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Pepsi is dropping its name from the Indiana State Fairgrounds' Pepsi Coliseum after more than 20 years as the venue’s title sponsor.
State Fair Executive Director Cindy Hoye said Monday that fair officials could not agree on a new naming rights contract with PepsiCo Inc.
The company has been paying the fair $170,000 a year to have its name atop the Coliseum. The fair wanted to up the terms to $500,000 a year. Hoye said that amount is more on par with other deals at similar sized venues.
The news comes as the fair begins a renovation of the coliseum in the wake of last year's deadly stage collapse. The updated venue is expected to play host to concerts by 2014.
Hoye said money from a new naming rights contract should help pay for the $53 million renovation.
The coliseum was built in 1939 and took the Pepsi name in 1991. It was formerly known as the Indiana State Fairgrounds Coliseum.
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