CORPUS CHRISTI, Tx — In a news release by the City of Corpus Christi, American Bank said they have opted not to stay on as the naming rights sponsor of the current American Bank Center. They have decided to look for new ways to connect with clients and the people of Corpus Christi.
“Our managing partner for the American Bank Center which is OVG/360 did share with us this information that Thomas J Henry and others are interested in the naming rights for the American Bank Center," Corpus Christi City Manager Peter Zanoni said in an April 17 interview.
Zanoni said based on the current naming rights contract, American Bank was in the middle of the exclusivity period with the Oak View Group or OVG/360, the managing group of the American Bank Center. That means American Bank had the first right to negotiate a new contract.
Now the hunt is on for a new naming rights sponsor for the arena, convention center and Selena Auditorium.
“OVG/360 and the contract they have, the managing contract, there’s a provision in there where it’s their responsibility to run the naming rights process,” Zanoni said.
American Bank became the complex sponsor in 2004. Zanoni said the contract was for around $175,000 a year, but may have been adjusted along the way. American Bank extended their agreement in 2014.
About three and a half weeks ago, Thomas J Henrysaid OVG/360 approached him about becoming the naming rights sponsor. Their discussions landed on an offer of $12.5 million over 10 years.
“Anyone who wants to join in and get into a bidding war over the American Bank Center, lets do it because if we do, it’ll help the citizens of Corpus Christi,” Henry said in a news media conference he called on April 17.
Henry views being the naming rights sponsor as a way to give back to the city. He hopes the city will accept the highest amount of money they are offered.
Zanoni said while OVG/360 works the process of finding a new sponsor, the final say is with the City of Corpus Christi. They will evaluate offers on more than just the price tag.
“It’s where we see games, it’s where we see shows, it’s where conventions take place. So, having the right naming partner that embraces that business concept and model is as important as the finances to the building,” Zanoni said.
In the city’s news release, American Bank’s Market President for South Texas Mark Meyer said being the complex sponsor was a great way to support the company’s home town.
KRIS 6 News reporter reached out to American Bank, but they said they cannot comment further at this time.
American Bank’s contract will expire Sept. 30.
Zanoni anticipates having a new naming rights sponsor around the end of May. It gives the city some time to purchase new signage before the current contract with American Bank ends.
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