Paul Brown Stadium, home of the Cincinnati Bengals, will become Paycor Stadium after Paycor and the team agree to put the stadium's naming rights into effect immediately.
He's under contract for 16 years and has been underway since March, the Bengals told The Enquirer. They did not disclose financial details.
Paycor Stadium branding will be integrated throughout the stadium in the coming months, including throughout the stadium's signage.
Full billboards won't be available until the season begins, according to the Bengals, but fans will be able to see the new names all over the stadium
"I think this is a move my dad would have approved. He was always thinking about what was best for the football team," Bengals president Mike Brown said.
“This partnership will allow the Bengals to continue competing at the highest level in his NFL and demonstrate their long-term commitment to the community.”
What kind of company is Paycor?
Norwood-based Paycor went public just a year ago with his $426 million IPO.
Paycor provides HR and payroll software for small businesses. Founder Bob Coughlin started Paycor in 1990. It has 29,000 customers and employs 2,100 people.
Paycor CEO Raul Villar Jr. said in a press release:
Bengals and Paycor executives are not scheduled to answer further questions today.
Altafiber recently purchased the naming rights to the gates where the signage was installed. Along with Altafiber, the team has announced that Gate C will now be called Betfred,
previously announced as the team's sportsbook partner. Betfred and Altafiber are both new team his sponsors.
The naming rights announcement marks the stadium's first naming rights deal since Brown family paid $5 million to name it after the team's founder when the stadium opened in 2000
Almost all, if not all, of the money goes directly to the Bengals under the team's lease with the county.
Previously, the Bengals had no sponsored naming rights partners and he was one of three NFL teams.
The announcement takes the guesswork out of new names since news leaked last month that a naming rights deal was in the works.