Oracle and Giants seal 20-year ballpark naming rights deal
Oracle, the US software giant, has replaced telecoms behemoth AT&T as the naming rights sponsor of the home of Major League Baseball's San Francisco Giants.
Financial terms of the 20-year agreement were not disclosed.
AT&T, initially through its predecessor SBC, has put its name to the Giants' ballpark since 1996 in a deal worth a total of $100 million. AT&T gave up its naming rights a year early, telling the Giants during preliminary negotiations that the team could seek a new sponsor early as it rethinks its own corporate sponsorship strategy.
The Giants said Oracle "immediately stepped up" and the two parties "quickly agreed to terms over the holidays in order to prepare for the 2019 baseball season."
The new deal comes as Oracle loses naming rights to the Golden State Warriors' home stadium in Oakland, as the NBA champions move to the new Chase Center in San Francisco.
Laurence Baer, president and chief executive of the Giants, said: “While there were several national and local companies interested in the opportunity, Oracle - a longstanding partner of the Giants - was a perfect fit because of its deep roots in the Bay Area, its position as a global leader in technology and innovation, and its shared commitment to community values of diversity and inclusion, sustainability, education and philanthropy.”
As well as putting its name to the ballpark, Oracle said it will invest in a number of improvements to Oracle Park over the next five years, including the addition of a new state-of-the-art scoreboard and signage.