Jason Smith is the VP of Corporate Sponsorships & Events at Mountain America Credit Union, a Utah-based credit union that is making big waves in the sponsorship industry. In this week’s edition of “Sponsorship Essentials” he speaks towards his experiences on both the property and corporate sides, the assets that a company should fight for to have a successful sponsorship, and the skills that have gotten him to where he is today.
Thomas Wills is the President and CEO of Bonham/Wills & Associates. By 30, he was heading up one of the bigger players in the sponsorship, valuation, and negotiating world. Today, in part one in our series, "Sponsorship Essentials", he sits down with us and lends us valuable insight into the sponsorship and naming rights industry, (all done in 10 minutes or less).
In our last post, we examined a few instances of brands dealing with the fallout emerging from their sponsored properties falling on the wrong side of law and/or public opinion. This time, let’s take a look at the other side and see what properties do when the brand that’s sponsoring them meets the same fate.
Naming rights occupy the highest point on the sponsorship pyramid and typically carry with them a number of major benefits for all parties included. This is why we will continue to see these investments increase across industry categories, sports and entertainment venues, events and properties around the globe.
Though the origin of naming rights may be debated, certainly a watershed moment in their development was the 1972-73 naming rights agreement between Rich Products, a Buffalo food manufacturer, and Erie County which enabled the former to put its name on a new football stadium in Orchard Park, New York, the home of the National Football League’s Buffalo Bills. The agreement called for Rich Foods to pay $1.5 million over 25 years in exchange for signage at the stadium and a commercial association with the franchise.