Richmond County Bank is able to strike a slightly better deal for the Staten Island ballpark naming rights, according to bank officials.
Richmond County Bank is able to strike a slightly better deal for extending their naming-rights deal for the home of the Staten Island Yankees (short season; NY-Penn League), according to bank officials.
The original naming-rights deal originated in 2000 and was for nine years (expiring in December), priced at $3.6 million. While the terms of the new deal were not released, bank officials said the depressed economy and, presumably, a lack of other bidders for the rights, lowered the price on an extension.
“We were able to negotiate a better deal,” said Michael Manzulli, chairman of the Richmond County Savings Bank divisional board of directors and president and CEO of Richmond County Savings Foundation, told SILive.com . “[The terms] were very favorable because of the economic climate.”
The team's lease with New York City guarantees a payment of $250,000 annually from naming rights.
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