JPMorgan Chase & Co. (NYSE:JPM) has been awarded the honor of having it name the new Gold State Warriors arena. This is after winning the naming rights for the proposed arena in San Francisco.
The arena is expected to open officially in 2019 or 2020. J.P. Morgan reportedly received naming rights for 20 years, but it has not been revealed how much the company had to pay for the package. JP Morgan CEO Jamie Dimon is expected to reveal further details about the development together with some of the company’s officials during a press conference.
According to sources, the new 18,000-seat Warriors Arena will now go under the name “Chase Arena” according to an email from the team which did not reveal the financial terms of the deal. According to Forbes, the Warriors team is valued at about $1.9 billion, and Chase is interested in supporting them and sharing in the team’s success.
Chase bank is making its presence in the sports industry felt through numerous sports sponsorships. The company also has dealings with Madison Square Garden which happens to be the home of the Rangers and the Knicks. It also hosts U.S tennis tournaments.
Construction is yet to begin on the new arena, but the San Francisco Chronicle claims that having Chase on board as a sponsor might provide the much needed financial push. Silicon Valley firms were among the major competitors for the naming rights of the Arena, but Chase Bank managed to pull the win.
It has been seen as a strategic move for the company so that it can acquire a solid footing in the Bay Area which happens to be a tech hub. The Warriors games are a huge attraction to tech executives, and Chase may be taking advantage of the situation so that it can get close to influential company officials.