SACRAMENTO, Calif.—The credit union that became the first CU to buy naming rights to a major professional sports team’s arena says it is already seeing results from the move.
“We are beginning to see even more growth in Golden 1’s awareness in the marketplace,” said Donna Bland, CEO of Golden 1 CU.
As CUToday.info previously reported, the $9.8-billion CU has secured naming rights to the $477-million arena being built here that is to be home to the NBA’s Sacramento Kings.
The Kings, who just began their 2015 season, are scheduled to play in the new arena when the 2016 season begins next October.
While Golden 1 has not disclosed how much it paid for the deal, reports indicate the price tag is $120 million over 20 years, making it about the biggest sports team sponsorship involving a credit union.
“While there are many (credit union) naming rights partnerships, there isn’t one of equal comparison,” said Bland.
First CU Major Sports Sponsorship
Bland said it is the first time a credit union has joined with a major league professional sports team for a naming rights partnership, and that the benefits are long term.
“This investment represents the next chapter in Golden 1’s story of commitment to Sacramento and the community,” Bland said. “Our investment in Golden 1 Center is the largest community giveback we’ve ever been a part of. Golden 1 Center and the ancillary development are the foundation upon which Sacramento’s long-term economic future will be built.”
When the Kings and city leaders secured funding to build a new sports and entertainment complex to re-energize the city’s downtown and keep the Kings in Sacramento, Bland said the credit union wanted to partner with a local organization that shared its vision and values, and had a “rich heritage” and strong future.
“When we carefully evaluated the opportunity, we knew this was a solid investment for our members, because Golden 1 Center isn’t just a new sports complex, it will become the centerpiece of a revitalized capital region, and a dynamic force for growth and economic development,” Bland said. “This project will create thousands of permanent jobs and establish a new economic engine to help power the Sacramento region’s new economy.”
Bland said members are supporting the credit union’s move.
“Since the naming rights announcement in June, we’ve received an overwhelmingly positive response from members, employees, and the community,” she said.
Investment In City
Bland described the sponsorship as an investment in the city that is critical to the CU’s future and well-being of its members.
“We believe the investment in Golden 1 Center will help the organization grow stronger and be in a better position to provide more financial services and solutions to members, in Sacramento and throughout California.”
Bland believes the very visible credit union naming rights will benefit more than just Golden 1.
“While this partnership will help elevate the Golden 1 brand, we believe it is a win for all credit unions because the name recognition gained will help educate consumers across the country about the credit union difference,” she said.
Bland added that Golden 1 next year will announce additional aspects of the sponsorship.
“Golden 1 and the Sacramento Kings share a common vision for the future of Sacramento, and this partnership will leverage our respective strengths to help make Sacramento the next ‘Great American City,’” said Bland. “The partnership includes a commitment to a series of community initiatives, which will be announced in 2016.”