Previous reports suggested the food company would not renew beyond the current season.
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- Steeler’s home ground to keep the current name for the next season
- The original 20-year contract, signed in 2001, is said to be worth $ 57 million
The Pittsburgh Steelers have extended their contract for naming rights to the stadium with Kraft Heinz for another year.
The American food company’s existing contract expires at the end of the current National Football League (NFL) season. However, the short-term agreement ensures that the 68,400-seat venue will continue to be known as Heinz Field during the 2021 season.
Sports Business Journal (SBJ) reported in 2019 that Heinz is unlikely to renew his contract, largely because the company moved from Pittsburgh to Chicago after merging with Kraft Foods Group in 2015.
The financial terms of the extension were not made public. The couple’s original deal, which has been signed since the stadium opened in 2001, was valued at $ 57 million over 20 years, or $ 2.85 million a year.
Naming rights to NFL stadiums have grown significantly more expensive since the expiring contract was agreed. The 2019 SBJ report found that renewal negotiations at this point showed a “wide” gap between the two parties’ assessments, with the Steelers reportedly aiming for a contract worth $ 10 million a year or more .
Miguel Patricio, CEO of Kraft Heinz, commented on the short-term extension in a statement: “Kraft Heinz is pleased to extend our naming rights agreement with the Pittsburgh Steelers for another year. Over the years that partnership has been a win-win for the Steelers – one of the most famous and beloved teams in the NFL – and for Kraft Heinz.
“Both the Steelers brand and the Heinz brand are synonymous with Pittsburgh – the city where HJ Heinz was born and which is now launching a global brand. We wish the Steelers the best of luck in the upcoming playoffs and look forward to our continued relationship. “
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