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The Giants and Redwood Shores-based Oracle Corp. officially announced a 20-year naming rights deal Thursday, immediately transforming AT&T Park into Oracle Park.
For now, the biggest change was an Oracle Park banner put up near Willie Mays' statue in front of the park.
While the official signage won't go onto the stadium for a few months, it's already easy to see the Giants' long-term benefit of the agreement -- they'll reportedly be receiving between $300-$350 million over the length of the deal.
But both Giants President and CEO Larry Baer and Oracle co-CEO Mark Hurd insist there was much more than just money that went into the naming rights deal.
"While there were several national and local companies interested in the opportunity, Oracle, a longstanding partner of the Giants, was a perfect fit," Baer said.
"This is not just a naming thing or financial," Oracle co-CEO Mark Hurd told the San Francisco Business Times. "This is about a relationship, a long-term relationship."
Baer said the technology benefits from teaming with Oracle made the deal especially appealing.
"We're in the center of technology and innovation, so it was really important to partner with a company in that world," said Baer, noting that technology will keep evolving. "Maybe in 2038, we should put in a provision that Giants fans will take flying cars from Redwood Shores to Oracle. Who knows what will happen as the world changes?"
But until flying cars begin arriving at Third and King, the Giants and Oracle will focus on the construction of a new scoreboard as well as other less fanciful "emerging technologies."
When AT&T and the Giants agreed to a mutual end to their deal a year early, it paved the way for the team to earn significantly more than the reported $100 million from their last agreement.
Now, the new deal appears to be one of the richest of its kind in North American professional sports, which seemingly would trickle through to the Giants' product on the field. The team already boasted the second-highest payroll in the majors last season at around $203 million.
Kevin Bartram, principal of Bartram Partnerships, a brand sponsorship consultancy, told Bloomberg the $200 million to $350 million price tag "seems very fair." He was one of the consultants who brokered the Pacific Telesis-Giants partnership, according to the news outlet.
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This is the third time the Giants have renamed their home stadium since they moved from Candlestick Park for the start of the 2000 season. The park was originally named Pacific Bell Park when it opened, became SBC Park in 2003 and then became AT&T Park in 2006.
Wire services contributed to this report.
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