The Jacksonville Jaguars and EverBank announced that their naming rights deal will be extended 10 years, which means the 'Bank will remain EverBank Field until 2024, according to a report by Gene Frenette of The Florida Times-Union.
The deal, which will be announced at a 3 p.m. news conference, is expected to exceed the average of $3.32 million per year that the Jaguars received when EverBank signed a five-year, $16.6 million contract in 2010 to take over the city-owned stadium name from Alltel. That deal expires at the end of this season.
"It signals a major local company's confidence in the Jaguars and what they're doing," said a source close to the situation.
EverBank and the Jaguars originally reached a name deal for then Jacksonville Municipal Stadium back in July of 2010 for a little over $3 million per year, capping at $3.5 million in the final year of the deal. The two sides have decided to renew the deal for 10 more years at a higher rate, meaning more local revenue for the Jaguars.
The vast majority of EverBank's business is done on-line or over the phone, but the company is based out of Jacksonville.
Entering the final year of the naming rights deal, it makes sense that the two sides would renew the deal before it expired right before the official unveiling of the new scoreboards on Saturday evening at the conclusion of a soccer match.
The deal is expected to be officially announced at a press conference on Friday afternoon.