5.6 C

Jamie Dimon is getting into the Lionel Messi business as JPMorgan signs blockbuster naming rights deal with David Beckham-backed Inter Miami Football Club



JPMorgan Chase & Co. is the latest company looking to cash in on Lionel Messi. 

The biggest US bank signed a two-year deal for the naming rights of Messi’s Inter Miami CF home venue in Fort Lauderdale, Florida. Terms of the deal weren’t disclosed. JPMorgan is replacing AutoNation Inc., a car retailer that was the original sponsor of DRV PNK Stadium (pronounced “Drive Pink”).

The transaction marks JPMorgan’s first naming venture in professional soccer, according to a statement Tuesday. It adds to a series of high-profile relationships the bank has across the sports industry, including the Chase Center basketball arena in San Francisco and a partnerhsip with NBA’s Atlanta Hawks.

JPMorgan has nearly 3,000 employees in South Florida and more than 14,000 Florida-wide. 

But Chase Stadium in Fort Lauderdale is set to be only temporary. Inter Miami is expected to move out of the 21,550-seat venue — sometimes shared with the Florida High School Athletic Association for state championships — by 2025, the last year of Messi’s contract. 

Inter Miami’s owners, which include retired soccer star David Beckham and billionaire Jorge Mas, are privately funding the Miami Freedom Park complex, a 131-acre development being built in city-owned land. It will include a 25,000-seat stadium, public parks and offices. The project has yet to announce naming partners.

The stadium deal is also the latest in a string of transactions spurred by Messi, the Argentine superstar who joined Inter Miami last year. The eight-time Ballon d’Or winner as the world’s greatest soccer player has led to soaring ticket sales and media deals, with Royal Caribbean Cruises Ltd. replacing crypto investment firm XBTO as the main sponsor on Inter Miami jerseys.

Read more: Messi’s New Miami Soccer Jersey Has Cruises Replacing Crypto

So far, Messi has starred in Super Bowl ads, a documentary and even has his own line of chicken sandwiches

Subscribe to the CEO Daily newsletter to get the CEO perspective on the biggest headlines in business. Sign up for free.

Source link

Subscribe to our magazine

━ more like this

NASA confirms 4-inch piece of space junk from International Space Station crashed into Florida man’s home

NASA confirmed Monday that a mystery object that crashed through the roof of a Florida home last month was a chunk of space junk from...

Trump’s social media stock has now fallen from $80 peak to $26.61 per share as it loses two-thirds of value

The stock price for Donald Trump’s social media company slid again Monday, pushing it more than 66% below its peak set late last...

American Airlines’ pilots union notes mounting safety issues—tools left in wheel wells, items abandoned near parked planes

The pilots union at American Airlines says there has been “a significant spike” in safety issues at the airline, including fewer routine aircraft...

MGM Resorts sues to halt probe that began after massive hack prompted a hotel clerk to ask the FTC chair for her credit card...

MGM Resorts International sued the Federal Trade Commission to stop an investigation into how it dealt with a cybersecurity attack last year.  The company...

Jamie Dimon cashes out more JPMorgan stock, bringing his total share sales this year to $183 million

JPMorgan Chase Chairman and CEO Jamie Dimon on Monday sold $32.8 million in the bank’s stock, bringing the total proceeds from shaving off...