Fishers Event Center officials have secured a major sponsor for its outdoor space, but are looking for an even larger naming rights partner that could bring the city an additional $10 million.
Deputy Mayor Elliot Hultgren said the city has sold the naming rights to the plaza outside the center on 111th Street east of I-69 to Forum Credit Union. The green space will be called Fishers Credit Union Plaza. The bank has an office building and conference center just north of the arena.
The deal will give the city $4 million over 10 years to pay off debt on the $170 million arena, the largest city-funded project in its history.
But even though the first events have been booked for the center’s opening in November, the city and its partner, the minor league hockey club Indy Fuel, are still looking for a corporate partner to come up with the name for the arena itself.
The building will be home to the Indy Fuel, the Fishers Freight Indoor Football League (IFL) team, and the Indy Ignite professional women’s volleyball team. It will also host dozens of music, comedy and sporting events each year.
Fuel owner Jim Hallett told IndyStar the team funded a study that found the arena’s naming rights could bring in $1.1 million a year. He said up to 20 companies, many of them local, have inquired.
“We brought in a consultant who does this all over the world and looks closely at what might be achievable in this market,” Hallett said.
The Fuel had originally asked for $800,000 a year, and Hultgren said the city would be happy with anything over $700,000.
Fuel President and CEO Larry McQueary said $1.1 million was possible, and $800 million seemed like a good bet. Fuel sold the naming rights to its current home, the Indiana Farmer’s Coliseum at the State Fairgrounds, 10 years ago for $600,000 a year.
“This is a starting point and then the sponsor can consider what else he can get here,” he said.
“We don’t want to be greedy, we want to be fair,” Hallett said.
With a sponsorship come perks like a free luxury suite and advertising in the arena, but not all companies want those extras, which would justify a discount on the naming fee but leave room to sell those amenities to others, Hallett says.
Most potential sponsors hesitate to commit until they have seen the building in person. IndyFuel officials offer regular tours.
“It’s one thing to look at an illustration, but the closer we get to the reality, the more people want to walk through the building, look at its elements, the bathrooms, restaurants and seating, and see where people park,” Hallett said. “Everyone is looking for something a little different.”
Indy Fuel will keep 20% of the naming rights revenue and the city will use its 80% to pay off the construction bond debt. The city will keep all revenue from the plaza rights agreement with Forum.
The city’s debt repayments on the 40-year bonds needed for construction total $9.5 million, rising to $10.9 million per year in 2027 and remaining at that level through 2064.
Hultgren said several revenue streams would be used to pay off the debt.
This includes:
- A 1 percent food and beverage tax in the city passed in 2022 is expected to generate an annual revenue contribution of $3.4 million.
- The designation as a professional sports district brings the state $2 million annually in sales and income taxes.
- A county hotel tax increase is expected to generate $1 million in annual revenue.
- The city’s cumulative capital development fund will provide $3.5 million annually.
- Operating income from parking fees and food and beverage sales.
“We wanted a diversified portfolio and are confident in our funding sources,” said Hultgren.
Agreements for additional sponsorships have already been made. The main entrance sponsor is Community Health and another entrance has been sold to Honda, Hallett said. The team will keep all the proceeds.
Elsewhere in the buildings, all but two of the 21 luxury suites have been sold at prices as high as $90,000 a year, Hallett said. About 30 percent of the 7,500 seats have been installed, as have the LED scoreboard at the main entrance and the LED display board, according to ASM Global, which operates the arena.
Together, the Indy Fuel, Freight and Ignite will play more than 100 games at the event center each year. Hallett said it’s possible another professional team could be signed, but declined to provide details.
The city has announced that the Turnpike Troubadours, featuring Trampled by Turtles and Tyler Halverson, will be the opening act on November 22nd.
Comedian Leanne Morgan will perform on November 30th and All Elite Wrestling will be in the spotlight on December 4th.
Country rock band Alabama and songwriter and singer Lee Greenwood will perform on December 9.
And the Mudsock basketball rivalry games between the boys and girls basketball teams from Fishers and Hamilton Southeastern High Schools will be played on Dec. 20. General admission tickets are $10.
The venue is part of the expansion of the culinary-focused Fishers District, which will expand the area to include apartments, restaurants, shops, office buildings and a hotel.
Call IndyStar reporter John Tuohy at 317-444-6418. Email [email protected] and follow on X/Þjórsárdalur and Facebook.
