Though the financial terms of the 20-year deal were not disclosed, Bloomberg reported it cost Oracle more than $200 million. This comes just as the company is losing the naming rights to the Golden State Warriors' home stadium in Oakland as they move to the new Chase Center in San Francisco. Chase agreed to pay an annual sum of $15 million to $20 million for naming rights to the stadium over the next 20 years, Sports Business Daily reported.
The Giants received $100 million over 23 years in the deal they signed with AT&T in 2006, according to The San Francisco Chronicle. AT&T gave up its naming rights a year early, telling the Giants during preliminary renegotiation that the team could seek a new sponsor early as it rethinks its own corporate sponsorship strategy, according to a Giants press release announcing the news.
Oracle "immediately stepped up" to the opportunity to have its name plastered on the stadium, according to the press release. Oracle's deal is effective immediately and the San Francisco Chronicle reported that temporary Oracle Park banners will don the stadium while the AT&T signs are being removed.
The new sponsor will bring a tech upgrade to the stadium, according to the announcement. Oracle will help bring a new scoreboard and signs to the park and also "utilize emerging technologies to create unique experiences for fans," the release said.