January 11th, 2008

Cleveland Indians Formally Announce Naming Rights Sold to Progressive Insurance

Cleveland Plain-Dealer

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. 

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