Issue link: https://nebusinessmedia.uberflip.com/i/1218519
www.HartfordBusiness.com • March 9, 2020 • Hartford Business Journal 17 tailored for a prospective sponsor, Mandell said. Jim Burda, the team's new CEO, will be tasked with capitalizing on these sponsorship opportunities. "I think the exceptional part of this opportunity is that it's both a brand- ing sports play and a deep commu- nity play," he said. "The utilization of that stadium is going to go way up. As you get more utilization, the value of the stadium continues to increase." Forecasting the market If history is any indication, the Athletic may be able to reap a naming-rights deal worth more than the $432,000 value estimated by IEG, according to Peter Laatz, IEG's global managing director. Laatz said his firm over the last four decades has helped the sponsorship industry estimate prices for various assets, including stadiums and arenas. IEG market valuations are heav- ily reliant on a database of nearly 200,000 active sponsorship deals that help track where dollars and deals are trending globally. On average, stadium/arena opera- tors receive more naming-rights revenue than IEG forecasts due to competitive bidding, he said. Certain sponsors end up over- paying to block competitors in a regional market, while others are willing to overpay to meet a busi- ness need, Laatz said. There's currently a high level of naming-rights turnover in the U.S., Laatz said, because of changing market and stadium conditions and new corporate leaders working to cut costs. Other term lengths are being altered due to bigger brands moving out of this space, and more munici- palities getting involved with over- sight of stadiums and arenas. The bottom line of any deal is important, but it's not the only thing the Athletic should be concerned about, he said. Sponsors engaged in promoting a facility are often better naming-rights partners. Laatz said Dillon has a unique brand to leverage because of its his- toric appeal. But any deal the Athletic signs will be driven by its sales team. "The Dillon piece is interesting because it's a storied venue that has an interesting history behind it," he said. "It's an interesting brand to harness." Bruce Mandell is chairman and co-founder of the Hartford Sports Group. Hartford's Dillon Stadium received a $14-million facelift last year, mostly funded by taxpayer dollars. PHOTO | CONTRIBUTED PHOTO | HBJ FILE Join us as the Hartford Symphony Orchestra IGNITES JOY at our 2020 Bravo! Gala on May 2, 2020. Benefiting HSO's community engagement and music education programs. Tickets are on sale now! • www.hartfordsymphony.org/BRAVO Sponsorship opportunities still available! For more information, contact Jen Galante at jgalante@hartfordsymphony.org or 860-760-7302 IGNITE HARTFORD SYMPHONY ORCHESTRA'S 2020 BRAVO! GALA Joy SATURDAY, MAY 2, 2020 | 6–11 PM CONNECTICUT CONVENTION CENTER BALLROOM HARTFORD, CT PRESENTING SPONSORS SONATA SPONSORS OVERTURE SPONSOR PERFORMANCE SPONSOR Jeffrey & Nancy Hoffman and RHAPSODY SPONSORS Judith & Brewster Perkins Judie & Coleman Levy Jennifer DiBella MEDIA PARTNER RECEPTION SPONSOR MYSTERY RED BOX SPONSOR