As a lifelong Steelers fan, Greg Williams described it as a “pinch yourself” moment — getting the naming rights to his favorite team’s stadium.
Mr. Williams’ fintech company, Acrisure, secured a 15-year deal to place its name on the North Shore venue that until Monday had been known as Heinz Field since its opening in 2001.
“To be kind of here in this moment is a bit of a pinch yourself moment,” he said Tuesday before a press conference to discuss the new deal. “So the fact that we could [align with] the NFL, the Steelers long term, frankly, if we could have done a 20-year deal, we would have done a 20-year deal.”
Mr. Williams, Acrisure CEO and co-founder, declined to disclose the financial terms of the arrangement. Asked about estimates from experts that it ranged from $10 million to $20 million a year, he said, “The ZIP code’s not all that wrong.”
“From our standpoint, it was a commercial transaction between the Steelers and us. It obviously is something that had to rise to the level that was of interest to them and be something that we were willing to pay. I think at the end of the day it was a good thing for both sides.”
During the press conference Tuesday, Steelers President Art Rooney II likewise declined to discuss the financial terms.
“All I can say is that I think it brings us into a more competitive range with other stadiums around the country. That really was the goal to try to be in a more competitive situation with our peers,” he said.
The Steelers’ first 20-year deal with H.J. Heinz, now Kraft Heinz, was worth $57 million — or $2.85 million annually. In a statement Monday after losing the naming rights, Kraft Heinz stated that the Steelers found a “new partner willing to pay significantly more than we could justify.”
But that may not mean the Heinz presence will be gone for good.
Asked at the press conference what would happen to the Heinz ketchup bottles on the stadium’s main scoreboard, Mr. Rooney said that he is “optimistic and hopeful that we’ll continue to have a sponsorship relationship with [Kraft Heinz]. We’re having those discussions.”
“Who knows, the ketchup bottles could be part of that. We’ll see,” he said.
‘I’d rather win football games’
While some Steelers fans are irate about the name change (even former quarterback Ben Roethlisberger complained about it on Twitter), Mr. Williams said there has been “an awful lot of positive reaction out there” as well. He noted that he received 250-plus text messages and emails on Monday alone from employees pumped about the deal.
“That said, Heinz has been affiliated with the team for a long time. Change and things of that nature, it’s kind of expected with regard to a long-term association.”
But Thomas Tull, a Steelers minority investor who was instrumental in bringing the team and Acrisure together, made no bones as to what was most important to him.
“In terms of ‘I don’t like the change’ and things like that, OK, but I’d rather win football games,” he said.
“Heinz is a great company. They’ve been a great partner, and I’m sure on some basis they will continue to and, you know, your numbers have to line up. If they don’t line up, that’s OK. But having somebody come to this city who loves the team, who wants to make an investment in the community from a charitable standpoint, business standpoint, all of those things lined up.”
Naming rights, Mr. Tull said, are one of a team’s most important revenue streams after TV monies and contribute to its ability to be competitive.
“You’ve got 31 other teams trying to maximize everything. They’re trying to beat us. I hate losing. So making sure we had an appropriate deal is very important.”
Mr. Tull became involved with Grand Rapids, Mich.-based Acrisure two years ago. At the time, Acrisure acquired the insurance practice of artificial intelligence company Tulco LLC, where Mr. Tull is the chairman and CEO.
Tulco became a significant minority shareholder in Acrisure as part of that transaction.
Mr. Tull acknowledged having a role in bringing the two sides together. Mr. Rooney described him as the “catalyst” behind the deal.
“I’m a proud shareholder with both sides. At the end of the day, I knew that we had to have a fair and reasonable and commercial deal in place, and I just thought the city of Pittsburgh would grow to really respect and like Greg Williams and Acrisure, and I knew Greg and Mr. Rooney would get along great.”
Getting the deal done
Once they did get together, the deal in principle was consummated in about a week.
“This was something that was kind of a natural. It didn’t take long to say yes,” Mr. Williams said.
The Steelers talked to a number of local companies regarding naming rights, Mr. Rooney noted, though none of the discussions led to an agreement.
“The truth of the matter is we never closed the door on anybody. We just were looking to try to make the best deal we could make. We’re really pleased that this turned out the way it did,” he said.
“To have somebody like Greg as the CEO of the company and a true Steeler fan, it couldn’t have worked out better as far as I’m concerned.”
Asked if there were any local companies whose offers came close to Acrisure’s, Mr. Rooney declined to say.
“All I would say is we thought we understood what the market value should be compared to other stadiums around the country and that’s the range we were shooting for,” he said.
The biggest naming rights deals recently involved large markets like Los Angeles, where SoFi is reportedly spending $30 million annually at the home of the Rams and Chargers, and Las Vegas, where Allegiant Airlines is shelling out up to $25 million a year at the Raiders’ stadium.
In 2018, State Farm secured the naming rights to the Phoenix Cardinals’ stadium at a reported cost of $11.1 million to $22.2 million a year. Empowerment Retirement is paying about $5 million a year for the naming rights to the Denver Broncos home and Hard Rock International is doling out about $13.8 million a year for the rights to the Miami Dolphins’ stadium.
Pittsburgh-based insurer Highmark last year cut a deal for the rights to the Buffalo Bills stadium. No terms were disclosed, but the Bills reportedly were seeking at least $6 million a year.
The Steelers and the stadium
Mr. Rooney said the new deal will allow the Steelers to continue to make improvements to their stadium. He noted the team is building a museum this year and replacing escalators.
“We’re looking to have as competitive a situation as we can, both with our naming rights and with our lease,” he said.
What’s interesting is the 15-year deal runs longer than the Steelers’ lease at the newly named Acrisure Stadium, which expires in 2031.
“We’d love to and we assume we’ll extend the lease at some point. We haven’t quite gotten to that point yet,” Mr. Rooney said. “At some point, we’d get into those discussions down the road.”
As for whether the Steelers are committed to Acrisure Stadium for the next 15 years, Mr. Rooney said the team hopes to remain at the venue “for longer than that.”
“Things like this allow us to be competitive in Pittsburgh. That’s the bottom line,” he stressed.
Acrisure’s plans in Pittsburgh
Acrisure has been growing fast globally over the last decade. Its revenues have gone from $38 million to more than $3.8 billion over the past eight years as it has expanded its footprint.
The company offers a range of artificial intelligence-based services involving insurance, real estate, cyber services, and asset and wealth management.
It has more than 14,000 employees and operations in more than 14 countries. It has about 1,150 employees and 60 offices in Pennsylvania and 14 offices in the Pittsburgh area.
While it might not be a household name in the Steel City, Acrisure intends to make its presence known beyond the stadium.
Mr. Williams said the company plans to become active in philanthropic and charitable causes in Pittsburgh as well as in business. Acrisure, he said, has contributed “tens of millions” of dollars to the Grand Rapids community.
“The intent is to do the same thing here,” he said.
Now 61 years old, Mr. Williams became a Steelers fan during their 1970s dynasty. One of his fondest memories is watching the team win its first Super Bowl in January 1975 against the Minnesota Vikings.
He loved the “tough-nosed” defense and players like Joe Greene, Ernie Holmes, Jack Lambert, Dwight White, L.C. Greenwood, Jack Ham, and Andy Russell.
After he got married, he and his wife would travel to Cincinnati, San Diego, and other cities to watch the Steelers play because they couldn’t get tickets to home games in Pittsburgh.
Now he has his company’s name on their stadium. Tickets shouldn’t be a problem.
“It is a pinch me moment. Yes, it is,” he said.
Mark Belko: mbelko@post-gazette.com.
First Published: July 12, 2022, 6:11 p.m.
Updated: July 13, 2022, 9:53 a.m.
