Paycor Stadium named new home of Cincinnati Bengals
CINCINNATI (WXIX) - The home of the Cincinnati Bengals is now Paycor Stadium.
The Bengals and Cincinnati-based Paycor HCM, Inc. announced Tuesday they are expanding their partnership to include stadium naming rights, further strengthening their shared vision and commitment to the Cincinnati community and driving increased national awareness for both organizations.
The Bengals have not released the details of the partnership, but the team would split the revenue with the county.
Northern Kentucky University Professor Dr. Joe Cobbs said the deal allows the Bengals and Hamilton County to finally tap a revenue stream to benefit both sides.
“I think it’s a positive,” Dr. Cobbs said of the deal. “It’s a local company that’s expanding, which is good for Cincinnati and it’s good for the Bengals. And it’s good for Hamilton County taxpayers to get to maximize this revenue stream, and hopefully, help with some of the renovations that are going to be upcoming.”
The Bengals have not disclosed how much Paycor will pay to put its name on the stadium, but the lease the franchise has with Cincinnati does reveal details on how the money will be shared with Hamilton County.
The original lease from May of 1997 says the Bengals will receive the first $16.67 million of the naming rights, then it is a 70-30 split with the county for any dollars that exceed the money.
The value could be impacted by the final sentence in the lease: “with the use of a 6% discount rate.”
Paycor, a human capital management company, is a cornerstone partner of the Bengals and has served as the team’s official and exclusive HR software provider since 2018, according to a news release.
Paycor has been headquartered in Cincinnati for over 30 years and recently celebrated one year as a public company.
The naming rights agreement, in which Paycor was represented by Excel Sports Management’s Brand Marketing division, leverages America’s most popular sport to promote Paycor’s HCM services to a broader audience as the company continues to grow.
“Through a strategic partnership with our hometown team, the Cincinnati Bengals, we are beyond thrilled to introduce Paycor Stadium to the world,” said Raul Villar Jr., Chief Executive Officer of Paycor.
“As Paycor continues to grow and reach customers throughout the U.S., our mission of empowering leaders to build winning teams perfectly aligns with the defending AFC Champions. As longtime fans, this is a big point of employee pride and we are honored to support our local team and build on the legacy of Paul Brown.”
The Bengals are proud of the commitment that this strategic partnership demonstrates to continue competing for championships in Cincinnati.
While their home stadium will take on a new name, the legacy of Paul Brown, one of football’s most influential coaches and founder of the Bengals, will live on forever.
“This is a move that I think my father would have agreed to. He was always for what is best for the football team,” said Bengals President Mike Brown. “This partnership allows the Bengals to continue to compete at the highest level in the NFL and exemplifies our long-term commitment to the community.”
“It was important to find a naming rights partner that strongly aligns with the Bengals brand,” said Bengals Executive Vice President Katie Blackburn. “Paycor is a local company on the rise that shares our commitment to building winning teams. We are proud to support Paycor’s growth and strengthen the Cincinnati business community with this partnership.”
Paycor Stadium branding will begin to be integrated throughout the stadium in the coming months, with the company and the Bengals hosting a ceremony before the season to unveil new branding and celebrate the partnership.
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