NEW YORK State Farm has signed a deal to become the "official insurance company of Major League Baseball."
The deal includes exclusive category rights and title sponsorships for State Farm's "Home Run Derby" and "Mascot Home Run Derby" during All-Star Week.
Financial terms of the multi-year deal were not disclosed.
The Home Run Derby is a hot property, but had been without a sponsor since Century 21 and MLB parted company earlier this year. Century 21 had been title sponsor for the past seven years. The event will be aired live on ESPN, ESPN Deportes and ESPN Radio on Monday, July 9 from San Francisco's AT&T Park.
As part of the agreement, State Farm, Bloomington, Ill., will make "significant media commitments" to national MLB television rights holders. State Farm also continues to maintain partnerships with 24 MLB teams. Terry Lefton first reported on the pending deal in May in Sports Business Journal.
"We are very pleased to partner with such a well-respected brand as State Farm and welcome them as the title sponsor of the Home Run Derby," Tim Brosnan, evp, business at MLB, New York, said in a statement. "The Home Run Derby is one of the most recognizable and exciting event properties during the Major League Baseball season, and it is fitting that a brand of State Farm's stature will now become linked with it."
For every home run that State Farm Home Run Derby participants hit during the competition after their ninth out, MLB and State Farm will combine to donate $17,000 to charity. The $17,000 represents the 17,000 State Farm agents in neighborhoods across the U.S. and Canada. Proceeds will benefit the Boys and Girls Clubs of America, the official charity of MLB.