Officials will consider their future options for CenturyLink Center Omaha naming rights, as a firm has been hired to work on a new agreement.
Home to Creighton men’s basketball and used for other events, CenturyLink Center is approaching the expiration of its current naming rights agreement. The agreement with CenturyLink, a 15-year, $14.05-million pact, expires this fall, and Metropolitan Entertainment and Convention Authority (MECA) board members have decided to explore their options for the arena.
In a vote on Wednesday, MECA approved a contract with Professional Sports Partners. While officials are leaving the door open to an extension with CenturyLink, they believe that working with Professional Sports Partners could allow them to consider other options. More from the Omaha World-Herald:
MECA officials hope to receive at least $10 million, according to discussion at the board meeting Wednesday and a summary of the contract with the consultant. The length of the naming rights agreement as well as the price will be up for negotiation, Engdahl said.
Under the consulting contract approved Wednesday, MECA will pay Professional Sports Partners $10,000 a month for at least six months. If the company secures a naming rates agreement, MECA will pay it 3 percent of the gross naming rights deal, plus a bonus of an additional 3 percent of revenue over $10 million.
A summary in board documents uses $12 million as an example. If naming rights bring in $12 million, the bonus would be $420,000.
“We’ve enjoyed a good working relationship with CenturyLink and would welcome the opportunity to continue that partnership,” Roger Dixon, MECA president and CEO, said in a press release. “We also look forward to exploring other possibilities that will help us continue building on the established success of this facility.”
CenturyLink Center originally opened in 2003.