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The future home of the NBA’s Golden State Warriors, a proposed waterfront arena in San Francisco’s Mission Bay neighborhood, has a new name: The Chase Center.
J.P. Morgan Chase has officially won the naming rights to the new arena, according to multiple sources, which is tentatively scheduled to open in late 2019. It’s unclear how much J.P. Morgan paid for the distinction, which is a 20-year deal, although a senior company executive tells Re/code it was a “significant amount.” CEO Jamie Dimon plans to unveil the news at a press conference on Thursday alongside other J.P. Morgan executives and Warriors star Steph Curry.
The news was reported earlier by the San Francisco Chronicle, but first identified by the website Domain Name Wire over the weekend. Construction on the arena has not yet started, but as the Chronicle points out, having a sponsor on board this early may help the team get additional financing.
It’s a little surprising that the rights didn’t go to one of Silicon Valley’s tech companies, but rather to a New York bank. Then again, that’s exactly why J.P. Morgan made the deal, according to this senior executive. It’s a chance to get a foothold in the Bay Area and accompanying tech scene.
The Warriors have become Silicon Valley’s de facto team. Warriors games, especially in the playoffs, are go-to social events for venture capitalists and tech entrepreneurs. J.P. Morgan wants to associate itself with the area and its numerous tech startups, and buying up the naming rights to the building all of these power players frequent isn’t a bad idea. Plus, since winning last season’s NBA championship, the Warriors are the “hottest brand in sports,” this executive says.
J.P. Morgan will get a handful of marketing perks with the deal, including its name on the court and signage throughout the arena. It will also sponsor some of the building’s in-stadium clubs and hangouts. It’s the company’s second arena deal like this. It’s also the marquee sponsor of Madison Square Garden in New York City, although it clearly hasn’t changed the name of that landmark.
This article originally appeared on Recode.net.
