City may sell Orange Bowl naming rights
By Paola Iuspa
The Orange Bowl advisory board wants to hire a company to sell naming rights to the historic, City of Miami-owned venue.
The board Tuesday approved requirements for a consulting firm to estimate the value of the naming rights, design a contract and report back.
Requirements for the job will go to city commissioners for approval, said Commissioner Joe Sanchez, board chairman.
The tentative date for firms to submit proposals is later this month. The deadline is July 9.
Selling naming rights can create a revenue source, which could be reinvested to improve the structure, Mr. Sanchez said.
"We believe it will bring us something like $200,000 or $500,000 a year," he said. "Now that we have Miami Fusion playing two games here, the value of the name will go up."
The Orange Bowl, 1501 NW Third St., has been home to University of Miami football since 1937, when the stadium was built. UM, which recently renewed a 10-year contract with the city, is the only full-time tenant.
Mr. Sanchez said the Orange Bowl is becoming recognized as a venue for soccer. It was used in 1999 for a cup game and, this January, for a World Cup qualifying match.
For three years, the famous Orange Bowl averaged 350,000 patrons annually but is expected to draw 632,000 this year.
The 64-year-old stadium is also used for photo shoots, films and festivals.
The Orange Bowl underwent a $21 million renovation from 1992-98 and the city recently spent about $2.5 million in repairs. John Jackson, public works director, said about $500,000 was earmarked this year for maintenance.
The Florida Legislature, meanwhile, has been asked to approve a bill that would give the City of Miami a rebate on sales taxes from stadium concessions and rentals as another source of revenue for the Orange Bowl.