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By now, you’ve heard some variation of this joke: (knock on the door) Miami Dolphins’ owner Stephen Ross: “Who is it?”
Voice behind door: “Candygram.”
Ross: “Candygram? Hmm...M&M Stadium, Reese’s Field…no, I don’t believe you.”
Voice: “Avon lady.”
Ross: “Avon could sponsor our Women 101 program, but I need a naming-rights sponsor.”
Voice: “Landshark.”
Ross: “LandShark? Really! Fantastic! Come right on in….” - A 1-year “naming-rights” agreement? I cannot seem to come to grips with the ramifications in any coherent order, as Ross’ publicity stunt (and let’s be honest, that’s all this is) just annihilated the Old World Order of sports business:
The Dolphins (and by guilt through association, the Marlins) have effectively diminished their major league brand to the level of a way-below-the-line beer brand approximately 98% of the country never heard of.* (*An educated guess.)
Most sports sponsors want to ASCEND UP to their sponsored team’s brand affinity level. Ever since Enron dragged the Houston Astros with them to the embarrassing Court of Public Opinion, teams had been cognizant of what companies they associated themselves with, especially with regards to the most recognizable sponsor, the naming-rights holder.
I guess the Dolphins are trading in years of building one of the most revered and successful sports brands (something about a perfect season comes to mind) to keeping company with an obscure beer brand closely associated with…
- …Jimmy Buffett? If the Dolphins want Parrot Heads to really make a presence at Dolphins’ game this season, the security staff better get used to 55-year-old men sneaking weed in their beer box hats.
- This deal expires before the Super Bowl and Pro Bowl next February? Does Ross really think a company will spend millions for the sports Monopoly equivalent of Baltic Avenue?
- Have sports sponsors totally and completely freaked out in this recession? Is every potential naming-rights holder staying current with Citi Field’s in-progress case study?
Or is this the first, real example that the Busch Corollary is true? LandShark Stadium will be the sixth…6th!...name attached to this particular building. The naming-rights value of this particular building has plummeted from Pro Player’s 10-year, $2 million per year deal to an 8-month, 2-concert partnership with Buffett and one of A-B InBev’s craft brands. And the most amazing part of this whole agreement? It’s pure marketing genius, even if it destroys sports business as we know it today. - Ross gets a tremendous amount of free publicity now and every time a baseball or football announcer makes a “Candygram” joke the next eight months.
- He spares a long-term partner from having to face the negative backlash sports sponsors are feeling now by the public and members of Congress. If the economy approves by January 2010, the need to justify a major advertising play should be diminishing.
- He proves he is a creative deal-maker. The facility has not had a paying “namelord” since 1999, so anything is better than nothing at this point. And he can now point to this deal to prospective future rights holders and say “We will create an innovative package that will be far, far, far more than just a name on the building.”
- Every college and pro football game this fall will reference LandShark Stadium as the home of the 2010 Orange Bowl, Super Bowl XLIV and the 2010 Pro Bowl. Conversely, this is a missed opportunity for any long-term partner.
I could argue with myself for hours, trying to sort this crazy idea out. But one thing is certain: Sports business just jumped the shark, and there’s no going back now.
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