JPMorgan joins Messi frenzy with Inter Miami stadium deal
The deal marks JPMorgan's first naming venture in professional soccer
JPMorgan Chase & Co. is the latest company looking to cash in on Lionel Messi.
The biggest US bank signed a two-year deal for the naming rights of Messi's Inter Miami CF home venue in Fort Lauderdale, Florida. Terms of the deal weren't disclosed. JPMorgan is replacing AutoNation Inc., a car retailer that was the original sponsor of DRV PNK Stadium (pronounced "Drive Pink" ).
The transaction marks JPMorgan's first naming venture in professional soccer, according to a statement Tuesday. It adds to a series of high-profile relationships the bank has across the sports industry, including the Chase Center basketball arena in San Francisco and a partnerhsip with NBA's Atlanta Hawks.
JPMorgan has nearly 3,000 employees in South Florida and more than 14,000 Florida-wide.
But Chase Stadium in Fort Lauderdale is set to be only temporary. Inter Miami is expected to move out of the 21,550-seat venue - sometimes shared with the Florida High School Athletic Association for state championships - by 2025, the last year of Messi's contract.
Inter Miami's owners, which include retired soccer star David Beckham and billionaire Jorge Mas, are privately funding the Miami Freedom Park complex, a 131-acre development being built in city-owned land. It will include a 25,000-seat stadium, public parks and offices. The project has yet to announce naming partners.
The stadium deal is also the latest in a string of transactions spurred by Messi, the Argentine superstar who joined Inter Miami last year. The eight-time Ballon d'Or winner as the world's greatest soccer player has led to soaring ticket sales and media deals, with Royal Caribbean Cruises Ltd. replacing crypto investment firm XBTO as the main sponsor on Inter Miami jerseys.
So far, Messi has starred in Super Bowl ads, a documentary and even has his own line of chicken sandwiches.