The new West Haymarket arena will be called the Pinnacle Bank Arena.
In a news conference Tuesday, Lincoln Mayor Chris Beutler announced that Nebraska's Pinnacle Bank had purchased the naming rights to the arena, which is under construction and set to open in fall 2013.
"Putting the name on it is like putting the icing on the cake -- you know what the cake looks like, you know what the outside looks like," Beutler said. "You pretty much know what you're going to get now."
Said arena coordinator Dan Marvin: "We're happy with the name. We think it reflects the direction that Lincoln is going."
Pinnacle will pay $11.25 million for naming rights for 25 years. It will have the option to renew.
"Pinnacle Bank has been serving Nebraska and Lincoln for many years, and we are excited to support progress that will have a positive impact on our state and local economy," said Sid Dinsdale, chairman of Pinnacle Bancorp.
Mark Hesser, president of Pinnacle Bank, said the company looked at the naming rights deal as a "twofold accomplishment," with an opportunity not only to market itself but also to give back to the community.
A black and gold diamond and "Pinnacle Bank Arena" were the finishing touches to a 3D model unveiled along with the naming rights.
NU basketball coach Doc Sadler called the model unbelievable and said the actual building will help in recruiting.
"There's a wow factor. Home court advantage is one of the biggest parts of ... it will be fun to play in the Big Ten with this."
The model reflects the design at about 90-percent completion, said Paula Yancey of PC Sports, the arena project manager.
"We've been looking at it so long in pictures and drawings, to see it built in 3D, it re-emphasizes the excitement," she said. "I'm excited for workers to be able to see it and envision what they'll build."
The actual building, near Seventh and R streets, has gone vertical in the last two months, with the first phase of piles completed.
The first level of concourses will be poured Dec. 22, Yancey said.
At $450,000 a year, the naming deal reflects on a changing economy. In 2003, Qwest agreed to pay $14 million for a 15-year deal on rights to the name of Omaha's arena, now the CenturyLink Center.
The new home to the College World Series, TD Ameritrade Park came with a $15 million, 20-year naming rights agreement.
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The Sports Business Journal reports the annual value of naming rights for the Wells Fargo Arena in Des Moines, Iowa, at $575,000 and the Instrust Bank Arena in Wichita, Kan., at $350,000.
In 2010, YUM! brands agreed to a $13.5 million, 10-year deal to name a new arena in Louisville, Ky., as the KFC YUM! Center.
For updates to this story, check JournalStar.com in the morning or pick up a copy of Wednesday's print edition.