NFL American football team Baltimore Ravens has signed a 10-year extension to its stadium naming-rights partnership with commercial banking group M&T Bank, in a deal worth $60m (€43.8m).
The initial partnership was agreed back in 2003 for 15 years, meaning the extension will now see the fresh term run through until 2027.
M&T Bank retains extensive stadium branding and the designation of being the Ravens’ official bank, while it will continue to offer an exclusive Ravens debit card to fans.
Collaborations on local initiatives form a pillar of the partnership, with M&T Bank partnering the Ravens Foundation. The bank is also the naming sponsor of the Touchdown for Teachers and Honor Rows programmes that recognise outstanding work from teachers and volunteers in the local community respectively.
Ravens President, Dick Cass, told the Baltimore Business Journal:
It’s hard to do a naming-rights partnership. It’s a major financial commitment, so you really have to think about that long in advance. To extend it for 10 years just gives us that financial certainty, which is important to us.