Re/Max May Have Just Bought Naming Rights For Detroit's Former Tiger Stadium Site
Tiger Stadium closed in 1999 and was demolished in 2009. Thanks to the help of the Detroit Police Athletic League, it will soon be home to a whole new generation.
"The Willie Horton Field of Dreams will be an artificial turf field when the site reopens," The Detroit News reported earlier this week. "PAL aims to open the $20 million, 2,500-seat stadium by next June... Detroit PAL broke ground at the site in April."
The Detroit Sports Rag reported the complex may have also just nailed corporate naming rights. The complex will eventually be called "The Willie Horton Field of Dreams at Re/Max Stadium."
Re/Max Holdings Inc (NYSE: RMAX) "has purchased the naming rights to the PAL park for a hefty sum. We do not know the financial terms of the deal but we’ve been told the fee is substantial," the DSR reported.
Willie Horton played for the franchise from 1963-1977. During the 1967 Detroit riot, he wore his Tigers uniform while standing on top of a car, trying to calm people down.
The report said that Chris Ilitch, president and CEO of Ilitch Holdings, "has made it perfectly clear to the developers of ReMax Stadium that the name 'Tiger Stadium' or 'Old Tiger Stadium' would not be permitted due to potential conflict/confusion with the team’s actual home down the street … Comerica Park."
Comerica Park is owned and operated by Ilitch Holdings. Family patriarch and Little Caesars Founder Mike Ilitch bought the Tigers franchise in 1992.
Re/Max has a market cap of about $707 million. Known for its hot air balloon fleet and company logo, it has no major stadium sponsorships.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.