The Phoenix Suns arena will be called Footprint Center

The Phoenix Suns have a new arena name after agreeing terms with engineering firm Footprint, the games announced Friday. The downtown Phoenix complex will be called Footprint Center.

Footprint is an environmentally-based technology company that wants to eliminate single-use plastics. The Arizona-based company develops and manufactures plant-based packaging products and is recognized on the 2021 CNBC Disruptor 50 list, which honors private companies emerging from the pandemic.

Financial details of the deal were not provided. But NBA arena sponsorships are typically seven digits per year, and sports partnership consultancy IEG notes that deals can also go up to $ 30 million per year.

In an interview with CNBC on Wednesday, Suns managing partner Robert Sarver said the Footprint deal is “one of the most unique partnerships in the sport” because Footprint has full access to the arena and will use events to test new technologies.

“We will innovate and transform the way sports venues work,” Sarver said. “The idea is that Footprint will create an innovation lab for us in our arena, and then we can take advantage of that and inspire other arenas around the world to do the same.”

Footprint manufactures sustainable products such as ready-to-eat containers made from bio-based, biodegradable, compostable and recyclable fibers. Footprint has deals with companies such as Swanson Foods (makers of Hungry-Man frozen dinners) and Conagra Brands (Healthy Choice dinners). To date, Footprint has raised more than $ 500 million, according to PitchBook.

“Over time I think you’ll see that they will become a domestic brand,” Sarver said. “They are in a hot spot for investors and companies who are also trying to improve their environmental footprint.”

The company closes the deal with the Suns at the right time. The team made the NBA Finals for the first time since 1993 and recently completed a $ 230 million arena renovation, including $ 150 million from the City of Phoenix.

Footprint co-founder and CEO Troy Swope said the Suns deal was “too compelling to be left out.”

“The reason it’s called Footprint Center is that we’re going to put Footprint at the center of the sustainable universe,” he added.

Sarver explained that sports arenas generate a lot of plastic waste, but noted that around 10% is recycled. “It’s terrible for the environment,” he said.

“I was also surprised to learn that many people take a close look at the type of companies they do business with – the different products they consume and the way they are packaged,” Sarver added. “I started to think it would be a great match for our customer base and our demographics.”

There is an opportunity for small businesses to improve their brand with NBA Arena Sponsorships. San Antonio Spurs have a slot available after AT&T failed to retain their rights. The Oklahoma City Thunder may unveil a new name soon, and in March, the Miami Heat agreed to their new 19-year, $ 135 million arena naming rights deal with crypto firm FTX.

“You are seeing a dramatic shift where young companies that are in very high growth mode and want to build brand awareness are seizing the opportunity to sponsor buildings,” said Sarver, who also owns the WNBA’s Mercury franchise.

Talking Stick Resort refused to renew naming rights with the Suns last November. Arizona casino ownership took over the US Airways niche in 2015. The deal was a 10-year contract with a total value of more than $ 20 million, according to the Arizona Republic.

Footprint is expected to enjoy Game 5 of the NBA Finals against the Milwaukee Bucks on Saturday. The league has approved the virtual ground ads for the company, giving it additional national television exposure. These slots are usually reserved for major corporate sponsors, meaning the Suns had to seek permission.

“It was unique,” ​​Sarver said of the new deal. “And that looks good on us.”