Industry News | April 21, 2010
KFC Expands by 721,000 Square Feet
The $13.5 million, 10 year agreement is between Yum! Brands, Inc. (NYSE: YUM) and Team Services, LLC, a naming rights agency that was retained by the Louisville Arena Authority (LAA) to market this exclusive opportunity. It includes a right of first negotiation to extend the agreement for five years beyond the 10 year agreement if both parties agree in the eighth year.
“We are absolutely thrilled to unveil our new arena name, KFC Yum! Center,” says Jim Host, chair of the Louisville Arena Authority.
“We have been patient throughout this process, knowing the excitement was building for this particular day when we could announce which company would capitalize on this marquee naming rights partnership. We are deeply appreciative of Team Services’ efforts in culminating the naming rights transaction with Yum! Brands.”
In exchange for its naming rights investment, Yum! Brands, Inc. is afforded the opportunity to have prominent exterior signage positions, including overlooking the Ohio River, as well as a position on the arena roof.
“Yum! Brands is extremely proud that Louisville’s newest and most spectacular venue will be named the KFC Yum! Center,” says David Novak, chairman and CEO, Yum! Brands, Inc.
“As the world’s largest restaurant company based in Louisville, with 1,400 local employees, we have always been committed to investing in our own hometown.
Since 1997, when we became a public company, we have donated nearly $35 million to over 100 non-profit organizations, from the arts to education, to social service agencies such as Metro United Way, Juvenile Diabetes, Dare to Care Food Bank, The Muhammad Ali Center and many, many more. The KFC Yum! Center is another great way for us to give back to the community and make it a great place for our employees and their families.” There will be seven restaurant concession areas where guests can purchase KFC, Taco Bell, and Pizza Hut products, which will vary depending on the event being held at the Center. Yum! Brands will also have a double center court suite, digital messaging rights, an interior signage package, and premium hospitality options.
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