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Tuesday, March 30, 2021

loanDepot Park is the new home of the Marlins

The Miami Marlins have tapped into another revenue stream. Fish Stripes can confirm Andy Slater’s report that the Marlins have sold the naming rights to their home ballpark to loanDepot. The change officially takes effect on Wednesday morning. Specifics about the length and value of the agreement are not yet known, though Man On Second Baseball’s Joe Frisaro describes the terms as “pretty lucrative.”

Ever since the venue opened in 2012, it had been called Marlins Park. Under both old and current ownership, the franchise sought a naming rights sponsor to no avail. Finally, they found a match.

From the loanDepot website:

Founded in 2010 by mortgage industry innovator Anthony Hsieh, our company is focused on creating a straightforward mortgage experience that meets—and exceeds—your expectations.

Our company’s growth reflects the success of our customer-centric approach. In our first decade alone, we’ve grown to become the nation’s fifth largest retail mortgage lender and the second largest nonbank retail originator, funding more than $275 billion since inception. Today, our nationwide team of 10,000-plus members assists more than 27,000 customers each month.

CEO Anthony Hsieh is a self-proclaimed “lifelong baseball fan.”

RoyalsRetro (AG#1F) Posted: March 30, 2021 at 04:42 PM | 39 comment(s) Login to Bookmark
  Tags: marlins, naming rights

Reader Comments and Retorts

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   1. Jose Is An Absurd Balladeer Posted: March 30, 2021 at 04:48 PM (#6010761)
"loanDepot" is a little on the nose for the Marlins isn't it?
   2. The Yankee Clapper Posted: March 30, 2021 at 04:53 PM (#6010764)
Not fond of naming rights, nor improper capitalization & omitting spaces, but fans will probably just call it ‘The Depot’, which might be tolerable.
   3. RoyalsRetro (AG#1F) Posted: March 30, 2021 at 04:55 PM (#6010765)
I still call it Joe Robbie Stadium
   4. Walt Davis Posted: March 30, 2021 at 05:14 PM (#6010770)
Ever since the venue opened in 2012, it had been called Marlins Park

Has it really been that long since Left Shark Park? (I know it wasn't Left Shark, just can't remember what it was.)

our nationwide team of 10,000-plus members

Spidey sense tingling.
   5. SoSH U at work Posted: March 30, 2021 at 05:35 PM (#6010775)
It's the Fish Tank, now and forever.
   6. Steve Parris, Je t'aime Posted: March 30, 2021 at 06:10 PM (#6010780)
I recently refinanced with loanDepot, which I guess makes me a minority owner of the Marlins.
   7. Zach Posted: March 30, 2021 at 06:47 PM (#6010783)
Loan Shark Park has a ring to it.
   8. John DiFool2 Posted: March 30, 2021 at 07:49 PM (#6010789)
I still call it Joe Robbie Stadium


Oops wrong park...
   9. SoSH U at work Posted: March 30, 2021 at 08:30 PM (#6010792)
It’s certainly a bold move naming your baseball park after the Welshman Ioan Depot.
   10. Laser Man Posted: March 30, 2021 at 08:55 PM (#6010793)
The "L" in loan and the "P" in park are apparently supposed to be lowercase -"loanDepot park" is the official name.
   11. Tulo's Fishy Mullet (mrams) Posted: March 30, 2021 at 09:31 PM (#6010796)
I saw this and immediately thought of the short-lived IBM OS/2 Fiesta Bowl. Those were good times.
   12. Howie Menckel Posted: March 30, 2021 at 09:39 PM (#6010798)
blue check mark on Twitter and 20K followers. but still....

David P. Samson
@DavidPSamson
For 8 years, I tried and failed to secure a $10 million/year naming rights deal. Congrats to Derek Jeter for getting such a deal. I would have named it anything if the price were right. Budget called for $10 million & didn’t want to take any less b/c you can only sell name once.

.................

[bad job by Monkey Knife Fight, which is now the 3rd-largest daily fantasy sports site behind DraftKings and FanDuel (ok, not a CLOSE third...). founder also created that Vivid video porn empire.]
   13. the Hugh Jorgan returns Posted: March 30, 2021 at 10:18 PM (#6010801)
I think they should dispense with the fancy-schmancy French pronunciation and just refer to it as "The dee-POT"
   14. Pat Rapper's Delight (as quoted on MLB Network) Posted: March 30, 2021 at 10:38 PM (#6010804)
For 8 years, I tried and failed to secure a $10 million/year naming rights deal. ... I would have named it anything if the price were right.

Could we have possibly raised $10M/year to call it Napoleon Syndrome Field?
   15. Infinite Yost (Voxter) Posted: March 30, 2021 at 11:24 PM (#6010807)
baaaarf
   16. Froot Loops Posted: March 30, 2021 at 11:59 PM (#6010809)
I still call it the Orange Bowl.
   17. Bhaakon Posted: March 31, 2021 at 01:25 AM (#6010813)
I guess I didn't take all teams whining about financial struggles seriously enough. The Marlins having their park foreclosed upon is a real wake-up call.
   18. MuttsIdolCochrane Posted: March 31, 2021 at 05:14 AM (#6010816)
It's Joe Robbie or Hard Rock or whatever that should be called Marlins Stadium, the only team to win a (2 actually) World Championships there.
   19. Slivers of Maranville descends into chaos (SdeB) Posted: March 31, 2021 at 08:07 AM (#6010817)
I wonder if Ioan Gryffudd can sue for improper use of his name. What business is it of the Marlins is it that he has a depot?
   20. Jose Is An Absurd Balladeer Posted: March 31, 2021 at 08:12 AM (#6010818)
SoSH of course is right in number 5, this is settled law. It is the Fish Tank.
   21. DL from MN Posted: March 31, 2021 at 08:58 AM (#6010820)
The "L" in loan and the "P" in park are apparently supposed to be lowercase -"loanDepot park" is the official name.


I don't care how much they paid. Park is a proper noun and gets capitalized. They can mangle the English language on the sign outside the field but don't whine when the newspaper reports it as Loan Depot Park.
   22. McCoy Posted: March 31, 2021 at 09:56 AM (#6010833)
So Samson decided that rather than sell the rights and get some money he'd rather not agree to any deal and get no money; and he thought that was a good move? How much money did he leave on the table to never get? 40 to 60 million I bet.
   23. RoyalFlush Posted: March 31, 2021 at 10:25 AM (#6010835)
I don't care how much they paid. Park is a proper noun and gets capitalized. They can mangle the English language on the sign outside the field but don't whine when the newspaper reports it as Loan Depot Park.


I don't know if you want the goons from loanDepot stopping by to help you find your lowercase "p".
   24. Itchy Row Posted: March 31, 2021 at 10:38 AM (#6010837)
CEO Anthony Hsieh is a self-proclaimed “lifelong baseball fan.”
Implies nobody else agrees. "I gave him a baseball when he was a kid, and he's still waiting for it to hatch," replied Anthony's mom.
   25. Never Give an Inge (Dave) Posted: March 31, 2021 at 11:16 AM (#6010840)
So Samson decided that rather than sell the rights and get some money he'd rather not agree to any deal and get no money; and he thought that was a good move? How much money did he leave on the table to never get? 40 to 60 million I bet.

How long are these deals typically for? I believe the Citi Field naming rights are for 20 years. If Samson held off on signing a $5 million a year deal for 8 years and now they can get $10 million per year over the next 20, it may have been the right move.
   26. Never Give an Inge (Dave) Posted: March 31, 2021 at 11:21 AM (#6010841)
Hseih is a big sport fisherman who has “personally caught both Blue and Black Marlins of over 900lbs.”

I guess this time the Marlins caught him.
   27. McCoy Posted: March 31, 2021 at 11:30 AM (#6010842)
Re 25. Not for him
   28. The Gary DiSarcina Fan Club (JAHV) Posted: March 31, 2021 at 12:01 PM (#6010849)
It’s certainly a bold move naming your baseball park after the Welshman Ioan Depot.


Welsh is crazy, so I've got to figure out how to pronounce it. "Ian"? "Ivan"? "John"? "Wayne"? And is his last name "Depot" or is it supposed to be "DePot"? If it's "Ioan DePot," then isn't it "John of the john"?
   29. DL from MN Posted: March 31, 2021 at 12:34 PM (#6010852)
Re 25. Not for him


The upside in the naming rights was probably worth money when he sold the team. Are you better to lock in a bad deal or let the next owner make a better deal?
   30. McCoy Posted: March 31, 2021 at 12:51 PM (#6010853)
The break even point (setting aside inflation and present day value) is 6 million a year. If Samson could have gotten more than 6 million a year he made a bad decision.

Even if he had a bad deal he left millions on the table. If he inflated his price by 200 million because of the possibility of a naming rights deal and Jeter &. co went along with it well, good for Samson.
   31. McCoy Posted: March 31, 2021 at 12:58 PM (#6010854)
A guaranteed revenue stream is worth money. The possibility of a revenue stream might be worth more or less than the actual guaranteed revenue but even if it is worth more it isn't going to be worth that much more than the actual revenue stream. Plus with an actual revenue stream you actually got revenue for 8 years.
   32. McCoy Posted: March 31, 2021 at 01:02 PM (#6010855)
The difference between a 7 million a year agreement in 2012 and a 10 million a year agreement in 2021 is 36 million over 12 years but a 56 million dollar difference over the last 8.
   33. Fernigal McGunnigle Posted: March 31, 2021 at 01:12 PM (#6010856)
If they'd called the place "loanDepotPark" instead of "loanDepot park" I would've been the first camel case ballpark name, and thus the first ballpark name that can seamlessly be used as a Java or C# variable name, or maybe a method name in JavaScript or PHP.
   34. BDC Posted: March 31, 2021 at 01:34 PM (#6010860)
I will happily change my BBTF handle to "loanDepotBdc" for just $20K a year.
   35. Never Give an Inge (Dave) Posted: March 31, 2021 at 01:44 PM (#6010861)
McCoy, I don’t know if it made business sense or not; it might have been a risk that just didn’t pan out. I think about this whenever I see commercial landlords raise their rent, and then have the property sit vacant for years while they try to find a new tenant. This happens often enough in my neighborhood in Manhattan that I have to assume there is some logic behind it, but I always find it puzzling.
   36. DL from MN Posted: March 31, 2021 at 01:58 PM (#6010865)
A guaranteed revenue stream is worth money.


Then discount it by the amount of revenue the Marlins pulled out of the general fund by crying poor...
   37. Walt Davis Posted: March 31, 2021 at 05:41 PM (#6010903)
Whoopsie
   38. Walt Davis Posted: March 31, 2021 at 05:44 PM (#6010904)
It would have ultimately been Loria's decision plus the new guys have been around for a while and didn't make a deal until this year so it seems a fair number of decision-makers agreed whatever offers weren't good enough to take.

It was Land Shark Stadium. Then 2 years as Sun Life.

Welsh is crazy, so I've got to figure out how to pronounce it. "Ian"? "Ivan"? "John"? "Wayne"?

I think "Yoan" ... and I'm not sure if that would rhyme with Joan or Rowan (I'll guess the latter). Note this is based only on hearing Ianto pronounced as Yanto on some BBC thing recently.
   39. Starring Bradley Scotchman as RMc Posted: April 01, 2021 at 04:01 PM (#6011081)
It’s certainly a bold move naming your baseball park after the Welshman Ioan Depot.

French father, Welsh mother, I assume.

Welsh is crazy, so I've got to figure out how to pronounce it.

"ENG-el-BERT HUMP-er-DINK".

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