SAN FRANCISCO (CBS SF) — The San Francisco Giants have reached a 20-year deal with Oracle for the rights to rename AT&T Park to Oracle Park immediately, officials announced Wednesday.
The purchased rights are effective Thursday, and the Giants have sent out a photo of the impending sign changes, which park staff are already working on. Fans passing by the stadium can expect to see temporary “Oracle Park” signs put up as early as Thursday.
While the deal is stated to be for 20 years, it wasn’t disclosed how much the Redwood City-based tech giant paid for the contract, but SF Gate reported that Giants CEO Larry Baer said it was “very much in line” with deals for other top-tier facilities.
If that’s any indication, the deal for the incoming Chase Center, which will host the Golden State Warriors in 2020, was stated to have cost JP Morgan Chase upwards of $300 million.
Oracle will remove its name from the Oracle Arena in Oakland once the Warriors move into Chase Center.
AT&T gave the Giants the option to end their deal a year early if the team could find another partner.
The Giants’ waterfront arena on 3rd and King Streets is on its fourth name change in 19 years. It was first named Pac Bell Park when it opened in 2000. In 2002, it was renamed to SBC Park before changing again to AT&T Park in 2006.
The team celebrated three championships in the stadium, creating a dynasty at AT&T Park from 2010-2014.
KPIX 5 spoke to fans around San Francisco about the name change.
“I’ve been in the city for about ten years now, so it seems like that’s the Giants’ home and having it renamed… but I’m also a San Jose native, and they’ve changed the name of the Shark Tank multiple times, you get used to it,” said Sean Costella.
“I don’t want to read too much into it, I think primarily it’s a money motivation,” said Louis Madakamutil.
Oracle CEO Mark Hurd said that the software company can help enhance the fan experience and community.
“If that means they’re going to invest more in it, I think that’s great for the fans,” said Paul Coccovillo. “Oracle, with their investment with the arena over in Oakland, has clearly shown a lot of local ties, so I think it’s something fans will be positive with.”
The Giants and Oracle are expected to make an official announcement on Thursday morning.