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|03-01-2004, 06:28 PM||#1|
Join Date: Dec 29, 2001
Location: New Jersey - the cradle of civilization
Breaking News From Sportspickle.com!
Yankees Purchase Naming Rights to Fenway Park
The New York Yankees escalated a longtime rivalry with the Boston Red Sox on Monday when the team purchased the naming rights to Boston’s Fenway Park. The stadium will now be named The New York Yankees Own Fenway Park.
“Purchasing the naming rights to Fenway Park made good business sense for us,” said George Steinbrenner, president of the Yankees. “This allows us to expand our footprint farther north along the East Coast and provides a rallying point for our many fans in New England.”
The Yankees will pay $5 million per year for the naming rights to Fenway, with the contract automatically renewing each year until the Red Sox win a World Series title, upon which the stadium will revert back to its Boston ownership.
“This deal provides us a fantastic long-term situation in Boston,” said Steinbrenner. “Just think what a bargain $5 million per year will be 75 years from now when the Red Sox still haven’t won the World Series.”
The naming rights deal also allows the Yankees to paint Fenway’s vaunted Green Monster in blue and white pinstripes. “We will enact the pinstripes clause of the deal for the playoffs, but only if the Red Sox can make it,” said Steinbrenner.
Despite outrage from Boston fans, Red Sox management said the deal will help them beat the Yankees over the long run.
“The Yankees can name our stadium, they can buy logo space on our uniforms, I don’t care what they do,” said Red Sox general manager Theo Epstein. “Because that $5 million per year we’re getting for the naming rights is going to allow us to acquire some players that will one day enable us to beat them. It was a no-brainer of a deal for us.”
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