Covelli Enterprises, City Extend Arena Naming Rights
YOUNGSTOWN, Ohio -- Covelli Enterprises will pay the city more money to keep its name on the Covelli Centre for another three years. The agreement, announced this morning, provides for an annual fee of $200,000 -- up from the $175,000 agreed to in a one-year extension of the original three-year naming rights contract, which set the annual fee at $120,000.
“When our company agreed to put our name on the Centre in 2009, we did it because of our commitment to the community and our belief in Eric Ryan and his team to turn the Centre around. In the past four years, with the overwhelming support of this community what has happened at the Centre has exceeded my expectations,” said Sam Covelli, CEO and owner of Covelli Enterprises.
Ryan is president of JAC Management Group, a Struthers company that has operated the municipal arena since 2008. Warren-based Covelli Enterprises is the nation’s largest franchisee of Panera Bread and O’Charley’s restaurants. The naming rights contract is retroactive to May and runs through April 2016.
In its news release announcing the agreement, Covelli Enterprises said the company's name has given the building “an identity synonymous with sold-out shows of every genre, home to The Youngstown Phantoms, a beacon for over 50 local advertisers and sponsors, and the cornerstone for community events.”
The release emphasized the company’s tenure as naming rights sponsor coincided with “entertainment industry’s best acts” appearing here. JAC’s Ryan agreed, noting in his statement that the success of the arena has a direct correlation with its partnership with Covelli Enterprises.
“Covelli Enterprises has made every effort to help us succeed,” Ryan said. “Sam and Caryn Covelli have done so much for us; words cannot explain our gratitude. Countless times throughout the last four years they have said to me simply, ‘How can we help?’ and to have that kind of partnership is truly amazing.”
The arena is on track to earn an operating surplus of about $300,000 this year, essentially enough to fund principal payments on an $11.5 million loan the city secured to furnish the building.
“With acts such as Elton John, Tim McGraw, and Carrie Underwood just to name a few, the Centre has become not only operationally profitable, but has also improved the quality of life for the people of this great community,” Covelli said. “We are excited to be able to do our part in helping the Centre grow with our naming rights renewal and our continued efforts in marketing and promoting the Centre in our stores. The Centre’s best days, much like the Valley’s, are ahead of us and we are proud to be a part of it.”
Published by The Business Journal, Youngstown, Ohio.
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