Ford Buys Right to Name Stadium for $40 Million

10/15/96

Reuters has reported that Ford announced on Friday that it has bought the right to put its name on downtown Detroit's new domed stadium for $40 Million. Ford said the agreement makes the fee payable over several years and includes other marketing rights.

The 70,000-seat stadium will be the Detroit Lions' home field and will also be used for other athletic and entertainment events and conventions. Ford Chairman Alex Trotman said, "The value of having your company's name associated with a high-profile athletic facility is extraordinary."

Construction of the new stadium cannot begin until voters approve a tax on hotels and rental cars in Wayne County, where the stadium will be located--the vote is November 5. The Lions also face a November 1 deadline to gain $50 million worth of commitments in corporate and private contributions, in order to get the tax on the ballot. Ford said the city of Detroit had assured it that the remaining corporate investments will be received.

Paul Dever -- The Auto Channel