The new deal allows
Mercedes-Benz USA to hold naming rights honors for the next 10 years.
Financial terms were not disclosed per a request from the automaker to
not have the price released to the public. The venture is the first in
the United States for Mercedes-Benz, although the dealer owns naming
rights to arenas in Shanghai and Stuttgart, Germany. It is also the
first naming rights deal for the venue.
The deal is also a
winner for taxpayers, who no longer will be making a state payment to
the team. Because of the addition of the naming-rights deal to other
stadium revenues from new seats, luxury boxes and expanded concession
stands and clubs, a state payment that last year totaled $13.8 million
will be eliminated.
The Superdome was thrust into the
limelight in 2005 during Hurricane Katrina. The venue was heavily
damaged during the hurricane but after an aggressive rebuilding opened
for a Monday Night Football game against Atlanta in 2006. In fact,
Ernst Lieb, chief executive of Mercedes-Benz USA, called the city and
team’s successful rebuilding following the hurricane a major factor in
finalizing the deal.
The Mercedes-Benz Superdome is
hosting a number of major events in the upcoming months. In addition to
New Orleans Saints football, the venue will host the Sugar Bowl and the
BCS college football championship in January followed by the NCAA
men’s Final Four basketball tournament in April and the Super Bowl in
2013.