicago Tribune, the White Sox will receive no new money in the 13-year deal with the Chicago-based mortgage company, and will only receive the $20.4 million remaining on their deal with U.S. Cellular.
That payout will average out to around $2 million per season for the first 10 years of the deal, with the Illinois Sports Facilities Authority receiving $4.7 million in the final three years of the contract.
The White Sox will receive other monies from Guaranteed Rate through sponsorship deals, according to the team:
"The White Sox said last week that the team also had entered into a sponsorship agreement with Guaranteed Rate, though no financial details were disclosed. Among other things, Guaranteed Rate becomes "the official mortgage and title company of the White Sox.""
The news broke last week that the White Sox had sold the naming rights to their ballpark to Guaranteed Rate, inking a 13-year contract with the mortgage firm. The move predictably brought plenty of backlash, as fans and media alike chided the Sox for partnering with a company with a downward-facing arrow as its logo.
Despite the backlash, the CEO of the company loved the buzz that the decision created.
“It helps build brand awareness for us,” Victor Ciardelli told the Daily Herald. “It’s spectacular. Who would have thought the down arrow would create such a story?”