BINGHAMTON, NY – It’s official, the Veterans Memorial Arena in downtown Binghamton has a new sponsor.
Visions Federal Credit Union has agreed to a 10 year deal for naming rights on the sports and entertainment complex.
The previous sponsor, Maines Paper and Food, chose not to renew its deal when it ran out this year.
Visions also announced that Mirabito Energy Products will sponsor the box offices at the Arena and the Forum.
The Visions deal is for $60,000 a year which is slightly less than the $75,000 that Maines was paying.
However, Visions is creating a $126,000 per year reserve fund which will provide concert and show promoters capital to bring in events where the margins are tight.
“We don’t have a pot of money that we can access to buy shows to bring them in. We rely on promoters to book shows, buy shows and then come to our building. With this money, we can entice promoters to bring more events here,” says Marion.
Another clause in the agreement would have the amount paid for the naming rights double to $120,000 if the county is successful in securing state funding for an ambitious 20 million dollar expansion of the facility to include a hotel, convention center and river park.
Visions CEO Ty Muse says brining more shows to the Arena improves quality of life, the local economy and his credit union’s ability to attract talent to move here.
“You needed someone who would be willing to step up and put money behind it so that the risk would be mitigated. Now we have that. I believe the shows that we’re going to be able to bring in, will bring in more money, more revenue, more hotel stays, more restaurant visits,” says Muse.
“With collaboration, you get efforts that are much stronger, you get missions that are much bigger, and you get results that are much better. So, we’re excited about this new era in our company,” says Mirabito.
Muse says another account to assist with the marketing of Arena and Forum events is being established.
And Visions will pay the cost of changing out the signage on the building.
While its full official name will be Visions Federal Credit Union Veterans Memorial Arena, Marion says it will likely be marketed as the Visions Veterans Memorial Arena.