Oak View Group, the global venue development, advisory and investment firm for the sports and live entertainment industries, announced on Monday an exclusive, multi-year arena naming rights agreement with CFG Bank to rebrand the renovated arena in downtown Baltimore.
Terms of the agreement were not disclosed on Monday. This is the first stadium or arena sponsorship for CFG Bank.
CFG Bank Arena is expected to open in February 2023 and host over 120 major events per year. The announcement comes the day after the 60th anniversary of the original building, October 23, 1962.
In addition to securing naming rights to the arena, the CFG Bank deal includes prominent exterior and interior signage, exclusive benefits for customers, cardholders and CFG Bank team members. , as well as the launch of a new community engagement program.
The largest bank headquartered in Baltimore, CFG Bank is a locally owned and exclusively FDIC-insured bank that provides business, personal and online banking solutions to the business community in Mid-Atlantic, the domestic cannabis industry and the domestic healthcare market. CFG Bank offers its clients niche financing, leveraged loans, as well as equipment financing and leasing. In addition to its head office, CFG Bank has branches in Lutherville and Baltimore and a commercial office in Annapolis.
In partnership with The Baltimore Development Corporation, Fundamental Advisors and Thirty Five Ventures (35V), co-founded by NBA player Kevin Durant and Rich Kleiman and 13-time Grammy Award winner Pharrell Williams, the event included brief remarks from Wiedel, Leiweke, Williams and others, including Baltimore Mayor Brandon Scott, Pro Football Hall of Famer and former Baltimore Ravens linebacker Ray Lewis Jr.
Once fully renovated, the arena is expected to serve as a key anchor for Baltimore’s downtown west side and help spur investment and development in the area. As part of the planned renovations, OVG, Fundamental Advisors and 35V will fully fund the cost of the arena’s total reconstruction through a combination of private debt and equity, the total of which is estimated at $200 million. In return, they will lease the building for the next 30 years through an entity called Baltimore Arena Co.
Arena renovations include removing the permanent stage, adding seats and suites, renovating the concourses, upgrading the concession areas, and changing the look of the building. Additional upgrades to the facility will emphasize sustainability, such as using locally sourced materials, LED lighting, low-flow and waterless fixtures, and more. world-class acoustics to amplify the audio experience; contactless and self-service technologies for food and beverage and merchandise purchases to minimize transaction times; renovations to the back of the room; structural, mechanical, electrical, lighting and fire protection upgrades as well as construction encompassing plumbing, electrical, fire protection, lighting and telecommunications infrastructure updates arena, wireless network and video/network/security systems.
The new arena will allow Baltimore to play more events, resulting in significant economic growth for the city. The delivery of the project will also be a boon for the local economy and should create around 500 jobs during the 12 months of construction.
Located at 201 W. Baltimore St., CFG Bank Arena will host dozens of concerts, family shows, community, corporate and private events and sporting events such as UFC, tennis, boxing, NBA exhibition games, NCAA events, tournaments and more Again. Once completely renovated, the CFG Bank Arena will be able to accommodate 14,000 guests.
The CFG Bank Arena is set to open ahead of the CIAA men’s and women’s basketball tournaments, scheduled for Feb. 20-26. Other previously announced events for CFG Bank Arena include a performance by Bruce Springsteen and The E Street Band on April 7 and the new Blink-182 reuniting on May 26.
CFG Bank was advised on the transaction by Playfly Premier Partnerships.