Pinnacle Bank Get Naming Rights to University of Nebraska’s New Arena
December 8, 2011
University of Nebraska new Basketball arena under construction at Lincoln Haymarket has gained a namings right sponsor in a $11.25 million, 25-year deal.
Mayor Chris Beutler announced at a press conference Tuesday that Nebraska’s Pinnacle Bank has secured the naming rights of the new arena, making Pinnacle Bank Arena the official name of the development.
“This long-term partnership is a positive reflection of Pinnacle Bank, the new arena and the future of our community,” Beutler said.
Pinnacle Bank signed a $11.25 million, 25-year contract for the arena naming rights. This amounts to $450,000 a year. This is one of the highest naming rights in Nebraska, said Dan Marvin, arena project manager.
The bank will have the option to negotiate for renewal after 25 years, Marvin said. The contract Pinnacle Bank signed to get the naming rights will be released to the public and online in the next few days.
Marvin said the agreement with Pinnacle Bank was a negotiation process. The group with the arena identified prospective candidates early in the process, he said. The group then had discussions with those candidates before choosing Pinnacle Bank as the title sponsor.
The city broke ground on the arena in September. Pinnacle Bank Arena is expected to be completed in September 2013.
The 470,400 square-foot arena will cost $179 million to build. Lincoln voters approved the funding of the arena in May 2010.
The University of Nebraska-Lincoln’s basketball teams will play home games there, and the center will seat more than 16,000 people.
The NU Athletic Department will pay $750,000 a year for 30 years beginning in 2013 for use of the arena. This is part of an agreement by UNL and the city that the board and council approved in 2010.
Pinnacle Bank chairman Sid Dinsdale said the company was excited to be become the title sponsor of the arena.
The Dinsdale family started Pinnacle Bank in 1938.
“It’s much more about the appreciation of our company in Lincoln and the state of Nebraska,” Dinsdalesaid.
The family has run the bank for more than 70 years. It is this stability that makes Pinnacle Bank a good company to have the naming rights, Marvin said.
NU Regent Tim Clare said the state has a “local Nebraska leader” in the bank.
“It is only fitting it is named as such,” he said. “I believe Pinnacle Bank Arena will be a spectacle and point of pride for Nebraskans.”
Claire said construction of the arena was ahead of schedule and on budget. The project has provided internships for college students, he added.
“We’re experiencing a lot of momentum and our new partner, Pinnacle Bank, will only boost our momentum,” he said.