Officials of the Indianapolis Colts and Indiana Farm Bureau Insurance today announced that they have agreed to a multi-year deal to put the insurer’s name on the team’s 56th Street training complex.
Terms were not released, but the Colts signed a similar deal in 2000 with Union Federal Bank that team sources said at the time was worth $1 million annually. After acquiring Union Federal in 2006, Ohio-based Sky Financial Group Inc. ended the naming rights deal, and the facility reverted to its original name, Indianapolis Colts Training Facility.
The team signed a 20-year, $121.5 million naming right deal with California-based Lucas Oil Products Inc. for its new stadium.
While sports marketers don’t expect the training facility deal to come near the value of the stadium deal, they said it could be worth as much as $1.5 million annually, which would make Indiana Farm Bureau one of the team’s top five sponsors.