Jacksonville, FL - EverBank has reached an agreement with the Jaguars and the Mayor’s Office to extend their naming rights on the stadium for another ten years.
“EverBank Field is the home of the Jacksonville Jaguars,” says Jags owner Shad Khan.
The current agreement with EverBank is entering its fifth and final season. The proposed new agreement would extend the naming rights through the 2024 season.
Full details about the financial terms of the agreement have not yet been released, but we are getting pieces of information. EverBank says the life of the agreement is worth $43 million.
Council President Clay Yarborough says the Council has not yet received a copy of the bill dealing with the contract, so it is not immediately confirmed whether the City would be re-included in the profit coming from the naming rights. Under the current agreement, the Council waived its 25% of the revenue it’s entitled to under the lease agreement with the Jaguars. Jaguars President Mark Lamping indicated, however, that the waiver would be requested again.
“We’re asking for it consistent with what we’ve been talking about- to deliver a stable, consistently competitive franchise,” says Lamping.
Jacksonville Mayor Alvin Brown says he supports the waiver. He referenced a provision of the agreement which would allow the City to apply for money each year, however further details about that agreement are not yet available.
Lamping says the agreement is generally a continuance of the current deal, but there is new incentive to strengthen the arena’s ties to Florida/Georgia and the TaxSlayer Bowl (formerly the Gator Bowl), as well as continue to bring in new events.
Lamping says they hope the naming rights agreement will be introduced to Jacksonville’s City Council on August 12. The agreement does require City Council approval.