The amphitheater at Coachman Park, known under its new name, ‘The BayCare Sound.’ (Photo: ClearwaterDaily)
Clearwater officials have inked a deal with a regional healthcare services provider, selling naming rights to the new amphitheater at Coachman Park that could be with $9.8 million if extended to its maximum completion.
The amphitheater, known as “The Sound,” opened last summer with a performance by Cheap Trick, and has also attracted world-famous artists including Ringo Starr. The redesigned park, with panoramic views of Old Clearwater Bay, itself opened in July with the The Sound serving as a central part of the attraction.
The council this month approved an agreement with BayCare Health System, Inc. that will re-name the amphitheater The BayCare Sound.
It took two years of planning to negotiate the naming rights deal. The Superlative Group was hired by the city in March 2022 to seek sponsors and, ultimately, a naming rights partner for the venue.
Under the terms of the decade-long pact, BayCare will pay the city $475,000 during the first year of the sponsorship. This amount will escalate 3 percent every year until the end of the ten-year term. By the conclusion of the ten-year term, the city will have received approximately $5,445,339 due to the sponsorship, officials said.
The amphitheater at Coachman Park, known under its new name, ‘The BayCare Sound.’ (Photo: ClearwaterDaily)
The agreement will expire at the conclusion of the ten-year term, however the agreement allows BayCare to request a ten-year extension of the current contract instead of allowing the agreement to expire and a new bidding process to begin. If BayCare makes that request – and if it is acceptable to city leaders at that time – BayCare will remain as the venue sponsor beyond 2034.
The parties anticipate that the 3 percent escalators would continue from years 11 through 20 in the event that BayCare requests the extension. If the extension is requested, and if the 3 percent escalator remains acceptable to both parties at the time, the extended term will provide an additional $7,318,081 altogether during the extended term.
Finally, if requested by BayCare and approved by the city, the process could repeat itself in years 21 through 24. This second extension will, if it occurs, provide the city with $9,834,895 in total revenue during the second extension.
The amphitheater at Coachman Park, known under its new name, ‘The BayCare Sound.’ (Photo: ClearwaterDaily)
Going forward, “The BayCare Sound” name and logo will become a mainstay of the City of Clearwater and used throughout the park as well as on directional signs, websites, social media, and public media both locally and nationally.
The Superlative Group is expected to continue to work with the city on sponsorship opportunities at the park and elsewhere.
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