Baltimore's professional football home will continue to carry the name of M&T Bank Stadium through 2027.
The Baltimore Ravens and M&T Bank announced they reached a 10-year, $60 million extension Wednesday. The original deal began in 2003 and was set to expire in 2017. Now, the naming rights are secured through the final year of the Ravens' stadium lease.
"Our partnership with M&T is based on shared values and has produced impact on both companies and this community," Ravens owner Steve Bisciotti said. "This new agreement is a natural extension of our strong relationship and mutual commitment to pursuing excellence and strengthening this region. We look forward to continuing to work with M&T and helping those in need."
A new component of the partnership will be an initiative to establish an early child care and education center. It will provide services for at-risk children and their families to increase school readiness. The Ravens and M&T will provide a total of $600,000 in funding for the project.
The Ravens moved to their downtown stadium in 1998 and it was called Ravens Stadium for the first season. It was renamed PSINet Stadium in 1999, but that lasted three seasons until the internet service provider went bankrupt.
In 2003, M&T Bank purchased the naming rights for the next 15 years for $75 million.