Saturday, August 6, 2005
ProFunds Advisors is nearing an agreement with the District and the Washington Nationals that would call for the Bethesda-based investment firm to pay between a total of $3.5 million to $4 million through 2007 for the right to put its name on Robert F. Kennedy Memorial Stadium, according to sources close to the talks.
Under the terms of the three-way agreement, which were still being reviewed yesterday, the firm would have its name on the stadium and have promotional rights in conjunction with the team, sources said. The tentative agreement also calls for ProFunds to have promotional and naming rights to RFK for the 2008 season if the team is still playing there. The city has promised to build the Nationals a $535 million stadium along the Anacostia River in time for the 2008 season, but there is a possibility the new stadium will not be ready. If that were the case, ProFunds would pay a set price for an extra season with its name on the facility.
Mark Tuohey, chairman of the D.C. Sports and Entertainment Commission, is reviewing the contract and declined to comment yesterday.
ProFunds spokesman Steve Cohen also declined to comment.
All sides hope to have an agreement in place prior to Washington's home series against the Cincinnati Reds later this month.
-- Thomas Heath