SOURCE: Guaranteed Rate

Guaranteed Rate

SOURCE: Chicago White Sox

Chicago White Sox

SOURCE: ISFA

ISFA

August 24, 2016 17:32 ET

Chicago-Based Guaranteed Rate and the Chicago White Sox Announce New Ballpark Naming Rights Partnership for 'Guaranteed Rate Field'

CHICAGO, IL--(Marketwired - August 24, 2016) - Guaranteed Rate, the Chicago-based national mortgage lender, and the Chicago White Sox have signed a 13-year naming rights agreement for the team's home ballpark in Chicago, which will be named Guaranteed Rate Field beginning November 1, 2016. Financial terms of the deal between the White Sox and Guaranteed Rate were not disclosed.

The Illinois Sports Facilities Authority (ISFA), the owner and operator of the ballpark, approved the change in name at a meeting of its board on Wednesday afternoon.

The White Sox retain an option under the team's lease for the ballpark, which if exercised, could extend this naming rights deal an additional year through 2030.

"We are pleased to find, in Guaranteed Rate, a new naming rights partner founded in Chicago by Chicagoans, which shares our commitment to the city and to our fans," said Jerry Reinsdorf, chairman of the White Sox. "We view this partnership as an opportunity to connect a successful Chicago business with a historic baseball franchise, and we look forward to growing this important relationship over the coming years as millions of fans enjoy White Sox baseball at Guaranteed Rate Field."

In addition to the naming rights partnership, the White Sox and Guaranteed Rate have agreed on sponsorship elements associated with White Sox baseball, which include various branding, promotional and hospitality benefits, along with joint marketing opportunities. Guaranteed Rate becomes the official mortgage and title company of the White Sox.

"We are incredibly excited and honored to be part of the White Sox family," said Victor Ciardelli, president & CEO of Guaranteed Rate. "It really is a dream come true to have the Guaranteed Rate name on a hometown Chicago ballpark. We love this city and its baseball fans, and couldn't be happier to partner with an iconic team and a legendary owner in Jerry Reinsdorf. We look forward to many great years of White Sox baseball at Guaranteed Rate Field."

Upon the completion of existing naming rights payments to the White Sox, ISFA will receive all incremental naming rights revenue from this new agreement with Guaranteed Rate.

"ISFA is extremely pleased that the new agreement with Guaranteed Rate will generate revenue, up to $6.4 million, for the facility," said Manny Sanchez, chairman of ISFA. "As part of ISFA's approval process, the White Sox agreed that they will not require certain major renovations during the last three years of the current management agreement. This is just the latest example of ISFA deploying innovative strategies to protect Illinois taxpayers."

The White Sox played at New Comiskey Park from 1991-2002 before a naming rights agreement changed the ballpark's name to U.S. Cellular Field from 2003-2016.

"U.S. Cellular has been an important and valued partner to the organization. The partnership with U.S. Cellular paved the way for a complete, top-to-bottom renovation of the ballpark that transformed the White Sox fan experience," said Brooks Boyer, senior vice president of sales and marketing for the White Sox. "We celebrated many memorable moments at U.S. Cellular Field throughout the years, including the 2005 World Series title. Looking forward, we will make many more incredible memories for our fans at Guaranteed Rate Field with a successful and growing partner who shares our passion for Chicago."

About Guaranteed Rate
Guaranteed Rate is the eighth-largest retail mortgage lender in the United States. Headquartered in Chicago, the company has approximately 175 offices across the U.S. and is licensed in all 50 states. Since its founding in 2000, Guaranteed Rate has helped hundreds of thousands of homeowners with approximately $100 billion in home purchase loans and refinances and $18 billion in 2015 alone. The company has become the Home Purchase Experts® by introducing the world's first Digital Mortgage ℠ technology and offering low rate, low fee mortgages through an easy-to-understand process and unparalleled customer service. Guaranteed Rate won an American Business Award for its Digital Mortgage ℠technology in 2016, ranked No. 1 in Scotsman Guide's Top Mortgage Lenders 2015 honors, and was named one of Chicago's Top Workplaces by the Chicago Tribune in four of the past five years. Visit guaranteedrate.com for more information.

About ISFA
The Illinois Sports Facilities Authority (ISFA) is a government entity created by the Illinois General Assembly in 1987 for the purpose of constructing and renovating sports stadiums for professional sports teams in the State of Illinois. ISFA is the developer, owner and operator of the ballpark that is home of the 2005 World Champion Chicago White Sox. ISFA financed the Chicago Lakefront Development project, which included significant restoration to Soldier Field.

About U.S. Cellular
U.S. Cellular is the fifth-largest full-service wireless carrier in the United States, providing national network coverage and industry-leading innovations designed to elevate the customer experience. The Chicago-based carrier has a strong line-up of cutting-edge devices that are all backed by a high-quality network in big and small cities and rural communities, and currently, 99 percent of customers have access to 4G LTE speeds. U.S. Cellular was named a J.D. Power and Associates Customer Champion in 2014 for the third time in four years. To learn more about U.S. Cellular, visit one of its retail stores or uscellular.com.

About the Chicago White Sox
For more information on the Chicago White Sox, visit www.whitesox.com.

© 2016 Chicago White Sox

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