Pepsi drops its name from fairgrounds arena
Pepsi is dropping its name from the Indiana State Fairgrounds' Pepsi Coliseum.
State Fair Executive Director Cindy Hoye said Monday that fair officials could not agree on a new naming rights contract with PepsiCo Inc.
The company has been paying the fair $170,000 a year to have its name atop the Coliseum. The fair wanted to up the terms to $500,000 a year. Hoye says that amount is more on par with other deals at similar sized venues.
The news comes as the fair begins a renovation of the coliseum in the wake of last year's deadly stage collapse. The updated venue is expected to play host to concerts by 2014.
Hoye says money from a new naming rights contract should help pay for the $53 million renovation.
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