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Jaguars, EverBank to announce 10-year extension for stadium naming rights on Friday

Posted: July 24, 2014 - 6:21pm  |  Updated: July 25, 2014 - 2:09pm
EverBank Field signage is being placed on and around the stadium Wednesday, September 08, 2010, in Jacksonville, FL. The current east and west side signage is temporary. The permanent backlit signage should be in place by the Monday night game against the Tennessee Titans on October 18. The team plans to announce a 10-year-extension Friday.  Bruce.Lipsky@jacksonville.com
Bruce.Lipsky@jacksonville.com
EverBank Field signage is being placed on and around the stadium Wednesday, September 08, 2010, in Jacksonville, FL. The current east and west side signage is temporary. The permanent backlit signage should be in place by the Monday night game against the Tennessee Titans on October 18. The team plans to announce a 10-year-extension Friday.

Jacksonville-based financial services company EverBank will announce Friday that it has signed a 10-year extension to retain the stadium naming rights with the Jaguars through the 2024 season, multiple sources have told the Times-Union.

The deal, which will be announced at a 3 p.m. news conference, is expected to exceed the average of $3.32 million per year that the Jaguars received when EverBank signed a five-year, $16.6 million contract in 2010 to take over the city-owned stadium name from Alltel. That deal expires at the end of this season.

“It signals a major local company’s confidence in the Jaguars and what they’re doing,” said a source close to the situation.

The Jaguars and EverBank have been working on an extension for about a year. The likely increased payout in the new agreement will reflect the $63 million upgrades in amenities of new videoboards, cabanas and swimming pools paid for by the city of Jacksonville and Jaguars owner Shad Khan.

Related: Jaguars owner Shad Khan says stadium improvements 'better than I envisioned'

Related: Converting Baseball Grounds to Armada soccer home may cost Jacksonville up to $1 million next year

Under terms of the previous agreement, the City Council agreed by a 14-3 vote to forgo its 25 percent share of the EverBank money ($4 million-plus dollars) and give the entire amount to the Jaguars. The Jaguars will be allowed to keep 75 percent of the money under the new contract, and anything above that must be negotiated again with the Council, a source said.

The three councilmen who voted against the Jaguars keeping 100 percent of the EverBank money in the first contract were Ronnie Fussell, John Crescimbeni and Clay Yarborough, now president of the Council. Fussell is no longer a Council member.

EverBank’s new agreement and the revenue streams it produces also bodes well for the future stability of other events at the stadium, including the Georgia-Florida game and the TaxSlayer Bowl.

 

Gene.frenette@jacksonville.com: (904) 359-4540

Comments (5)

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Davethecaveman
15236
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Davethecaveman 07/25/14 - 06:55 am
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You people are CORN FUSED.

You people are CORN FUSED. The city of Jacksonville and the Jacksonville Jaguars are one in the same.
,!!!!!! WE ARE JAGUARS !!!!!!

Gordon
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Gordon 07/25/14 - 05:56 am
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Premium Member
Yeah, like BILLIONAIRE Shad

Yeah, like BILLIONAIRE Shad Khan really needs the measly few million that Jacksonville should contractually get for the naming rights.

acluatty
142
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acluatty 07/24/14 - 10:35 pm
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Premium Member
Nice. Give all the cash to

Nice. Give all the cash to the Jags. I'm a season ticket holder but live in St. Johns. I think we should put a roof on the hood while we are upgrading the video boards. Let DUVAL pay. Cha-Ching!!

Mockingjay
1711
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Mockingjay 07/24/14 - 09:25 pm
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Premium Member
Most of us remember that vote

Most of us remember that vote very well!

and how much we continue to give and give and give

Hoosier1945
971
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Hoosier1945 07/24/14 - 09:04 pm
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Premium Member
Hopefully, this time the city

Hopefully, this time the city council will not give away the store as they did the last time.

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