Rabobank Arena in Bakersfield, Calif., keeps its name for another decade.
The naming rights sponsorship for AEG-managed Rabobank Arena, Theater and Convention Center in Bakersfield, Calif., has been renewed between the City of Bakersfield and Rabobank N.A. The 10-year renewal is worth $3.5 million, $1 million more than the current contract, to be paid out in annual increments of $350,000.
“We’ve built an excellent working relationship with Rabobank over the past 10 years,” said Rabobank Arena General Manager Jon Dorman. “Our relationship has helped contribute to Rabobank’s growth in California and Rabobank has helped our facility and the City of Bakersfield with both the infusion of cash and with cross promotion of AEG events. It’s been a good, solid relationship that has only grown stronger with time.”
The original sponsorship agreement was signed on Feb.1, 2005, and negotiations for the new deal began about seven months ago. Besides the additional revenue and a few more signage opportunities, the terms of the new contract remain very much the same but with a new focus.
“Our partnership over the first 10 years focused on building the Rabobank brand,” said Dorman. “Our next 10 years will focus on programs that will bring our guests at the facility together with Rabobank to build businesses, retirements, college funds and other long-term planning.”
Beyond the expected increase in value for naming rights from a decade ago, Chris Huot, assistant to the city manager, Bakersfield, believes the AEG management of the venues, which started over a year ago, played into the increased value. AEG was a prominent player in negotiating the deal with Rabobank before the current contract’s expiration on Feb.1, 2015.
“I think together they recognize that the city and AEG are certainly trying to bring additional entertainment options to the city through the venues,” said Huot, “and this certainly is their recognition of that.”
Rabobank’s community involvement goes further than the name of the arena, theater and convention center. Just this year, their Bakersfield offices helped raise thousands of dollars for the annual American Cancer Society’s Relay for Life, and they regularly help in schools and work with local charity organizations in different ways.
“They’re very much involved in the community in different events around town and around the city, and I think this is kind of the cherry on top,” said Huot. “They do a lot in the community, and we’re just happy to have them back on board for another 10 years and are appreciative of their commitment.”
Rabobank is mostly incorporated into the facility through signage and has a strong presence on the arena’s website and digital platforms, including a newly installed Daktronics LED marquee. Dorman says they look to further the integration at the arena using new approaches.
“AEG has taken on the challenge of taking a naming partnership to a new level of sophistication,” said Dorman. “We will activate this through a creative approach to social media along with experimental marketing that will benefit our guests at the facility along with the Rabobank vision.”
The soon-to-be 20-year partnership reflects both entities’ visions for the importance of people, said Dorman, and the work that both companies do to pursue the growth of their employees and the people they serve.
“We’re very pleased and look forward to continuing our partnership with Rabobank for the next 10 years,” said Huot, “and look forward to all the great things that are ahead for our facilities.”
Interviewed for this article: Chris Huot, (661) 326-3751; Jon Dorman, (661) 852-7305