Photos
Earlier this week, First Federal of Lakewood agreed to buy the naming rights at Lakewood Stadium for the next 10 years, in a contract worth about $320,000.
And on Friday night, at halftime of the boys basketball game at Lakewood High School, the local bank made it official.
With representatives from both the bank and the school district on hand, First Federal of Lakewood officials presented a huge check to the district — for $320,000.
The plan calls for First Federal’s name and logo in both end zones, the front and back sides of the scoreboard, concession stands, press box, the side wall facing Bunts Avenue and at the entrances.
First Federal will pay for the signs and the money paid to the district will be deposited into a capital improvement account dedicated to stadium maintenance and upgrades.
It’s a good deal for the cash-strapped school district, coping with sweeping state cuts and declining property values, officials said Monday.
“First Federal Lakewood is a well-established, longtime civic supporter of many organizations and events in Lakewood and we are thrilled that they have now put their support behind Lakewood City Schools in a major way,” said superintendent Jeff Patterson in a news release.
In This article
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First Federal Lakewood
14806 Detroit Ave, Lakewood, OH -
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Lakewood High School
14100 Franklin Blvd, Lakewood, OH
Janice Snyder
8:37 am on Saturday, December 8, 2012
I am impressed with First Federal of Lakewood's commitment to our students. Community schools SHOULD have strong community partners. Thank you!
Dennis Spirgen
11:37 am on Saturday, December 8, 2012
While I have no doubt that First Federal is a good corporate citizen, don't lose sight of the fact that this is primarily about advertising. The photo op shows First Federal presenting a "huge check" to the District, but the District had better not try to cash it. The money will actually be paid to the District over ten years (Crain's Cleveland Business, 12-8-12). Shame on Patch for not pointing this out. The photo op intentionally created the false impression that the District was getting the money up front to better generate a little free publicity. Like I said, it's about the advertising.
1
12:12 pm on Saturday, December 8, 2012
I think it is fair that the bank get some advertising in return, you know it's a real world out there.....nothing is free.
Plus the first sentence states this is over a ten year period - reread:
"Earlier this week, First Federal of Lakewood agreed to buy the naming rights at Lakewood Stadium for the next 10 years, in a contract worth about $320,000."
Colin McEwen
1:12 pm on Saturday, December 8, 2012
Thanks, Dennis. The story we ran earlier in the week, points that out very clearly. I included that link in the first paragraph for those who may have missed the story.
will
1:12 pm on Saturday, December 8, 2012
Who knows for sure if the deal is per year or not. Some naming rights are paid up front with a contract stating that it is for 10 years. Some get half up front, and others get the money broken down over the life of the contract. The details were not made public as of this time so anything else is pure speculation.
Of course it is about advertising that is why ANY COMPANY buys naming rights. That's why we have PROGRESSIVE FIELD, or QUICKEN LOANS ARENA... selling naming rights helps generate some revenue for the arena or team.
It does not really matter if Lakewood is getting 320,000 up front or 32,000 per year. The point is that it was a smart move to bring another revenue source into the school for the athletic or other departments (depending on how they want to allocate it). That kind of money can go a long way to help ensure that programs at Lakewood High can continue, especially in this day and age of budget cuts galore.... especially to schools.