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Madison Square Garden, JPMorgan Chase announce marketing deal
The Garden and JPMorgan Chase formally announced their previously reported marketing agreement Tuesday, without revealing its terms.
Sports Business Journal reported it could be worth $30 million a year or more by the end of the deal.
There have been comparisons made between this agreement and naming rights deals, but there is a big apples-to-oranges problem there.
As you can see in the official news release below, the deal reaches deeply into non-sports areas in the Garden's vast empire.
It also is a sign that financial services companies are ready to get back into the sports sponsorship business, potentially good news for the Jets and Giants as they continue to search for a naming rights sponsor for their new stadium.
Here is the news release:
Madison Square Garden (NASDAQ: MSG) and JPMorgan Chase today announced a new, long-term marketing partnership. JPMorgan Chase will become MSG’s first-ever Marquee Partner, the preeminent multi-platform, multi-venue, multi-media partnership with MSG. This new marketing partnership provides JPMorgan Chase with an unparalleled level of access for its best customers and premier brand exposure across MSG’s properties and brands. The deal includes MSG’s iconic venues (Madison Square Garden, Theater at Madison Square Garden, Radio City Music Hall, Beacon Theatre, Chicago Theatre), entertainment brands and events (Radio City Christmas Spectacular), professional sports teams (New York Knicks, New York Rangers, New York Liberty), regional television networks (MSG, MSG Plus), and digital platforms.
The Garden is currently undergoing a self-funded comprehensive, top-to-bottom transformation that will provide a significantly enhanced experience for fans, athletes, entertainers, suite holders and partners. As Marquee Partner, JPMorgan Chase will also have the leading presence among marketing partners in the transformed Madison Square Garden. As per company policy, financial terms of the deal were not disclosed.
With this new partnership, JPMorgan Chase customers across many of the firm’s lines of business will receive exclusive access to events and unique experiences across Madison Square Garden’s venues and sports and entertainment franchises. From access to sold out concerts and events to behind the scenes experiences with athletes and performers, JPMorgan Chase will be able to provide its customers with one-of-a-kind, can’t buy opportunities at the over 1,200 live entertainment and sports events at MSG’s New York and Chicago venues annually.
“Offering high quality and unique customer benefits is a priority for Chase, so we are proud that our partnership with Madison Square Garden will provide Chase customers with exclusive access to some of the country’s premier venues and sports and entertainment franchises,” said Charlie Scharf, head of Retail Financial Services at Chase. “Madison Square Garden is an iconic, 130-year-old brand with diverse platforms. We believe partnering with The Garden will enhance the Chase brand and add significant customer benefits.”
“We are proud to have the world’s leading financial services firm JPMorgan Chase become Madison Square Garden’s first Marquee Partner. They join our lineup of Signature Partners that are all best in class brands – Anheuser-Busch, the world’s leading brewer, Coca-Cola, the world’s largest beverage company, and Delta Air Lines, New York’s most global airline,” said Hank Ratner, president and CEO, Madison Square Garden. “This partnership will provide JPMorgan Chase with valuable tools to help strengthen and enhance relationships with their customers, creating defining moments and lasting memories through unique access and experiences with MSG’s legendary brands.”
Added Scott O’Neil, president, MSG Sports: “Madison Square Garden and JPMorgan Chase are both storied and established New York based businesses known for quality. This partnership builds a bridge for JPMorgan Chase customers to unparalleled access to over 1,200 events annually at The Garden, Theater at MSG, Radio City Music Hall, Beacon Theatre, and Chicago Theatre, and for The World’s Most Famous fans to connect with the number one bank in the world. The Chase retail bank has over 1,000 branches and 3,000 ATMs in New York including locations at The Garden. This Marquee Partnership will continue making our fans their customers and their customers our fans, a powerful relationship that elevates the experience for New Yorkers with both of our brands.”
In addition to customer benefits, a central part of the relationship is JPMorgan Chase’s integration in the transformed Madison Square Garden, including several of the building’s new signature elements. The new 7th Avenue entrance to the building will become the Chase Square and feature interactive kiosks, new retail locations and a broadcast area. Inside the Arena the two spectacular new Chase Bridges will be suspended above the floor offering a one-of-a-kind view of the action. The 1879 Club presented by J.P. Morgan will be an exclusive new space that provides event attendees with a casual and intimate environment to relax before or after an event. New Madison Square Garden 7th and 8th Avenue marquees will also feature permanent JPMorgan Chase branding.
This first-of-its-kind partnership will establish expansive brand exposure for JPMorgan Chase in New York City and nationwide. JPMorgan Chase will serve as the Presenting Partner of the New York Knicks, New York Rangers, Radio City Christmas Spectacular National Tour, the Radio City Music Hall Concert Series and the Chicago Theatre. In addition, JPMorgan Chase will become an Official Partner of the MSG Concert Series, Theater at MSG, and Beacon Theatre. Permanent and digital signage, as well as Chase ATMs, will be located throughout each of the venues. The multi-platform partnership will be fully integrated across MSG’s sports, entertainment and media properties.