Comerica Inc. said Monday that it had agreed to a 30-year, $66 million deal with the Detroit Tigers that will put the bank's name on a new baseball park.
The stadium, now under construction in downtown Detroit, will open in spring 2000 as Comerica Park. The naming follows a trend among banks and other companies that seek to leverage their brands through professional sports marketing.
"We see this as a great opportunity to associate the Comerica name with the hallowed traditions of baseball and the Detroit Tigers," said Comerica chairman and chief executive officer Eugene A. Miller.
Comerica, which will be designated "official bank" of the Tigers, will pay a progressive annual fee to the Tigers organization that begins at $1 million a year in 1999.