Jeter says deal to name stadium loanDepot park helps finances
On the eve of Opening Day, Miguel Rojas stepped up to a dais in the stands behind home plate at the Marlins’ home ballpark and quickly made an apology.
“Sorry I’m late,” the Marlins’ shortstop and de facto captain said late Wednesday morning. “I put Marlins Park in my GPS and it couldn’t find it.”
There’s good reason. Marlins Park is no longer named Marlins Park.
The Marlins formally announced Wednesday morning that loanDepot, a California-based holding company which sells mortgage and nonmortgage-lending products, is the new naming rights partner for the stadium.
The formal name, ready to go when the Marlins open the 2021 season on Thursday against the Tampa Bay Rays: loanDepot park.
(Yes, loanDepot is one word and yes, both the “L” in loanDepot and “P” in park are lowercase.)
loanDepot CEO and founder Anthony Hsieh said discussions with the Marlins began a few months ago, and that the deal came together “rather quickly.” loanDepot is also the presenting sponsor of the American League Championship Series and National League Championship Series, the final playoff round before the World Series.
“Once our team got to know the Marlins organization and once I got to spend some time with Derek Jeter,” Hsieh said, “it was very evident to us that beyond just the partnership and inking of the deal and actually being together with another organization for many, many years, it was the right match for us.”
Financial terms for the multiyear deal were not disclosed, but an MLB source said the deal is short of the reported $10 million annual fee and is more in line with recent MLB naming rights deals.
For perspective, American Family Insurance is paying an estimated $4 million a year for the naming rights to the Milwaukee Brewers’ ballpark under terms of a deal that begins this year, according to VenuesNow, an entertainment and sports publication. That deal was struck in 2019 and begins this season.
The Padres and Pittsburgh Pirates both signed extensions with their naming rights partners this season, with both receiving an undisclosed bump in rights fees from $3 million annually (the Padres’ original deal) and $1.5 million annually (the Pirates’ original deal).The largest Major League Baseball stadium naming rights deal is at Citi Field in New York City. That company pays New York Mets $18.2 million per year, a deal that started in 2006.
Regardless, between the stadium naming rights agreement and the team’s new TV deal, the Marlins have what Marlins CEO Derek Jeter called financial “foundational pillars” in place, although Jeter said there is still work to be done.
“These are big deals and they’re important deals for us,” Jeter said, “but we still have a lot of work to do. We want to continue to make progress on baseball operations. I want to continue to make progress on the business operations side. We still have a lot of unfinished business here.”
Jordan McPherson: 305-376-2129, @J_McPherson1126