Good Question: I've heard of naming rights, what is the purpose?

Just last month it was announced the home of the Lexington Legends would change names going from Applebees Park to Whitaker Bank Ballpark.

Name changes like those come with big bucks.

Good Question: Matt, Georgetown: I've heard of naming rights, what is the purpose?

What's in a name?

For Alltech, big bucks when it comes to naming rights.

"We always said that we needed this Alltech Arena whether or not we had ever heard of the World Equestrian Games, that has proven true in spades," said John Nicholson, Executive Director of the Kentucky Horse Park.

The new $45 million indoor arena at the Kentucky Horse Park shined during the World Equestrian Games, doing so with the name Alltech attached to it.

For naming rights Alltech agreed to pay out $2 million over ten years, generating $200,000 in revenue each year.

"I think that Alltech has done a lot for Kentucky's international image and I just love it when people from around the country and around the world come here and see the name Alltech attached to this arena," said Nicholson.

Naming rights simply means that, for a price a company will have its name on a building, logos and advertisements.

History says that in 1912 the owner of a baseball stadium realized the promotional value of having his realty company's name attached, hence Fenway Park emerged.

Ten years seems to be the standard for a contract.

Yum Brands paid $13.5f million to have its name attached to the new downtown Louisville Arena.

And just last month Applebees park was changed to Whitaker Bank Park, the price tag wasn't disclosed there, but it too comes with a ten year agreement.

The highest paid price for naming rights goes to Citi Field and the Barclays Center both in New York and both for $20 million.

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