Carrier Dome no more: Syracuse cancels lifetime naming contract | The Boneyard

Carrier Dome no more: Syracuse cancels lifetime naming contract

I thought this was an Onion article when I saw it on Twitter, my goodness what a bad look for the school.. Sad..
 
M.S.G. said:
I thought this was an Onion article when I saw it on Twitter, my goodness what a bad look for the school.. Sad..
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It was an outdated naming contract and they were loosing out on money for years. Carrier knew they were making out like bandits and it caused a rift between Syracuse and carrier. I think Syracuse even removed them from their media guide as a sponsor
 
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methodology said:
It was an outdated naming contract and they were loosing out on money for years. Carrier knew they were making out like bandits and it caused a rift between Syracuse and carrier. I think Syracuse even removed them from their media guide as a sponsor
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Didn't know that, wild!
 
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methodology said:
It was an outdated naming contract and they were loosing out on money for years. Carrier knew they were making out like bandits and it caused a rift between Syracuse and carrier. I think Syracuse even removed them from their media guide as a sponsor
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Carrier paid its money upfront. When you buy “lifetime“ naming rights it doesn’t mean until one party decides it doesn’t like the deal anymore. In my opinion Syracuse unilaterally stopping using the name Carrier Dome as in extortion tool to get Carrier to pony up more money was a really bad look for them.

But I’ll give them this, the name JMA Wireless Dome really rolls right off the tongue. :rolleyes:
 
CL82 said:
Carrier paid its money upfront. When you buy “lifetime“ naming rights it doesn’t mean until one party decides it doesn’t like the deal anymore. In my opinion Syracuse unilaterally stopping using the name Carrier Dome as in extortion tool to get Carrier to pony up more money was a really bad look for them.

But I’ll give them this, the name JMA Wireless Dome really rolls right off the tongue. :rolleyes:
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The original contract was signed in 1979 before college athletics became the business it is today. The terms are severely outdated and has cost the athletic department tens of millions of dollars in revenue. Carrier should have renegotiated in good faith and restructured the deal to be more in line with today since the whole college athletic landscape has changed/evolved dramatically since 1979.

Syracuse was right to fund their own renovations and create a situation to say the new venue is no longer the same building and to get out of the deal they were in.

www.nunesmagician.com

SU still trying to minimize Carrier Dome naming rights (LINKS)

SU’s latest gambit continues an effort to get a more lucrative one (with someone else) in place.
www.nunesmagician.com www.nunesmagician.com

Back when the Dome was built, Carrier (then a local company) provided a $2.75 million gift in exchange for lifetime naming rights — one of the first deals of its kind at the collegiate level. Since then, sports has become much bigger business and rights like that could easily go for somewhere between $3 million and $5 million per year for a program like Syracuse.
 
methodology said:
The original contract was signed in 1979 before college athletics became the business it is today. The terms are severely outdated and has cost the athletic department tens of millions of dollars in revenue. Carrier should have renegotiated in good faith and restructured the deal to be more in line with today since the whole college athletic landscape has changed/evolved dramatically since 1979.

Syracuse was right to fund their own renovations and create a situation to say the new venue is no longer the same building and to get out of the deal they were in.

www.nunesmagician.com

SU still trying to minimize Carrier Dome naming rights (LINKS)

SU’s latest gambit continues an effort to get a more lucrative one (with someone else) in place.
www.nunesmagician.com www.nunesmagician.com

Back when the Dome was built, Carrier (then a local company) provided a $2.75 million gift in exchange for lifetime naming rights — one of the first deals of its kind at the collegiate level. Since then, sports has become much bigger business and rights like that could easily go for somewhere between $3 million and $5 million per year for a program like Syracuse.
Expand ...
Keep in mind that “$2.75 million gift“ was 10% of the original construction costs. It was sizable, back in the day. All that said, when you sell that naming rights for the lifetime of an arena, it means the lifetime of the arena, not some arbitrary shorter. Because you don’t like the deal you made anymore.

Note that Syracuse had to negotiate with carrier to get out of the deal. It wouldn’t surprise me if they ended up paying more to carrier than carrier paid for the rights in the first place.

In the end it comes down to institutional integrity. Syracuse decided it didn’t have any.
 
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methodology said:
It was an outdated naming contract and they were loosing out on money for years. Carrier knew they were making out like bandits and it caused a rift between Syracuse and carrier. I think Syracuse even removed them from their media guide as a sponsor
Expand ...
This post makes me think of the "Jump to Conclusions mat" from Office Space.
 
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methodology said:
The original contract was signed in 1979 before college athletics became the business it is today. The terms are severely outdated and has cost the athletic department tens of millions of dollars in revenue. Carrier should have renegotiated in good faith and restructured the deal to be more in line with today since the whole college athletic landscape has changed/evolved dramatically since 1979.

Syracuse was right to fund their own renovations and create a situation to say the new venue is no longer the same building and to get out of the deal they were in.

www.nunesmagician.com

SU still trying to minimize Carrier Dome naming rights (LINKS)

SU’s latest gambit continues an effort to get a more lucrative one (with someone else) in place.
www.nunesmagician.com www.nunesmagician.com

Back when the Dome was built, Carrier (then a local company) provided a $2.75 million gift in exchange for lifetime naming rights — one of the first deals of its kind at the collegiate level. Since then, sports has become much bigger business and rights like that could easily go for somewhere between $3 million and $5 million per year for a program like Syracuse.
Expand ...
So by this logic, anyone who purchased shares of Amazon in 1997 now owes Bezos a few thousand dollars per share.
 
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methodology said:
The original contract was signed in 1979 before college athletics became the business it is today. The terms are severely outdated and has cost the athletic department tens of millions of dollars in revenue. Carrier should have renegotiated in good faith and restructured the deal to be more in line with today since the whole college athletic landscape has changed/evolved dramatically since 1979.

Syracuse was right to fund their own renovations and create a situation to say the new venue is no longer the same building and to get out of the deal they were in.

www.nunesmagician.com

SU still trying to minimize Carrier Dome naming rights (LINKS)

SU’s latest gambit continues an effort to get a more lucrative one (with someone else) in place.
www.nunesmagician.com www.nunesmagician.com

Back when the Dome was built, Carrier (then a local company) provided a $2.75 million gift in exchange for lifetime naming rights — one of the first deals of its kind at the collegiate level. Since then, sports has become much bigger business and rights like that could easily go for somewhere between $3 million and $5 million per year for a program like Syracuse.
Expand ...
If the Cuse hierarchy decided at that point to enter a lifetime agreement - that sucks for them. It’s an agreement. Who the hell did they hire as a law firm to look over the contract? Probably a relative of the Picker. Carrier has no legal footings to feel compelled to renegotiate in good nature. Typical Cuse. Then again it could happen in Storrs with the UConn BOT that they have had in recent years.
 
ConnHuskBask said:
Almost as bad a signing a coach to a 10M extension and trying to get out of because you don't feel like paying it.
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Thought about correcting the facts on this but then just decided to suggest a moratory of I’m beating this dead horse anymore
 
ConnHuskBask said:
Don't sign a lifetime contract if you're not sure how the landscape will change...in the lifetime of the stadium.

Almost as bad a signing a coach to a 10M extension and trying to get out of because you don't feel like paying it.
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I agree with your premise…just don’t bring your KO baggage to your argument.
 
Fishy said:
Please tell me you’re joking.
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Sort of. He donated $1M, which was needed to help make sure it even happened. So yeah, critical at the time. But you could sell the naming rights for a lot more than that and UConn AD could sure use the money.

Naming Rights Deals

Updated as of 12/2/14: This list only includes facilities owned by the school or a related-entity. It does not include city-owned or professional venues. * Naming...
businessofcollegesports.com businessofcollegesports.com
 
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