BOISE — Boise State has reached a new naming-rights deal for its basketball arena that will change the name of what has been called Taco Bell Arena, the school announced Wednesday.
The new name: ExtraMile Arena.
ExtraMile Convenience Stores is a joint venture between Chevron USA Inc. and Jacksons Food Stores Inc.
The 15-year, $8.4 million deal takes effect for the upcoming basketball season. The deal requires State Board of Education approval. The board meets June 19-20 in Coeur d’Alene.
Jacksons will begin converting its Chevron-branded locations to ExtraMile stores this summer, according to Boise State’s press release. Jacksons Shell stores will retain the Jacksons name.
The first Idaho store to carry the ExtraMile name will be in Caldwell. That store, at Cleveland and Blaine streets, is under construction. It will open in August.
Boise State plans to make changes to the arena to reflect the name change as soon as this summer.
“We have been working on this for quite some time, and I know this is going to be a great partnership — as was the case previously with Taco Bell,” Boise State Athletic Director Curt Apsey said in the press release. “We’re especially grateful that John Jackson and his family, longtime Boise State supporters, were involved in putting this partnership together with ExtraMile.”
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Boise State’s previous deal with a local Taco Bell franchisee was worth $4 million over 15 years. The University of Idaho received $10 million for 35 years from Idaho Central Credit Union for its soon-to-be-built arena.
“Appears to be a great deal for both parties,” wrote Chris Allphin, who handles naming rights deals as senior vice president of New York-based Van Wagner Sports & Entertainment, in an email to the Statesman. “Financial terms seem right and commensurate with the level of exposure ExtraMile will get from Boise State basketball.
“College deals often involve an alumnus or supporter in a decision-making position, so not atypical that he’s a supporter. Naming rights are a great platform for rebrands: delivers really efficient media exposure with leadership positioning.”
Boise State’s arena was known as The Pavilion before the Taco Bell deal. ES-O-En Corp. of Meridian, which owns local Taco Bell restaurants, informed Boise State more than a year ago that it wouldn’t renew its agreement when it expires July 31 of this year.
The arena attracts about 300,000 guests to about 100 events per year on average. ExtraMile also will receive additional national exposure when the men’s NCAA Tournament returns to the arena for first- and second-round games in 2021.
“We believe this is an exciting way to engage the fan base in building the ExtraMile brand here in Idaho and a great partnership to support the university and its athletic programs,” said Cory Jackson, president of Jacksons Food Stores and a board member of the joint venture.
Albertsons is paying $12.5 million over 15 years for the naming rights to Boise State’s football stadium. Boise State receives a little more than $9 million of that through its marketing deal with Learfield Sports.