MIAMI — Marlins Park will be renamed loanDepot park in a multiyear naming rights agreement announced today by the Miami Marlins.
The deal provides additional revenue for the Marlins, who have operated with budget constraints and a small payroll for most of their history. They have not previously had a naming rights agreement for their ballpark, which opened in 2012.
The Marlins also recently signed a new local TV contract that more than doubles their previous agreement, which was $20 million per year.
Marlins CEO Derek Jeter said the team will be in a position to spend more on players in the future.
“We have done a pretty good job of loading up our minor league system with a lot of prospects, and we’re going to give them an opportunity to play,” Jeter said. “When we get to the point where we’re trying to fill some holes, we’ll do that.”
Financial terms of the deal weren’t disclosed. The Marlins open the season at home Thursday against Tampa Bay.
LoanDepot, which already had a partnership with MLB, is a financial services company founded in 2010 and based in Southern California.