SAN ANTONIO — The San Antonio Spurs and Frost Bank have reached an agreement for a new naming rights partnership for the Spurs' home arena, the organizations announced Thursday.
The arena will be known as the Frost Bank Center.
The arena naming rights designation celebrates Frost's position as the Spurs' longest-tenured partner and bank, with a relationship going back 50 years, the team said in a news release.
Frost and the Spurs first joined forces in 1973 when Tom C. Frost provided funding needed to move the franchise to San Antonio.
"This is the future Frost Bank Center," said RC Buford, CEO for Spurs Sports & Entertainment. "Thank you all for this partnership. Without this partnership, who knows whether the Spurs ever would have gotten to San Antonio."
"We believe in San Antonio. It's our hometown," added Phil Green, Frost Bank chairman and CEO. "We want this relationship with the Spurs to demonstrate our unwavering sense of pride for San Antonio's rich history and its bright future."
The team announced in November 2021 that it would seek a new naming rights sponsor after AT&T decided not to continue with its Spurs deal. The arena was known as the SBC Center when it opened in 2002.
The arena has been the Spurs' home for four of its five championship seasons, along with serving as the backdrop for many notable events and concerts. It is also home to the San Antonio Stock Show and Rodeo each year.
In 2015, the building received a $110 million makeover, with renovations that included new seating, a new Fan Zone, expanded concourses, LED signage and technology upgrades throughout the entire building.
“We’re so excited to bring together two of San Antonio’s most treasured brands in a new and meaningful way to represent our community,” Buford said. “Fifty years ago, our two organizations envisioned the potential of what a professional sports team could mean for our community, and it is only fitting that we’re joining efforts to welcome fans into the home of the San Antonio Spurs. Aligning the Frost and Spurs names in such a major way celebrates both our enduring presence in Texas and our shared commitment to communities we have the privilege of serving.”
UTSA Assistant Professor Ricard Jensen teaches marketing with a focus on sports, events and tourism, and says the deal likely closes the financial gap with other NBA teams when it comes to arena sponsorship dollars.
"Under the previous naming rights deal, the Spurs were making about $2 million a year, which put them at the bottom of the NBA," he said. "This new deal is rumored to be up to $10 million a year, a five-fold increase. It puts the Spurs on par with other NBA teams."
He said this gives the Spurs more flexibility and financial space.
"It is a nice hometown deal," he said. "It feels good. It is just safe. Frost is the kind of company you want to take home to have your future in-laws meet. It is a nice safe company."