Oracle Corp. has bought the naming rights to the San Francisco Giants' stadium for more than $200 million, according to people familiar with the matter — a second deal to boost its brand image by sponsoring a hometown sports facility in the San Francisco Bay Area.
Oracle, the world's second-largest software maker, will own the rights for 20 years on the MLB stadium now known as AT&T Park, said the people, who asked not to be identified discussing the agreement, which hasn't yet been formally announced. It will be renamed Oracle Park with the new deal, according to one of the people.
The pact is the latest in a wave of blockbuster branding deals for professional sports facilities. JPMorgan Chase & Co. agreed to pay $15 million to $20 million annually over 20 years for the rights to the new Chase Center in San Francisco, where the Golden State Warriors will play once it opens for the 2019-20 basketball season. Barclays Plc agreed to pay $400 million over 20 years for the name to the Brooklyn Nets arena in New York City.
Since 2006, Oracle's name has been on the arena across the Bay in Oakland, California, that has been home to the Warriors of the National Basketball Association. That deal expanded the reach of the software maker's brand nationwide as the Stephen Curry-led team won three championships in the past four years. The arena, nicknamed Roaracle because of the loud fans, brought some lightness to Oracle's image, which had been synonymous with databases and corporate applications.
The San Francisco Chronicle earlier reported Oracle's acquisition of the naming rights to the baseball Giants' ballpark. The Chronicle said the name change is effective immediately.