L..A. Clippers, Intuit Sign $500M Multi-Platform, Arena Naming Rights Deal
Friday, September 17, 2021 at 11:52AM By Barry Janoff
September 17, 2021: The Los Angeles Clippers and majority owner and chairman Steve Ballmer have signed a multi-platform deal with Intuit software company that includes naming rights to the team’s new arena, scheduled to open in the Inglewood section of Los Angeles for the 2024-25 NBA season.
Financial terms were not shared but were put at more than $500 million over 23 years, according to industry analysts.
The deal comes as the team is officially breaking ground on what will be the Intuit Dome.
The Clippers’ lease at Staples Center, their home arena since 1999, which they share with the Los Angeles Lakers, ends in 2024, according to the Los Angeles Times.
The team provided renderings of the venue with Intuit Dome on the roof.
A promo spot, “Welcome To Intuit Dome,” is narrated by Clippers All-Star Kawhi Leonard, who says, “This is home to your favorite team — which had better be the Clips!”
“When we began the search for a partner for the LA Clippers and our new dome, we looked for one that shares our passion for technology, the pursuit of innovation and our commitment to customers, fans and community,” Ballmer said via the team.
“Intuit is a perfect fit and we’re excited to be calling our future home the Intuit Dome.”
Among Intuit’s products are TurboTax, QuickBooks, Credit Karma and Mint. The company is based in Mountain View, Calif., about 15 miles north of San Jose and 40 miles south of San Francisco.
Through this partnership, Intuit and the Clippers said they would “create new programs to reinvigorate the local economy and local businesses that create jobs, enable job readiness, and educate entrepreneurs to help them better run their businesses and transform their financial lives.”
“Intuit and the Clippers are mission-driven organizations that share the common goal of putting their customers and fans first,” Sasan Goodarzi, Intuit CEO, said via the company. “We both have a focus on creating extraordinary experiences enabled by innovative technology.
“The Intuit Dome will reflect Intuit’s focus on innovation to deliver best-in-class products and services including TurboTax, QuickBooks, Mint and Credit Karma to help our customers achieve their financial goals.”
Balmer was the CEO for Microsoft from 2000-14.
According to Goodarzi, Intuit and the Clippers both “have a history of supporting local communities, and we look forward to investing in and contributing to the Inglewood community to help them prosper.”
The Clippers said they have committed to the City of Inglewood the “largest community benefits package ever associated with an arena, generating an estimated $260 million in annual economic activity.”
As part of the alliance, Intuit said it has committed to “expand Intuit’s Prosperity Hub School District program, which empowers the next generation of students to learn about finances and entrepreneurship, in the L.A. area.
In addition, Intuit said it would commit an additional $1 million over the next three years to underserved school districts that are part of the program to make a long-term impact on the local economy.
Intuit said it made a donation to the Los Angeles Unified School District in July 2021.
The planned 18,000-seat Intuit Dome will have an 80,000 square foot outdoor plaza, surrounding a full-size outdoor court. Technological advancements within Intuit Dome “will allow for frictionless concession stands, enabling fans to spend more time in their seats.”
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