The SF Giants have announced Thursday a 20-year deal with Oracle Corp. (ORCL) for the naming rights to what has been known as AT&T Park.
The terms of the deal for the iconic ballpark were not disclosed, the San Francisco Chronicle reported Thursday. The paper quoted Giants President and CEO Larry Baer as saying the deal is "very much in line with other recent naming-rights deals for top-tier facilities."
At those rates, the deal could be worth as much as $300 million or more. The newspaper also noted that price could be two or three times the estimated $100 million AT&T (T) paid to the Giants for the deal signed in 1996.
On Thursday, the AT&T signs were replaced with temporary Oracle Park signage.
The Chronicle reported that under the new deal, the Giants will get more revenue, and Oracle gets its name on another venue in the area as the NBA's Golden State Warriors are moving to the new Chase Center in San Francisco from what had been Oracle Arena in Oakland.