Bloomberg News

FirstEnergy Buys Naming Rights to Cleveland Browns’ NFL Stadium

January 15, 2013

FirstEnergy Corp. (FE:US), an Akron, Ohio- based utility with customers in six states, reached a multiyear agreement to put its name on the Cleveland Browns’ stadium, the first time the National Football League team had a sponsor’s name on its home field.

The agreement comes five months after Jimmy Haslam, bought the National Football League team for more than $1 billion.

“This is a great day for all of us and it builds on the momentum we have experienced as we enter into a new era of Cleveland Browns Football,” Haslam said in a statement.

FirstEnergy has been a corporate partner of the Browns since 1999 and is the current scoreboard sponsor. Financial terms of the agreement weren’t disclosed in a joint statement.

Once approved by the Cleveland City Council, the Browns’ stadium will become the 23rd of the NFL’s 31 venues to have a naming rights deal. The eight remaining NFL teams without naming rights agreements would be the Atlanta Falcons (Georgia Dome), Buffalo Bills (Ralph Wilson Stadium), Chicago Bears (Soldier Field), Cincinnati Bengals (Paul Brown Stadium), Dallas Cowboys (Cowboys Stadium), Green Bay Packers (Lambeau Field), Kansas City Chiefs (Arrowhead Stadium) and San Francisco 49ers (Candlestick Park).

The Browns went 5-11 this season, missing the playoffs for the 10th straight year. Haslam, who is the president of Pilot Travel Centers LLC, the nation’s largest operator of travel centers and truck stops, in August bought controlling interest in the franchise from Randy Lerner.

To contact the reporter on this story: Erik Matuszewski in New York at matuszewski@bloomberg.net

To contact the editor responsible for this story: Michael Sillup at msillup@bloomberg.net


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Companies Mentioned

  • FE
    (FirstEnergy Corp)
    • $40.0 USD
    • 0.26
    • 0.65%
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