The largest bank based in Tennessee will put its name on a stadium being built by the Nashville Sounds. The minor league team’s new home will be called First Tennessee Park.
First Tennessee has paid an undisclosed sum for the 10-year naming deal, but most arrangements are in the low six figures per year. AutoZone, for instance, pays $172,000 annually to put its name on the downtown park of the Memphis Redbirds.
Carol Yochem, First Tennessee president for the Middle Tennessee region, says the naming rights are a symbol of commitment to the city.
“We aim to be Nashville’s bank for the long term,” she said Tuesday.
Reportedly, several companies were in the running for naming rights, which are an important revenue source for minor league teams. Most don’t get much money from broadcast licensing or merchandise.
First Tennessee isn’t a huge surprise, though. The bank attached its name to another Sounds ballpark proposal that fell through.