Cobo Center Awards Venue Naming Rights to Chemical Bank

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Venues & Destinations
Cobo Center Awards Venue Naming Rights to Chemical Bank

2/21/2019
Chemical Bank being awarded the naming rights of Cobo Center comes at an exciting time for the company, recently announcing its merger with TCF Bank, after regulatory approval, and that it will build its new 20-story headquarters in downtown Detroit.

“This unprecedented naming rights agreement is a great win for all parties. Chemical Bank makes a strong statement of commitment to the region and secured naming rights to a convention center that is growing in notoriety every day," said Claude Molinari, general manager of Cobo Center. Here are the highlights:

Chemical Bank awarded naming rights for one of the nation’s leading convention centers and continues legacy of deep community commitment
Detroit Regional Convention Facility Authority (DRCFA) selection of Chemical Bank represents strong financial future and move toward becoming a self-sustaining facility by 2024; saving Michigan taxpayers millions of dollars
Chemical Bank and the DRCFA to announce the new name of the world-class Convention Center by the end of 2019
The 22-year, $1.5 million-a-year agreement gives the bank exclusive naming rights for the center and sets a new industry standard reflective of the world-class facility and Detroit’s rise in the national market.

"The taxpayers of Michigan receive significant benefit in sponsorship revenue to offset the cost of operating this amazing convention center and a great partner in a trusted Michigan based banking institution that is also on the rise," said Molinari. "It speaks so very well of the rebirth of this facility, this city, and this region that the most valuable naming rights deal for a convention center ever was executed in Detroit, Michigan.”

The merger is expected to close in the late third or early fourth quarter of 2019, subject to satisfaction of customary closing conditions, including receipt of customary regulatory approvals and approval by the shareholders of each company.

“Our announcement today gives us all an important message: that public-private partnerships work, and that we continue to dedicate ourselves to serving the customers of this great Center and to the rebuilding of a truly great American city,” said Larry Alexander, Chairman of the DRCFA and President and CEO of the Detroit Metro Convention & Visitors Bureau. “There could not be a better partner than Chemical Bank."

For more information go to www.cobocenter.com.

Contact:
sales@cobocenter.com