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...Friday, Jacobs Field, the [Cleveland] Indians’ home since it opened in 1994, officially became Progressive Field. Mayfield-based Progressive Corp (NYSE:PGR), the nation's third-largest auto insurer, bought rights to the name, agreeing to pay about $3.6 million per year for the next 16 years...

Progressive buys naming rights to Cleveland Indians' Jacobs Field
by Bill Lubinger
Cleveland Plain Dealer Jan. 12 2007

...Progressive Corp said Wednesday that profits were down 41 percent last quarter and 28 percent for the year. The news came five days after the Mayfield insurance giant bought the naming rights for the Cleveland Indians’ ballpark...

Naming rights the right move for Progressive?
by Teresa Dixon Murray
Thursday, January 17, 2008

Five days? It took less than a year for Citi (NYSE:C) to blow up after agreeing to pay $20 million per over 20 years for the naming rights for the New York Mutts’ new home in lovely downtown Willetts Point. But five days? (Shakes head).

Earlier on NakedShorts

Source: The Stadium Curse, Revisited by Progressive