LAKEWOOD, Ohio — What’s in a name? For Lakewood High School, a name is worth $320,000.
The district has entered into an agreement with First Federal Lakewood for the naming rights of the Lakewood High School Stadium. The home of the Rangers will be renamed First Federal Lakewood Stadium.
The agreement calls for the bank to pay the school district $32,000 a year for the next ten years.
Gary Fix, president and CEO of First Federal Lakewood, called the naming rights agreement a win-win situation for both the bank and the Lakewood City Schools. The District gets newfound revenue and First Federal Lakewood gets greater visibility in the community.
“We view ourselves as Lakewood’s community bank and we’re very excited to make the commitment,” Fix said.
Lakewood City Schools Asst. Superintendent Dr. Kevin Bright said the groundbreaking contract comes as the District searches for creative ways to supplement public education.
“We will be using that money to help with improvements here at the stadium — with the turf, with upkeep of the facility and that sort of thing,” Dr. Bright added.
All the signage for the First Federal Lakewood Stadium should be in place in time for the start of the high school spring track and field season.
A formal announcement of the naming rights and check presentation was made before the boys’ varsity basketball game on Friday night at Lakewood High School.