Artist's rendering of Oracle Park facade. (San Francisco Giants)

Artist's rendering of Oracle Park facade. (San Francisco Giants)

San Francisco Giants ballpark to be renamed Oracle Park

The San Francisco Giants are getting ready to take down AT&T Park signage at their China Basin ballpark, and according to reports by the San Francisco Chronicle, they will announce a new name for their home on Thursday: Oracle Park.

The Examiner confirmed the report on Wednesday evening.

The Giants will announce the name change and a 20-year naming rights deal on Thursday in a press conference, according to a Giants official, a deal that reportedly valued between $300-350 million, which would make it one of the richest naming-rights deals in North American professional sports.

In 2013, Dallas-based AT&T reportedly paid $17 million to $19 million per year for the rights to the Dallas Cowboys’ stadium in Arlington, Texas.

Toronto’s Scotiabank Arena owns the richest stadium naming-rights deal in North America, at $639 million over 21 years. New Jersey’s MetLife Stadium’s naming rights deal is estimated between $425 million and $625 million by Sports Business Journal (on a 26-year deal). The Chase Center, set to open next October, has a naming rights deal worth a reported $300 million to $400 million for a deal that covers 24 years. The top MLB deal belongs to New York Mets’ Citi Field, the naming rights of which are worth an estimated $400 million between 2006 and 2028.

The Seattle Mariners, who just sold their park naming rights to T-Mobile, will get at $87.5 million over the next 25 years.

The Giants earned about $100 million over 22 years on the original naming-rights deal with AT&T predecessor Pacific Telesis, beginning in 1996. San Francisco-based “Baby Bell” agreed to pay $50 million over 23 years, including an up-front $23 million payment to help build the stadium.

The park opened in 2000 as Pacific Bell Park, before turning into SBC Park in 2003 (after the Texas-based firm bought Pacific Telesis), and then, in 2006, AT&T Park, when SBC bought AT&T and adopted the company’s more-recognizable name.

The AT&T Park name is bound up in memories for Giants fans, including three World Series titles, the 2008 All-Star game and Barry Bonds’ 756th home run.

AT&T’s naming rights were set to expire after the 2019 season, but according to the report by the Chronicle, the company gave the Giants the option of ending the deal a year early if the team could find a partner. Redwood City-based Oracle, which will see the Golden State Warriors abandon the yet-to-be-renamed Oracle Arena after the current NBA season for San Francisco’s Chase Center, was a clear choice.

Founded in 1977, Oracle is a $40 billion software company that employs 137,000 employees, and is based in the Bay Area. Oracle has sponsored the suite level at the park since 2003, and holds a concert there during its annual OpenWorld conference every fall.MLB

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