The Cleveland Browns and Huntington Bank announce 20-year partnership that includes stadium naming rights

Rhea-AI Summary

The Cleveland Browns and Huntington National Bank have announced a 20-year partnership, including stadium naming rights. The Browns' stadium will now be called "Huntington Bank Field". Huntington Bank will also become the team's official and exclusive banking partner. This partnership aims to strengthen both organizations' commitment to the Cleveland community and broader region.

The first game at Huntington Bank Field will be played on September 8, featuring the Cleveland Browns vs. the Dallas Cowboys. This partnership is expected to spur significant economic growth and development in Northeast Ohio. Both organizations plan to launch new initiatives to strengthen communities across the region.

Positive

• 20-year long-term partnership secured, providing stable revenue for HBAN
• Exclusive banking partnership with Cleveland Browns, potentially increasing customer base
• High-profile national exposure for Huntington Bank brand through NFL audience
• Opportunity for community engagement and strengthening presence in Northeast Ohio

Negative

• Significant financial commitment for naming rights and partnership, potentially impacting short-term profitability

Insights

Financial Analyst

The 20-year naming rights deal between the Cleveland Browns and Huntington Bank is a strategic move for both parties. For Huntington, it's a significant brand investment, potentially boosting national recognition and customer acquisition. The deal's longevity suggests a multi-million dollar commitment, though specific financial terms weren't disclosed.

For the Browns, this partnership secures a long-term revenue stream, enhancing financial stability. It also signals investor confidence in the team's future, whether in the current stadium or a potential new venue. The timing, coinciding with the high-profile season opener, maximizes initial exposure.

While immediate stock impact for Huntington may be , the long-term brand visibility could translate to increased market share and potential revenue growth. Investors should monitor for any disclosure of financial details and track Huntington's performance metrics in the Cleveland region over time.

Market Research Analyst

This partnership exemplifies a growing trend in sports marketing where regional banks leverage local team affiliations to expand their brand presence. The deal's 20-year duration is notably longer than average for NFL stadium naming rights, indicating Huntington's strong commitment and confidence in the ROI.

The timing is strategic, aligning with the high-viewership season opener. This could lead to an immediate boost in Huntington's brand awareness metrics. The partnership's focus on community initiatives also aligns with increasing consumer preference for socially responsible brands.

For investors, this deal positions Huntington to potentially outperform competitors in customer acquisition and loyalty in the Northeast Ohio market. Long-term success will depend on how effectively Huntington leverages this partnership beyond mere stadium naming to drive tangible business growth.

Cleveland Browns Stadium to Become "Huntington Bank Field"

CLEVELAND, Sept. 3, 2024 /PRNewswire/ -- The Cleveland Browns and The Huntington National Bank today announced a 20-year partnership that includes the naming rights to the Browns' stadium, which will now be called "Huntington Bank Field." 

As part of the new partnership, Huntington Bank, a super-regional bank headquartered in Columbus, Ohio, will also become the team's official and exclusive banking partner. The partnership strengthens both organizations' shared vision and long-standing commitment to the Cleveland community and broader region.

"The Cleveland Browns are iconic in American sports and a globally recognized brand," said Steve Steinour, Huntington Bank chairman, president and CEO. "Huntington Bank is thrilled to create this partnership and make this investment in the Cleveland Browns and Northeast Ohio. This is also a pivotal moment for us as it gives us a high-profile platform to elevate our brand nationally."

Like the Browns, Huntington has deep roots in Ohio, where it was founded in 1866. The naming of Huntington Bank Field makes the bank the anchor investor in the existing or new home of the Browns for the next 20 years. Through this partnership, NFL audiences in markets around the country will begin to see the reputation Huntington has built over the last 158 years.

"Whether in the existing stadium or a new one, the Browns' commitment to Northeast Ohio will continue to spur significant economic growth and development for years to come, and we are excited to be a part of that future," Steinour added.

"We are thrilled to reach a long-term partnership agreement with Ohio's own Huntington Bank," said Dee and Jimmy Haslam, Cleveland Browns Managing and Principal Partners. "Huntington Bank has a long-standing reputation of excellence and they continue to grow both regionally and nationally, while keeping their roots here in Ohio. Giving back to the community and a focus on education are two of the many attributes that bond our organizations, and we look forward to working with Huntington to make positive impacts in Northeast Ohio and beyond. We're excited to call the home of the Cleveland Browns Huntington Bank Field."

Ultimately, this partnership will extend beyond the Huntington Bank Field name as the Browns and Huntington intend to launch new and dynamic ways to strengthen communities and neighborhoods across Northeast Ohio.   

The first game at Huntington Bank Field will be played on September 8 as the Cleveland Browns take on the Dallas Cowboys for "America's Game of the Week" on FOX at 4:25 pm ET.

The Cleveland Browns worked with global premium experiences company Legends to secure and negotiate this partnership with Huntington Bank.

For more information, visit HuntingtonBankField.com.

About Huntington Bank

Huntington Bancshares Incorporated (Nasdaq: HBAN) is a $196 billion asset regional bank holding company headquartered in Columbus, Ohio.  Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle‐market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services.  Huntington operates approximately 970 branches in 11 states, with certain businesses operating in extended geographies. 

About The Cleveland Browns

A member of the National Football League's AFC North division, the Cleveland Browns have long been among the most iconic and historic professional football clubs. Bolstered by eight league titles, 13 division championships and 17 Pro Football Hall of Famers, the Browns were established in 1945 as a charter team of the All-America Football Conference (AAFC). The Browns played their inaugural season in 1946 and finished in first place during each of the league's four years of existence (1946-49). Cleveland was one of three AAFC teams selected to merge with the NFL in 1950 and appeared in the league's title game in each of its first seven seasons, claiming three of its four NFL championships overall (1950; 1954-55; 1964) during that stretch. The Browns' 16 Pro Football Hall of Famers, the sixth-most in the NFL, include founder Paul Brown, legends Jim Brown, Otto Graham and Lou Groza, as well as Marion Motley and Bill Willis, two of the first African-Americans who helped break professional sports' race barrier in 1946. After a relocation to Baltimore in 1995, Cleveland was awarded an expansion franchise that returned to play in 1999, retaining all of the club's history and its namesake. In 2012, Dee and Jimmy Haslam, purchased a controlling interest of the Cleveland Browns. Their vision for the Browns is to build a consistently winning football team, to take exceptional care of Browns fans and to be leaders in giving back to the Northeast Ohio community.  The Browns, led by Head Coach Kevin Stefanski and Executive Vice President of Football Operations and General Manager Andrew Berry, play their home games at Huntington Bank Field.

 

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SOURCE Huntington National Bank

FAQ

What is the new name of the Cleveland Browns stadium?

The Cleveland Browns stadium will now be called "Huntington Bank Field" as part of a 20-year partnership with Huntington National Bank.

When will the first game be played at Huntington Bank Field?

The first game at Huntington Bank Field will be played on September 8, 2024, featuring the Cleveland Browns against the Dallas Cowboys.

How long is the partnership between the Cleveland Browns and Huntington Bank (HBAN)?

The partnership between the Cleveland Browns and Huntington Bank (HBAN) is for 20 years, including stadium naming rights and exclusive banking partnership.

What are the potential benefits for Huntington Bank (HBAN) from this partnership?

Benefits for Huntington Bank (HBAN) include national brand exposure through NFL audiences, strengthened presence in Northeast Ohio, and opportunities for community engagement and development initiatives.