The naming rights agreement between Jacksonville Jumbo Shrimp and 121 Financial Credit Union, renaming the Baseball Grounds of Jacksonville as 121 Financial Ballpark, is official.
City Council voted 19-0 to approve the legislation, allowing the 13-year agreement to move forward.
Jumbo Shrimp owner Ken Babby reaffirmed a commitment Feb. 25 to invest revenue from the agreement into the city-owned facility and to keep ticket and concession costs low.
Before the vote, Council member Garrett Dennis asked Babby to disclose the financial value of the agreement. Dennis removed the bill from the consent agenda so he could ask questions about the agreement.
Babby and 121 Financial have kept the value of the deal confidential since it was announced Jan. 22. Babby told Dennis that’s typical for a naming rights agreement for a minor league baseball facility.
The Jumbo Shrimp’s lease was amended April 1 and allows the team to keep the revenue from the naming rights agreement, with Council’s approval.
City Chief Administrative Office Brian Hughes said the revenue is not a subject of the Jumbo Shrimp’s lease agreement with the city.
Babby said his company, Fast Forwards Sports Group LLC, has invested nearly $3 million in the stadium since buying the team in September 2015.
The Downtown Development Review Board approved signage for 121 Financial Ballpark on Feb. 13.
The agreement expires in 2033 and coincides with the end of the team’s lease agreement with the city.
Babby said Jan. 22 that the team intends to pursue a lease renewal. Babby and 121 Financial CEO David Marovich said they also hope to see an extension of the naming rights agreement.
According to Babby, talks between the Jumbo Shrimp and 121 Financial began in July or August and the deal was finalized Dec. 31.
The Jacksonville-based credit union has been a marketing partner with the baseball club for several years, before former Jacksonville Suns team owner Peter “Pedro” Bragan Jr. sold the team to Fast Forward Sports.
The agreement also ensures 2012 Council legislation that named the playing surface Bragan Field remains unchanged.