January 11th, 2008
Cleveland Indians Formally Announce Naming Rights Sold to Progressive Insurance
The Indians today officially announced that they have sold the naming rights of Jacobs Field to Progressive Insurance.
The deal was reached Thursday and formally announced today. It is a 16-year deal, worth approximately $3.6 million per year. The length of the agreement matches the length of the remainder of the Indians lease with Gateway, a 30-year deal that was signed in 1994.
Jacobs Field opened in 1994 and was named to honor former owners Richard and David Jacobs. Richard Jacobs paid $10 million for the naming rights, which expired in 2006.
The Indians have been trying to sell the naming rights since then, and in 2007 they hired IMG to find a buyer.
Progressive is a Mayfield Village-based company, headed by billionaire/philanthropist Peter Lewis. Lewis is the chairman of the board and the largest individual investor in the company.