Nick-Waters.com » Sports

Lincoln Financial Group up for sale: The potential impact on sports business

nickwaters — Tue, 22 Jun 2010 18:12:04 +0000

As we (hopefully) exit the worst of the recent financial crisis, two of the three entities that have the naming rights to Philadelphia sports venues (Citizens Bank, Wachovia, Lincoln Financial Group) have emerged relatively unscathed. The third, Wachovia, was purchased by Wells Fargo during 2008. Wachovia Center will be undergoing a name change to Wells Fargo Center during this summer, with the changes completed by the beginning of the 76ers and Flyers’ seasons. Now, WSJ reports that LFG could be up for sale. The report speculates that Sun Life is a possible purchaser.

If it purchased LFG, Sun Life, a newcomer to sports sponsorship, would suddenly hold naming rights to two NFL stadiums: Sun Life Stadium, home of the Miami Dolphins, and Lincoln Financial Field, home of the Philadelphia Eagles. One wonders if Sun Life desires such a prominent sports sponsorship portfolio after just entering the field.

With LFG on the market, it looks as if the Philadelphia sports complex, which has not experienced a name change in approximately seven years, could be in for a year of change.

First draft of SportsBiz submission

nickwaters — Mon, 10 May 2010 04:07:47 +0000

Recently, 20 year old Rory McIlroy became the youngest PGA Tour winner since Tiger Woods in 1996 as he won the Quail Hollow Championship in Charlotte, N.C. This came just days after Woods failed to make the cut for only the sixth time in his career. One may think that the tour stop sponsor, Wells Fargo, was thrilled with coverage of the event, which neared that of the four annual major tournaments. The most remarkable story of the tournament, however, might be the company paying $7 million in sponsorship dues yet keeping its sponsorship quiet.

Wells Fargo inherited the sponsorship in its 2008 acquisition of Wachovia Corp, which was based in the Charlotte area. Under the sponsorship deal, Wells Fargo will continue to sponsor the event, which moved to Charlotte in 2003, until 2014.

The bank removed its name from the event in 2009 amid public outcry regarding the suspected use of TARP funds to sponsor a sporting event. The furor first hit California-based Northern Trust, which held extravagant parties in connection to the tournament it sponsored. Similar outcry was voiced at stadium sponsorships including the New York Mets’ Citi Field and the Carolina Panthers’ Bank of America Stadium. Amid this backdrop, Wells Fargo’s decision does not appear to be unreasonable. In a statement, David Carroll, head of Wells Fargo’s Wealth Management, Brokerage, and Retirement Services group, said, “In the current environment, we also believe that promoting this event with our brand could send mixed signals about our priorities to many of our stakeholders. Also, as a result, our company will not host any client entertainment events in connection with the Championship.”

In 2010, Wells Fargo again decided to name the tournament Quail Hollow Championship. This came even after the bank repaid its $25B in TARP funds to the government in December 2009. However, the bank was more aggressive with its sponsorship in 2010. Francie Gottsegen, Wells Fargo senior vice president of sponsorships, speaking to the Charlotte Business Journal, said, “We definitely took a big step back last year. This year, we are much more aggressively leveraging the sponsorship.” Wells Fargo and Wachovia corporate logos were back on-site on ATM machines and corporate hospitality tents. In addition, the bank used all 8 of its contractual TV commercial spots per day, a year after donating four to Teach for America and the United Negro College Fund. Charlotte Business Journal estimated that Wells Fargo hosted 2,000 current and prospective clients, and the bank hosted its traditional post-tournament golf outing on the course.

Similar to the relationship between Wells Fargo and Quail Hollow, Morgan Stanley sponsors the Memorial tournament hosted by Jack Nicklaus. In 2009, Morgan Stanley bowed to public criticism and removed its name from the tournament. In 2010, however, the bank returned its name to the tournament, “the Memorial Tournament presented by Morgan Stanley.” Another example of bank sponsorship of golf amid the TARP program came in October 2009 when Citi signed a deal to sponsor the next 4 President’s Cup events.

In 2010, perhaps a compromise could have been naming the tournament the “Quail Hollow Championship presented by Wells Fargo.” But to continue to pay millions of dollars for little benefit is irresponsible to the bank’s shareholders. The bank must rename the tournament in 2011, especially as it rebrands former Wachovia operations on the East Coast to the Wells Fargo brand. In fact, Quail Hollow Club president Johnnie Harris acknowledged that the club expects the bank to enter into conversations regarding re-naming the tournament this summer.

My photos from the Sixers’ logo announcement

nickwaters — Wed, 24 Jun 2009 16:41:18 +0000

I attended the announcement of the reintroduction of the Sixers’ classic logo on Tuesday. Here are some pictures from the event:

Tiger on 15

nickwaters — Tue, 10 Jul 2007 01:28:08 +0000

Tiger on 15, originally uploaded by NickSixers.

Tiger at Congressional in the practice round for the AT&T National.

Kevin Durant

nickwaters — Sat, 30 Jun 2007 20:30:16 +0000

Kevin Durant, originally uploaded by NickSixers.

What a great shot.

My Noah video

nickwaters — Sat, 30 Jun 2007 20:27:04 +0000

Click here to view the embedded video.

Well, my video blew up yesterday, thanks to The Big Lead.
Watch this fool.

“The 101 Things Every Fan Must Experience Before They Die”

nickwaters — Wed, 27 Jun 2007 06:53:08 +0000

ESPN’s Jim Caple has posted his list of “The 101 Things Every Fan Must Experience Before They Die.”
Here’s how I stand on his list. I have been lucky enough to attend:
#4: The World Series (1993 @ the Vet)
#5: NCAA subregional [he means the 1st and 2nd rounds] (2006 @ Wachovia Center)
#6: Spring training (Phillies at Jack Russell, Royals at Baseball City, Braves at Disney)
#7: NFL conference championship game (2003 @ the Vet, 2004 and 2005 @ LFF)
#9: Wimbledon (1998)
#16: [Baseball] HoF Induction (1991 & 1995)
#23: Football game at Notre Dame (2006)
#28: US Open golf (2007 practice round @ Oakmont)
#30: US Open tennis (1999)
#35: MLB Opening Day (many times)
#43: MLB All-Star Game (1993 @ San Diego, 1996 @ the Vet)
#62: Midnight Madness (2003-2006 @ Gtown)
#64: Camp out for tickets (March 2007)
#88: Monday Night Football (Sept 8, 2003-Eagles vs. Bucs @ LFF)

Caple goes on to list his “10 Events to Avoid.” I have attended 3 of these events:
#1: Super Bowl (XXXIX Jacksonville-Eagles vs. Pats)
#2: NFL exhibition games (many)
#9: Wing Bowl

Attending 14 of his 101 in my 21 years shows how lucky I am. I think that its about 16 events, because he didn’t include the Super Bowl or the Final Four, both of which I’d include in my list.

nickwaters — Wed, 27 Jun 2007 06:22:35 +0000

A great inside account of the Celtics’ draft process from ESPN’s Andy Katz. Katz reports that Green is in the mix to be taken at #5, but Yi was the favorite as of Monday night. Come on Sixers, get Jeff Green.

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Tiger Woods at Oakmont

nickwaters — Sun, 17 Jun 2007 05:27:28 +0000

Picture of the Week: One’s not like the other…

nickwaters — Sat, 09 Jun 2007 05:40:57 +0000

One’s not like the other…, originally uploaded by NickSixers.