Sears is keeping its name on the Sears Centre Arena, as the company has opted to renew its naming rights deal.
Located in Hoffman Estates, IL, the arena has been branded by Sears since its opening in 2006. Under the terms of this renewal, Sears will pay $1.8 million to retain the venue’s naming rights through August 31, 2019.
Hoffman Estates officials had been working since last year to renew the agreement with Sears, as the naming rights were to be available this summer. Had the agreement lapsed, competitors might have lined up to strike a deal with Hoffman Estates before the fall, when the upstart Windy City Bulls will move into the arena and play their first season in the NBA Developmental League.
With this new agreement finalized, both sides sound satisfied with the terms. More from the Daily Herald:
Hoffman Estates village board members Monday unanimously approved a $1.8 million agreement re-awarding the naming rights of the decade-old facility to Sears Holdings Corp., which has been headquartered in the village since 1992.
Ben Gibbs, general manager of the Sears Centre, said continuity is especially important at this critical phase of the arena’s history. But as the NBA’s D League is itself in growth mode and will possibly take on TV deals in the future, the arena’s naming rights may become even more valuable in the future.
Under the new agreement, the village will resume discussions with Sears Holdings in 18 months about extending the naming rights further.
“I think it really is a great contract,” said Hoffman Estates Trustee Gary Pilafas, who chairs the village’s finance committee. “Hats off to everyone for that. I think the future is very bright at the arena.”
Should Sears and Hoffman Estates opt to carry the naming rights deal beyond 2019, it would continue a busy period for the suburban Chicago venue. While the Bulls are to move in this fall, the arena is already home to the Major Arena Soccer League’s Chicago Mustangs, and Global Spectrum signed a five-year management contract extension back in 2014.