GLENDALE – Like a good neighbor, State Farm will be there – for the next 18 years.
In front of a small crowd Tuesday, Arizona Cardinals president Michael Bidwill announced that the insurance giant will be the new sponsor of the stadium the NFL team calls home.
State Farm, the 36th largest company in the United States, will be the second entity to be the sponsor of the stadium. University of Phoenix reached an agreement for the naming rights in 2006, paying $155 million for a 20-year partnership. University of Phoenix last year asked to be allowed out of the agreement, citing declining enrollment and regulatory scrutiny, according to ABC15.
Bidwill declined to say whether or not this new deal was worth more than the University of Phoenix paid in their deal, citing signed confidentiality agreements.
The move comes on the heels of State Farm buying the naming rights to the home of the Atlanta Hawks, the former Phillips Arena. With these two deals in place, State Farm now has its name on stadiums in two of the company’s three hub cities.
Bidwill, sticking to his “community first” philosophy, said the team sought a company that shares those values.
“When we looked for a new naming-rights partner for this stadium, we didn’t do so with anything other in mind than finding a good relationship from the top down,” he said. “As we got to know this company, we realized we had a lot of things in common. These are companies with a focus on community, a focus on doing what’s right, and a focus on trying to really benefit the community with what we have.”
Michael Tipsord, State Farm’s chairman and CEO, echoed those sentiments.
“This is more than just a marketing relationship,” he said. “At the very core, our mission is about helping people. When I look at this opportunity, and when I look at what we can do working together with our organizations, I see enormous opportunity.”
State Farm opened its Tempe hub in 2016, bringing with it jobs.
The team isn’t completely dropping University of Phoenix as a sponsor. The online education giant will remain the team’s official education partner and shift to what Bidwill called a “building partner.”
More like this story
- ‘Deeply problematic’: Cardinals criticized for promoting Bidwill’s support of SCOTUS nominee
- Car rental company sues state over football stadium tax
- NFL calls audible, awards 2023 Super Bowl to Arizona
- Senate votes to make Colt single action revolver the official Arizona state handgun
- Judge nixes tax on rental cars to pay for Cardinals Stadium