Medtronic Plc purchased the right to name a plaza near U.S. Bank Stadium, where the Minnesota Vikings play home games, according to a Star Tribune report.
Here are five key notes:
1. The plaza is three acres between a public park downtown Minneapolis and the front door of the new stadium. Medtronic's name will be emblazoned on the plaza.
2. The plaza will be called Medtronic Plaza and will include a "vastly improved pregame experience" for fans, according to the report.
3. The sponsorship comes less than a year after Medtronic officially moved headquarters out of Minnesota to Ireland, where tax rates are more favorable to medical device companies, after merging with Ireland-based Covidien. A Medtronic representative said the sponsorship shows the company's continued commitment to the community post-move. Medtronic is also a Twin Cities Marathon sponsor.
4. The plaza naming rights could also bring new visibility among consumers, although the company typically sells just to hospitals and physicians.
5. It's estimated around 85 percent of all game day visitors will enter through the plaza. The terms of the deal were not disclosed, but the naming rights for the stadium were valued around $10 million per year.